Home Buying in Philadelphia>Question Details

Malita215, Home Buyer in Philadelphia, PA

Are there any Real Estate Agents that have experience with the FHA 203k process.?

Asked by Malita215, Philadelphia, PA Fri Apr 19, 2013

Help the community by answering this question:


What area are you looking in? I have experance with all types of FHA loans.
0 votes Thank Flag Link Sun Apr 28, 2013
A strong real estate agent with 203k familiarity is very important along with a mortgage lender who knows the 203k process inside & out. My company has a dedicated team who ONLY handle 203K loans, all day every day. If I can be of assistance, please let me know. Good luck to you.

Paul Carson – Guaranteed Rate – http://www.PaulCarson.com – 215-874-0125
0 votes Thank Flag Link Sun Apr 21, 2013
I do. Great program and opportunity for a buyer. Its a concert of experienced contractor, experienced lender, and experienced agent. I can offer all 3. If you'd like more info of different variables of the 203 feel free to contact me. Frankratka@Remax.net
0 votes Thank Flag Link Sun Apr 21, 2013
Hello Malita,

You need a good Lender that has experience with 203k's. The Realtor's job is no different in a 203k than in and FHA 203k or 203B The Realtor and lender should communicate with each other and set everyone's expectations as the time frames for 203k's are generally longer than an FHA 203B
If you go to my company website you will see an excellent presentation on everything you need to know about 203k's.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Fri Apr 19, 2013
I have 3 buyers currently that are using the FHA 203k program. Feel free to email me at peteramc@hotmail.com If I don't know the answer I will find it out for you.
0 votes Thank Flag Link Fri Apr 19, 2013
If you are doing any significant work you should have a 203k consultant involved. If you have an experienced agent like Phil Cunningham to help you determine the proper acquisition price the program is definitely worth it. i purchased my home 6 years ago with the program and created a lot of equity.

To help you with the process, I am going to cut and paste something that I posted previously about the 203k product. The 3 most crucial aspects are the right purchase price (agent), right lender, and right contractor.

1. Get pre-approved
2. Find your house and make an offer. Take into account its current condition in your offer price. Your lender should be able to educate your realtor about the process if they are not already familiar
3. Your lender will help you select a HUD 203k consultant. You will talk with them, and meet at the property with you 203k consultant, lenders rep, and hopefully a contractor you have chosen.
4. The 203k consultant will write their scope of work report based on your chosen list and HUD required repairs.
5. The appraisal is done based on the value of the property AFTER the repairs are complete. It is critical that your lender works with appraisers who are experts on 203k assignments.
6. The loan amount is finalized. It can be 110% of the after improved value of your home as reported by the appraiser.
7. Your lender approves your loan
8. Closing and initial disbursement of funds to your contractor
9. The renovation is completed over no more than 6 months. Your lender will continue to work with you to disburse funds to your contractor.
0 votes Thank Flag Link Fri Apr 19, 2013
Hi Mallta215,

The answer to your question is absolutely! In addition to our real estate expertise, we are mortgage experts as well, including FHA 203b and 203k experts as well.

Please feel free to contact us at 2i5-439-5625 or via email at thejamisonteam@kevinanddarlene.com


Kevin and Darlene Jamison
Remax Specialists
0 votes Thank Flag Link Fri Apr 19, 2013
Yes call me in my office 215-725-5700 x49. What do you need to know?

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference: http://www.GreatPaRe.com
0 votes Thank Flag Link Fri Apr 19, 2013
I need to know the process and if it is worth it. Do I need a 203k consultant? Or can I just use a experienced real estate agent?
Flag Fri Apr 19, 2013
I do. I have a good lender and contractor that I have had a client use successfully. Feel free to email me with questions. brian.preston@cbpref.com
0 votes Thank Flag Link Fri Apr 19, 2013
Hello Malita,

We are specialists with FHA 203k mortgages and work with agents that have done multiple 203k's. Based on where you are looking, I can recommend an agent in most places in and around Philadelphia.

Wes Costello
AnnieMac Home Mortgage
0 votes Thank Flag Link Fri Apr 19, 2013
Can you provide your email address?
Flag Fri Apr 19, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer