We can offer you a 203k loan in FL .

I work with several lenders that provide the 203K loans. Since most of my clients use down payment assistance, the repairs have to be completed within 30 days of closing. As you may know, 203K streamline, which can be used for minor repairs and renovations, requires the repairs to be completed within 90 days of closing. The regular 203K is used for more extensive repairs. There is a mininum escrow/repair requirement of $5,000, with the repairs to be completed within 6 months.

Most banks are not offering 203K loans because of the escrow requirements and post closing disbursements. Unfortunately, as a result of this, the lenders that are able to process these loans have underwriting times beyond the norm.

The upside is because of the foreclosure market, 203K loans are a godsend to buyers who's pockets are thin. It is my opinion that these loans will help to continue the market turnaround that we in Central Florida have been experiencing.

Jacqueline Clarke
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Cell: 407-739-3853

Good morning Lorena.

I'm not sure how many lenders are doing FHA 203K's but I know my favorite mortgage broker DOES offer the 203K's. You're correct that they take more time and are more complex but at times they are the best or only way to help a customer buy the home they want.

His name is Mike Riley and he's the President of Riley Mortgage. His office number is 407-236-0610 or 407-466-4847.

Good luck.

Marty

Marty Hunt, Realtor®, ABR, CRS, GRI, e-PRO
Realty Executives Seminole
Office: (407) 869-7779 Cell: (407) 619-2640
Toll Free: (888) 412-8681 Fax: (407) 869-8987
Email: mailto:marty@martyhunt.com
Web Site: http://www.MartyHunt.com or http://www.MyFloridaHomesMLS.com/marty