You need to find a lender that likes the 203k and that has experience with doing them. The use of the 203k has increased about 700% since 2007, which means that more people and lenders are using the 203k.
Don't let people scare you aware from the 203k. With interest rates very low and the ability to include renovation costs into your tax deductible mortgage and buy a home like a cash buyer (AS-IS), the 203k is amazing!
Here are 3 large national lenders that have experience with the 203k and actually like the 203k.
http://203kcontractors.com/preferredpartners?state=VA&company= . The contact people for these lenders are the banks' Director's of Renovation Lending and they can connect you with their 203k Lending specialist in your area.
And don't forget to use a Certified 203k Contractor for the estimating and the work. The Directory of Certified 203k Contractors is at http://203kContractors.com .
PAUL WELDEN, PLLC
Phoenix Real Estate
Exclusive Buyer's Agent RealtorÂ®
3131 E Camelback Rd #125 Phoenix, AZ 85016
Direct/Mobile 480.241.0081 | E-Fax 480.304.9134
Licensed Mortgage Loan Originator, NMLS# 243087
American Mortgage Services CO NMLS# 259805
One thing that you may want to consider if the renovation costs are not major, is an FHA 203K streamline loan.
Or if the renovation costs are significant, then do a regular FHA 203K loan.
Thank You - hope your day is great!
Peggy Bouchard, ABR, CRS, GRI, CDPE, SFR
Executive Club Award 2013,2012 RE/MAX Mid-Atlantic Region
Silver Level Production Richmond Assn. Realtors - 2013
CFS Mortgage - http://www.cfs203k.com