Does anybody know a qualified mortgage broker who is familiar with 203(k) streamline loans?

Asked by Matthew Jones, 30002 Tue Oct 13, 2009

I need to close with a 203(k) loan ASAP

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Stacey Wyatt, Agent, Atlanta, GA
Wed Oct 14, 2009
BEST ANSWER
Matthew,

Most Lenders have challenges getting the FHA 203k or 203k Streamline loans approved. With regard to the responses below, WR Starkey does not offer this product unless they have added it in the past month. My trusted associates at WR Starkey and Bank of America tell me that Wells Fargo has had the most success getting these loans approved. I would start with a Wells Fargo Mortgage Lender.

Depending on what you are trying to accomplish, one alternate to the 203k streamline is what they call an "Escrow Holdback". You can still use FHA or Conventional financing, but simply have the Closing Attorney escrow a certain dollar amount for repairs. After you close, you simply hire contractors to complete the work... the Lender's Inspector will review and approve the work and release the funds out of escrow to the contractor. If you are using FHA Purchase Financing, the downpayment increases from 3.5% to 5%; however, it is much easier to close than the 203 or 203k. This was a very creative solution presented to me by my associates at WR Starkey when trying to close a similar deal recently.

Good luck!
0 votes
Commercial A…, Agent, Los Angeles, CA
Wed Oct 28, 2009
Be sure to always check the LOoP a real estate directory and custom search engine.
Web Reference:  http://theloopcse.com
0 votes
Commercial A…, Agent, Los Angeles, CA
Wed Oct 28, 2009
Curtis D. Harris, BS, CGREA, REB
310.337.1973
Real Estate Broker/203k Consultant
0 votes
Jessica Tacc…, Agent, Staten Island, NY
Wed Oct 14, 2009
Wells Fargo is both reputable and experienced with those. I had a buyer who was considering buying a foreclosed home that needed some major work and the gentleman she spoke to at Wells Fargo was knowledgeable, clear, and very helpful. He took the time to contact me as her agent as well and went over the process. I suggest calling your local Wells Fargo.
0 votes
Sam Thompson, Mortgage Broker Or Lender, Alpharetta, GA
Wed Oct 14, 2009
I am a direct 203k lender representing Wells Fargo Home Mortgage....

Sam Thompson, 770-301-0527
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kevin.ramirez, , Atlanta, GA
Wed Oct 14, 2009
203K is a rehab loan.
Are you buying or refinancing?
I am a loan officer.
404-610-9883
0 votes
Sean Dawes, , Philadelphia, PA
Tue Oct 13, 2009
Send an email to michael.mckeown@mindspring.com

He works for Allied Mortgage Group and can handle loans in many states.
0 votes
Chuck Green, Agent, Norcross, GA
Tue Oct 13, 2009
Dear Matthew:

Here are two you can contact:

Phillip Casbon
WR Starkey Mortgage
404-213-4456

Or

Tom Green
Branch Manager
SunTrust Mortgage
770-277-2353
678-873-2213

Chuck Green, Realty Consultant
Keller Williams Realty
770-714-7077
Web Reference:  http://chuckgreen.com
0 votes
Joy DeLucia, Agent, Holmdel, NJ
Tue Oct 13, 2009
You can try First Interstate Financial, they were going to put one together for one of my clients. Nick Rosetti,
609-320-7560, let him know Joy DeLucia from Heritage House Holmdel office sent you....I believe they can do out of state as well, or get you where you need to be...good luck!
Web Reference:  http://www.JoyDeLucia.com
0 votes
Brian Lavery, Agent, Seattle, WA
Tue Oct 13, 2009
You might give John Mead a call, with Golf Savings/Sterling Bank
He's been in the business for 15+ years, very knowledgable and experienced!
JMead@golfsavingsbank.com... 206.287.5761
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