Brandon, Both Buyer and Seller in Philadelphia, PA

Can anyone point me in the direction of a bank/lender that is still doing FHA 203k loans? I'm looking to

Asked by Brandon, Philadelphia, PA Sat Jul 4, 2009

sell my current house and purchase a new house around September or early October. I've been keeping an eye on a few properties that need a complete overhaul, but if done correctly would be worth substantially more than the cost to fix. The FHA 203k seems the best way to go but I've done a little research so far and haven't found a lender who is still offering them.

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10
Jeff Hutchis…, , Chicago, IL
Fri Sep 4, 2009
Hi Brandon, I have several sources for the fha 203k and have been providing fha loans since 1994. They are easy if your Loan Officer knows what he is doing. I have over 15 years experience in this crazy business. If you haven't found some one yet let me know. My rates and costs are excellent. Thanks, Jeff Hutchison
Web Reference:  http://www.mychartermtg.com
0 votes
Brian Fletc…, Agent, Springfield, PA
Mon Jul 6, 2009
I have a contact at Countrywide that specializes in 203K Loans. He will answer all of your questions for you if you like. You can call him, listen to what he has to say, then decide who you wish to use. His name is Eric Richman, and his number is 610-812-4919.

Make sure your scheduling allows enough room for the construction to be completed fully. I would suggest selling your home prior to placing any offers, and renting while construction is complete. You may be able to rent your house back off whoever you purchase it from. Also, make sure you have multiple contractors lined up to do the work, and will accept 203K payment schedules.

Good Luck, I wish you success!
Brian Fletcher
Lincoln Realty
0 votes
Edmund Choi, Agent, Paoli, PA
Mon Jul 6, 2009
Contact Wells Fargo. I have had a few clients utilize the 203k. Bigger question: do you have a contractor lined up who will accept the payment terms of a 203k?
Web Reference:  http://PhillyandBeyond.com
0 votes
Renee Porsia, Agent, Newtown, PA
Mon Jul 6, 2009
Brandon,

As you can see, there are many Realtors willing to direct you to someone who may have done a 203k loan but what do you know about any of these people? Nothing. You do not know what types of experiences these lenders have had or how they treated their clients.

Your real question needs to be who am I going to hire as my Realtor that I can trust in and who will advise me and only concern themselves with my best interests and who can direct me to a "reputable" lender or lenders that I can research.

There is good and bad that go along with the 203k loan and you need to know both. Here is the link to the Bankrate.com article that I was interviewed for: http://www.bankrate.com/brm/news/small-business-guide-2009/2…

When you are ready, I would love to talk with you further about what your goals are.

Take care

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com
0 votes
Kem Bailey S…, , Philadelphia, PA
Sun Jul 5, 2009
Allied Mortgage also does 203K Loans- Ask for Margo Zitmman and tell her that Kem Bailey Smith referred you
Thanks
Kem Bailey Smith
Keller Williams Main Line Realty
610-520-0100
Cell- 267-972-3879
0 votes
Phong Lam, Agent, Philadelphia, PA
Sun Jul 5, 2009
Hi Brandon,

How are you? I believe Wells Fargo Mortgage Lender does some renovation loans because I have dealt with a couple of my clients who used Wells Fargo to do similar transaction as yours.

Their site could be found here: https://www.wellsfargo.com/mortgage/articles/renov_loan

If you have any other questions regarding your real estate or mortgage needs, please feel free to email or call me.

Sincerely,
Phong Lam
REALTOR®
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
Email: Phong.Lam@c21ag.com
http://www.c21ag.com
0 votes
Mark Principi, , Langhorne, PA
Sun Jul 5, 2009
203k .... no problem!!!!!

please call 215 295 9080

thank you ..........mark principi , central lending services inc!!!!!!!
0 votes
Renee Porsia, Agent, Newtown, PA
Sat Jul 4, 2009
Hello Brandon,

I wrote a great article for Bankrate.com about 203k loans. I will send you the link. You may find it helpful.

I have a few questions for you if you don't mind. What made you decide on a 203K loan?

You should really be careful when choosing a lender. You must make sure they are reputable. There are so many changes in the mortgage industry so you want someone who you can trust. This is also true for your buyer agent/selling agent.

When choosing your Realtor, make sure they are an expert negotiator on both sides. Hiring an agent who is afraid of confrontation. Negotiating is an art. Not a lot of Realtors are comfortable making waves in order to get the best deal for their client. Also, make sure they work full-time, know the Agreement of Sale like the back of their hand, are truthful and won't lead you on with regard to the price of your home.

You also should make sure that the lender you do choose, is available after 5, will attend settlement, will meet with you to explain your documents and will be there for you when you need them to be.

I'd love to talk with you further about your situation. Feel free to email me or contact me at (215) 669-0589.

Also, you can also read my blog to find out what type of Realtor I am. http://www.reneeporsia.com

Renee Porsia
Associate Broker
RE/MAX ACTION
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes
Kem Bailey S…, , Philadelphia, PA
Sat Jul 4, 2009
i have closed to 203k loans recently and I have dealt with the same mortgage company for them.
Please call and I will give you the details
Kem Bailey Smith
Keller Williams Main Line Realty
610-520-0100
Cell- 267-972-3879
0 votes
Melissa Ante…, , Boca Raton, FL
Sat Jul 4, 2009
HI Brandon,
I would be more then happy to go over the details of the program. Please give me a call.

Melissa Antenucc
Americrest Mortgage
PA- 267-479-0260
FL- 561-417-9221
0 votes
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