Paul Carson â€“ Guaranteed Rate â€“ http://www.PaulCarson.com â€“ 215-874-0125
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.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
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.
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 firstname.lastname@example.org
Kevin and Darlene Jamison
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
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.
AnnieMac Home Mortgage