Home Buying in 91367>Question Details

G, Home Buyer in 91367

any GOOD lender doing FHA 203K loan in CA?

Asked by G, 91367 Fri Jun 13, 2008

I'm looking at a Townhome in Los Angeles county that has everything in the kitchen missing. It appears I would need a FHA 203k loan to be able to buy this baby. Any lender that provides a decent rate and fees, please contact me (forum "at" saeclub.com)- GP

Thank you.

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14
There are two types of FHA 203k Loans: Standard/Rehab (minimum $5,000 up to 110% of the improved appraised value) & Streamline work is less than $35,000 up to max FHA mortgage limit for the area. Try http://www.thelendersnetwork.com to help you find the right lender..
3 votes Thank Flag Link Thu Oct 10, 2013
Yourcustomer: If it was a construction REHAB on a house that was previously occupied, you should have no problem with using the 203k/conventional rehab loan to finish the rehab from where it stands currently as long as the future value is there. If the property was a ground-up construction including a new foundation, you're in a tough spot as most if not all rehab loans (conventionally at least, a hard money lender might do it) won't lend money on a property that doesn't or didn't have a Certificate of Occupancy issued.

Let me know if you have any other questions.
Web Reference: http://RobWeber.com
1 vote Thank Flag Link Wed Jan 4, 2012
Classic Home Loans, 510-459-2313 knocks my rehab deals out of the park with both 203k loans and private investor hard money loans.
0 votes Thank Flag Link Fri May 4, 2012
There are two types of FHA 203(k) Loans: Standard/Rehab (minimum $5,000 up to 110% of the improved appraised value) & the Streamline (work is less than $35,000…up to max FHA mortgage limit for the area). Because the http://www.fha-203k-approved.com Rehab loan is more like a construction loan, the most common version is the FHA Streamline 203(k)
0 votes Thank Flag Link Mon Feb 20, 2012
I have a construction due in two week but my lender does no`t want to fund the 2nd phase can q 203 k loand pay off the 1st and provide funds `to complest `the 2nd phase 323 839 1745 mike
0 votes Thank Flag Link Sun Dec 26, 2010
FHA 203K are great rehab programs. We can do them day and night.
Call me if you are still interested!
(858) 848-LOAN
0 votes Thank Flag Link Sat Oct 2, 2010
If you are looking for an experienced FHA 203(k) lender go to http://www.Loans4Rehab.com or call 800-385-3503; I have closed over 300 FHA 203(k) loans since 1994. Skip Schenker
0 votes Thank Flag Link Sat Aug 14, 2010
Here is a link to an FHA 203k source / blog for both buyers and agents...

http://www.203kmortgagelender.com/blog/
0 votes Thank Flag Link Thu Jul 8, 2010
An FHA 203(k) loan is basically the same as a regular FHA [called a 203(b)], but with a twist. An FHA 203(k) loan permits homebuyers or homeowners to finance money into their mortgage to repair, improve or upgrade the home they want to buy or already own. With the FHA 203(k) loan, homebuyers/owners can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser or homebuyer preferences, such as energy efficient improvements, kitchen remodel, bathroom remodel, appliances, floor coverings, foundation repairs, septic systems, painting, etc. There are two types of FHA 203(k) Loans: Standard/Rehab (minimum $5,000 up to 110% of the improved appraised value) & the Streamline (work is less than $35,000…up to max FHA mortgage limit for the area). Because the FHA 203(k) Rehab loan is more like a construction loan, the most common version is the FHA Streamline 203(k) Loan.Jeffrey Martino Young Branch Manager at Essex Mortgage Bank in California toll free # 1-877-870-2676 and http://www.fhasubmissions.com
0 votes Thank Flag Link Thu Jul 8, 2010
We are a direct lender and do 203k loans in the state of California - Feel free to give me a call at your convenience my toll free number # is 1-877-870-2676 and my cell phone # is 310-984-0496 Jeffrey Martino Young Branch Manager of Essex Mortgage Bank http://www.fhasubmissions.com
0 votes Thank Flag Link Thu Jul 8, 2010
Laura Berg
Sales Manager
Countrywide Bank, FSB
805-496-8444 Office
699 Hampshire Road # 100
Westlake Village, CA 91361

OR

Kelly McKinney
Branch Manager
California Premiere Lending
a CHASE affiliate
2860 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
(805)750-3718
0 votes Thank Flag Link Fri Mar 13, 2009
I'm sure you have probably found some good resources by now, but for other folks who are looking around for FHA 203K loans (like me recently), HUD provides a very extensive site detailing the loan (and lenders) by state.

Here is a quick link:
Lenders:
http://www.hud.gov/ll/code/llslcrit.cfm

General information on "what is an FHA 203K loan":
http://www.hud.gov/offices/hsg/sfh/203k/203k--df.cfm

cheers!
0 votes Thank Flag Link Fri Mar 13, 2009
Something missing in the kitchen? FHA may require to fix it before giving you a loan.

Sunny Hermoso
818-357-4178
Web Reference: http://www.sunnyhermoso.com
0 votes Thank Flag Link Fri Jun 13, 2008
If you want another alternative to a 203k then feel free to contact me. I offer a conventional purchase loan with additional funds over and above the sale price for repairs and rennovations.

Or if you decide to go with the 203k then I can show you how to lower the payments after repairs.

Good luck to you.
0 votes Thank Flag Link Fri Jun 13, 2008
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