Financing in Jacksonville>Question Details

Runofluck, Home Buyer in Jacksonville, FL

Why does Wells Fargo offer a 203k Construction loan saying they've teamed up with Home Depot and Lowe's if?

Asked by Runofluck, Jacksonville, FL Thu Jul 2, 2009

Home Depot and Lowe's have never even heard of a 203k loan? Wells Fargo makes it sound like you can just call the 800# and get bids for the work and that is clearly not the case.

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I don't work for Wells Fargo and I don't have a horse in the race, but I just closed an FHA deal with Wells Fargo in 35 days and I have another one that will close on the 24th of this month in 25 days! Jack Vance
0 votes Thank Flag Link Thu Jul 2, 2009
it's just advertisements! I can tell you we have teamed up with home depot! We offer the FHA 203k loan and you can use Home Depot or Lowes for your contractor. Would I suggest you do so...not at all. If you want to pay 3 times as much as it would to go with a good but inexpensive general contractor in your area, then yea, use Home Depot and Lowes. On a whole other note, use Wells Fargo if you want your loan to close 3 months from now!?!?! Their underwriting turn times are absolutely horrible. I have agents that work with a company that have Capstone, a division of Wells Fargo Mortgage, as their in house lender and they all use me because as a broker, we know where we can get a great rate and a speedy underwriting turn time.

Joshua Lerette - The Tampa Bay Mortgage Pro
Innovative Mortgage Services, Inc.
0 votes Thank Flag Link Thu Jul 2, 2009

Jack is correct. Most of the sales associates do not know about this program. If you need additional information on this program, please contact our in house repfrom Ginraltar Mortgage a division of Wells Fargo Marilyn Campbell at 904-285-0808 and she can help you.
0 votes Thank Flag Link Thu Jul 2, 2009
Wells Fargo has a specific contact at Lowes. I am sure that the sales associates are probably not aware of the program. Ask your Wells rep. to supply the contact name and number. Good luck! Jack Vance
0 votes Thank Flag Link Thu Jul 2, 2009
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