Hi, I was looking into getting the FHA 203K streamline loan and was wondering if anyone has used this product before and what your thoughts were?

Asked by Hmleone, 01056 Mon Apr 2, 2012

I have found a house that was completely remodeled inside but doesn't have appliances. Also, the outside area, I was hoping to put a deck in, and some exterior painting needs to be done. Does this sound like the right loan? Also, my realtor tells me that these lenders almost always don't end up following through once you're about to close? Looking for any advice from anyone who has had a FHA 203K streamline loan before. Thanks!

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5
Andrew Adams, , 01915
Tue Apr 3, 2012
I would love a chance to talk to your realtor. The truth is renovation lending is a tremendous product provided you work with an experienced loan officer. Many folks have access to the loan program, few of them actually close these loans regularly.

The key to the programs is to make sure the lender has control over the entire process from application to final disbursement. If you work with a lender that corresponds the loan to another lender they sell the loan after you close but before they disburse funds. It can create sticky situations.

Don't hesitate to call me 781-715-5254.
Web Reference:  http://www.the-reno-guy.com
1 vote
Suzanne Berg…, Agent, Westfield, MA
Wed Apr 25, 2012
203K streamlines are a little more involved, but can be done... the fees are little higher, but
is worth it in the long run, if you need alot of repairs done on a property. I can help you with it..
i've done a few and am pretty versed in them!!
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Tue Apr 3, 2012
They are a great product for the right situation. They are definitely more work for the home buyer, but it can help you finance improvements that you may have normally paid out of pocket.

By the way.... Andrew Adams, is awesome with the 203ks call him.
0 votes
Joe Arnao, Agent, Sanwich, MA
Tue Apr 3, 2012
They are not always easy, but make sure you have a qualified and experienced lender. The loan officer should have had several closed 203k loans. They can get done and are a great tool to get a good value property. Good luck.
0 votes
Paul Miele, Agent, ludlow MA 01056, MA
Tue Apr 3, 2012
203 K is a loan that can help people buy property that other loans simply can’t. The biggest thing with any loan in any deal is to work with dependable people that close these deals on a regular basis. If the lender you use does not understand the proses it is difficult to have it go smoothly. The agent you’re using may have had problems in the past as we all did with the traditional 203k. The streamline version does go much faster if everyone involved knows what they are doing and communicate with each other.
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