Home Buying in San Diego>Question Details

Jerry Schrei…, Home Buyer in San Diego, CA

Can anyone recommend a good and experienced rehab loan officer? I'll be using a conventional purchase loan with a 20% down payment.

Asked by Jerry Schreiber, San Diego, CA Sat Jan 5, 2013

I've been in contact with someone at a Wells Fargo here, but I'm beginning to realize she doesn't know anything about them, just the basics. I have to wait for her to get answers for me, such as, how are the rehab loan payments structured, do I have to use a general contractor if we're only doing about $11K or $12K in repairs total (I read for FHA you can be an owner/manager), why can't I use a licensed kitchen place with great package prices, how long it takes for the contractors to get their payments, etc. I'm reading a LOT of conflicting info online from what she's telling me.

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6
Sheryl Arndt’s answer
Hello Jerry, Wells Fargo is taking between 60 and 90 days to close purchase transactions much less a 203k. Yes you may consider Streamline 203k with between 5k and 35k in repairs and can close within 45 days. A 203k estimator will be assigned to assist you to understand more specifically and I have over 20 years experience with 203k and can answer and advise you as well. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/203K.aspx

http://www.under640ficoscoreloans.com/Pages/203KGuidelines.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sun Jan 20, 2013
Good info on the 203k programs. Sounds like that is the way to go in this situation. Good luck.
1 vote Thank Flag Link Mon Jan 19, 2015
You can contact the rehab specialist for your area at the web reference below...


Best of luck.
0 votes Thank Flag Link Sat Jan 5, 2013
Thank you both for helping out on the weekend! I heard Danny's name once, so a second referral is really helpful!
0 votes Thank Flag Link Sat Jan 5, 2013
John Medin at Guaranteed rate is excellent at dealing with the 203k program 619-417-2003
0 votes Thank Flag Link Sat Jan 5, 2013
BeachBrokerBill, Broker, Encinitas, CA
Danny Fitzpatrick leads the rehab team in North San Diego County for Wells Fargo. I found him on highly reputable a slab repair contractor's website and have spoken to him about a cracked slab listing I have. He can be hard to get in touch with, but seems knowledgeable. He is not a buddy of mine so its not like I am trying to throw him business or anything.

Aaron Hultin is my goto lender on anything out of the box. He is with Guild Mortgage. I used him for my personal loans for years and he is really good with down payment assistance programs and other off the beaten path loan products

I am happy to give you their contact info if you want to contact me directly. You probably could look them up online. I just don't want to post it on a public forum.

Good Luck.

BeachBrokerBill
CA DRE 01775528
0 votes Thank Flag Link Sat Jan 5, 2013
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