looking for a solid FHA 203k lender with good experience.

Asked by Nadia759, District of Columbia Wed Mar 14, 2012

Hello.

I am looking for an experienced lender for a 203k project (not streamline) in Washington DC

Some details:
- Project involves turning crawl space into a fully legal one bedroom apartment
- I have excellent credit (low 800s)
- Project would involve borrowing 125k approximately (including 10% contingency)
- Currently owe 260k on the house

I started this process in the fall and was preapproved by two lenders. Unfortunatley it took me awhile to find a good contractor and then the holidays came. So after a break, I've finally restarted the process and identified contractor and am working with a HUD consultant. Problem is that both local lenders that preapproved me in September now state they no longer do 203k loans. Thus I am looking for a highly recommended 203k lender who has experience dealing with the product. If you have recommendations, please let me know.

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Answers

9
Irenelori, Home Buyer, Ontario, CA
Mon May 11, 2015
Short sales are a lot of extra work for the agent and are endlessly delayed. Banks are getting better approving them more quickly, but they are still work.

203k loans are also a longer process. And once you get the short sale approved, there is a closing date restriction usually. And the 203k process may take you past that date, therefore invalidating the approval and causing more work to get it extended.

So I'm guessing the agent didn't want to deal with the extra hassle. Someone else jump in if I'm wrong on these points.

Also, another point on 203k loans: There are requirements to bring properties to a specific level, and it may include improvements you don't want to do or pay for. A case in point: I bought a house without gutters using a 203k loan. I didn't want to install gutters because of the way the grade sloped. The 203k program required the gutters. Extra expense and iced up gutters. You also have to use 203k approved contractors, which may also increase your costs.
Reference Link: http://fha203kloan.org/
1 vote
To work with FHA approved lenders with the necessary expertise to handle 203k loans, visit: http://www.203klenders.org
Flag Tue Jul 26, 2016
Kevin Walton, , Ventura County, CA
Thu Mar 15, 2012
In addition to the lender, you want to make sure your contractor understands the 203k loan. Many contractors don't like dealing with this loan because they may have to float some monies, fill out various HUD forms they're not familiar with and have a HUD Consultant who oversees the contractor and controls the flow of funds for the remodel. Getting the Loan Originator in contact with the contractor upfront is key.
203k loan
1 vote
John Settles…, , Washington, DC
Wed Mar 14, 2012
My name is John Settles, and I am a renovation specialist with Wells Fargo Home Mortgage. I would be happy to work with you on customizing a solution for you. We offer both the FHA 203k and a Conventional Renovation loan. My office number is 202-216-5702, and my e-mail is John.Settles@wellsfargo.com. My website is http://www.jfsettles.com.
Web Reference:  http://www.jfsettles.com
1 vote
Mon Jul 20, 2015
Here's a list of FHA Approved list of lenders in Washington DC.
http://www.homebuyerwise.com/fha-approved-lenders/Washington…

You can also try searching on homebuyerwise.com for FHA lenders all over DC and nearby areas.
0 votes
Lanre Folayan, Agent, Washington, DC
Sun Dec 29, 2013
Hello Nadia759,


How are you doing? Hope all is well. You have definitely have a list of list of preferred lenders here that will help you. By the way have you started the project? And if you did how long did it take? Also how much did you cost you? And who did you use? Please e-mail at DChomesforsale@gmail.com. Your story will help current homeowners who house is on the market for sale as well as people who are thinking about putting their house up for sale.

Also if you know anyone who is looking to buy or sell their house in Columbia Heights/Mt.Pleasant zip code 20010,please tell them to check out this latest Columbia Heights/Mt.Pleasant Real Estate Market Report http://getdcsold.com/post/4272985/columbia-heights-mt-pleasa…
0 votes
Brent Kluge, Mortgage Broker Or Lender, Baltimore, MD
Mon Jun 4, 2012
Thank you for your email/question. You are doing the right thing, looking for an experienced 203k lender. They are not difficult loans if you KNOW THE PROCESS.

Each borrower is different, as far as loan approval circumstances are different - so is each project. That being the case, it is important to work with someone experienced, who can navigate you though the myriad of pitfalls which you WILL encounter. Don't be discouraged - there is typically a pot of gold at the end of this rainbow, called EQUITY. :)

please feel free to check out my websites:

http://www.203kworld.com
http://www.maryland203kexpert.com

If you have a question, please reach out to me, I would be delighted to help!

Brent
0 votes
Paul Welden, Other Pro, Tempe, AZ
Thu Mar 15, 2012
Mike Wilcox
National Renovation Sales Manager
Academy Mortgage
9033 E Easter Pl #110 Centennial, Co. 80112
303-455-6926 Office
303-525-3568 Cell
720-221-4906 Fax
Mike.wilcox@academymortgage.com
http://YourRehabLoan.com
Licensed in AL, AK, CA, CO, CT, DE, DC, FL, GA, HI, ID IL, IN, IA, KS, KT, MN, MD, MO, MN, NV, NH, NM, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT VT, WA, WY
0 votes
Jason Skipwo…, Agent, Washington DC, DC
Wed Mar 14, 2012
I was going to refer you to John Settles, but I see he responded himself. So let my response serve as a recommendation for him.
0 votes
Natalie Dean, Agent, ANNAPOLIS, MD
Wed Mar 14, 2012
I have a fantastic lender who would be perfect for this project! I would be more than happy to pass it along to you--please inbox me and I will shoot you over his full information. Please tell him I sent you so that he knows I continue to refer business.

Natalie
0 votes
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