Financing in Boston>Question Details

Stephanie Re…,  in Lynn, MA

what is the standard rate for a 203k mortgage loan?

Asked by Stephanie Reynolds, Lynn, MA Thu Nov 5, 2009

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8
Stephanie,

Not every mortgage lender can handle a 203K loan. I can put you in touch with a 203K specialist to answer all your questions.

Thank you,

Susan Doig
Charlesgate Realty Group
617-504-4381
0 votes Thank Flag Link Sun Feb 16, 2014
I am interested in 203k loan. Husband is general contractor and wants to be gc on remodel. Is that possible?
0 votes Thank Flag Link Fri Feb 14, 2014
The 203K program does not allow for self help
Flag Mon Feb 17, 2014
The mortgage rate varies from each lender. You will need an experienced 203k Consultant who can evaluate the requirements and guidelines.







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Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Sun Oct 13, 2013
Jeff,

To become an "Upfront Mortgage Broker" you pay a fee...makes me question the real value of that designation. As you have pointed out the new disclosure laws force lenders that weren't being upfront to be upfront...So I am really confused in the need to work with a loan officer that has paid the mortgage professor to be designated as an upfront lender.
0 votes Thank Flag Link Thu Jan 14, 2010
Stephanie,

The rate will depend, quite frankly, on who your loan originator is. For a 203k mortgage, our sources for the funds are the same. Your rate will depend on when you close and how much compensation your originator charges. The new changes for 2010 forces your lender to disclose this to you up front. You may want to research a mortgage professional that is associated with the Upfront Mortgage Brokers Association. Please feel free to contact me if you have further questions.
Web Reference: http://jeffchinloans.com
0 votes Thank Flag Link Thu Jan 14, 2010
Rates on the 203K loan are slightly higher than non 203K loans.

Today I would be quoting 5.5% with 0 points on an FHA 203K loan.
0 votes Thank Flag Link Thu Nov 5, 2009
Interest rates for FHA 203(k) loans (as well as for all other mortgage programs) are set by the lenders, and depend in part on your credit history and scores. So, there is no "standard rate" for any loan program. You should shop and compare lenders and their rates and fees to determine which one is right for you.
0 votes Thank Flag Link Thu Nov 5, 2009
There is quite a bit more than just the loan amount that goes into what your qualifying rate will be. The two main factors are:

Your ability to repay the loan
Your willingness to repay the loan

Your ability to repay a loan is determined by verifying your current employment, total income and current assets. Generally, mortgage companies like to see that you've been employed at the same place for at least two years or that you have been in the same line of work for a few years.

Your willingness to repay a loan is, in part, determined by examining how you will use the property you're planning to buy. For instance, will the property be owner occupied, non owner occupied or an investment property. In addition, they will try to determine your willingness to repay a loan by looking at your previous financial commitments and how you've handled them. They will gain this information by looking at your credit report.

Also your qualifying rate will be based on your down payment. Obviously, the more you are willing to put down the better your qualifying rate will be.

Hope this information is helpful.

To get an exact quote I would encourage you to speak with Christina Longo

Christina Longo
Prospect Mortgage
81 Newbury Street
Boston, MA 02116
978 886 9359
617 236 7764
Christina.longo@prospectmtg.com

If you have not yet put in an offer please call me to discuss. Condo Domain is an exclusive buyer’s agent and due to our business model we are able to share our commission with you!!

Jesse Carlton
Condo Domain
Real Estate Consultant
319 A Street 3rd Floor
Boston, Ma. 02210

Office 877.852.6636
Cell 508.241.0449
Fax 617.507.8447
Jesse@Condodomain.com
http://www.CondoDomain.com
0 votes Thank Flag Link Thu Nov 5, 2009
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