Kareem Tanno…,  in Jacksonville, FL

Are there any 203K experts that can assist in Jax, FL?

Asked by Kareem Tannous, Jacksonville, FL Tue Feb 2, 2010

Working on a purchase that is a foreclosure and the end buyer is going to need a 203k loan to bring the property up to living standards...any suggestions?

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Kmbrennan’s answer
I can help with a 203K or 203K streamlined. There are other options for home rehab financing as well that may be a better, faster, or less expensive solution to purchaing a home in need of repair. USDA and VA also have rehab financing available at 100% of the cost and no monthly PMI if the home and/or buyer qualifies for that type of finaning. Also, if the repairs needed are minor sometimes the simplest way to complete the transaction is to use an escrow hold back and eliminate the extra costs associated with the full rehab loan. I find this works best when the home only needs some new kitchen apliances, carpeting, or roof to be compatable with the loan guidelines . Fell free to call me to discuss your particular needs.
Keven M Brennan
American Home Funding Inc
0 votes Thank Flag Link Wed Feb 24, 2010
Purchase and Renovate your home with an FHA 203(k) loan ... do you need a HUD consultant or any other help ? Homepath Renovation, Homestyle and 203(k) - so many options now days. I specialize in renovation lending Kareem! I also teach a 3 Hour CE in the State of Florida on these programs for free. Find out more at http://www.johnadamsloans.com
0 votes Thank Flag Link Fri May 30, 2014
Give me a call and I would be happy to discuss options that fit our clients needs. There may be several products that meet your borrowers needs and we can look at what is best for them. I am located here in Jacksonville.

Woody Sitterson 904-334-2498 Real Estate Mortgage Network
0 votes Thank Flag Link Fri Dec 20, 2013
Kareem...My contact info is below but basically what your purchaser will need to do is to get a licensed and insured contractor to give him a cost breakdown for the items that need to be included in the renovation. The total cost for the renovations will be added to the sales price to compute the maximum FHA 203k loan, which is 96.5 per cent of that figure. The appraisal is done as if the renovations have been completed, and we can actually lend up to 110 per cent of the appraised amount as long as the loan amount doesn't exceed 96.5 per cent. The renovations are disbursed after closing as the work is completed. If the renovations are more than $35,000, we require the use of a HUD Consultant to review the contractor's cost estimate and the property. That is a basic explanation of how the program works. We use FHA loan guidelines to qualify the buyer for the loan. Wells Fargo is the nation's market leader in this program and we service the loans...
0 votes Thank Flag Link Wed Feb 3, 2010

There is a mortgage consultant in my office that is a certified 203K loan specialist. He works for Gibraltar Mortgage, an affiliate of Wells Fargo. One of my neighbors also works a lot of 203K loans with Wells Fargo. Their contact information is below:

Jamie Zeitz
Gibraltar Mortgage
(904) 316-7905

Rich Givens
Wells Fargo
(904) 465-0312

Let me know if I can be of further assistance.

Scott Sullivan
Prudential Network Realty
3535 Highway 17, Suite 10
Fleming Island, FL 32003

C: 904-327-5676
O: 904-269-1716
0 votes Thank Flag Link Wed Feb 3, 2010
Yes, I represent Wells Fargo and would be happy to talk to you or send you some renovation information..Check out my blogs on this site on renovation lending.....

Sam Thompson
0 votes Thank Flag Link Tue Feb 2, 2010
Hi Kareem,

Yes, I work with a gentleman at Wells Fargo who can help ~ he does these 203K Rehab Loans consistently. Please email me & I'll give you his contact information... Lynndelacruz@vanguardfla.com


Lynn Brier-De La Cruz, REALTOR
Web Reference: http://www.LynnSellsJax.com
0 votes Thank Flag Link Tue Feb 2, 2010
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