Advise...... Am trying to close in a house using a 203k loan since January. As a today am still waiting for the new closing date. Due to request from

Asked by Andreyna23, Elizabeth, AR Sun Mar 6, 2011

Due to more request from the bank to get a final inspection on the house. Am getting tired of waiting. Can I get another lender? What is the procedure for that? How long a 203k loan usually takes for closing?Also they are requesting a HUD loan to do an inspection and am been advise that Idon't need it because is a stream line loan.
Help!!!

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Fernando Fer…, Agent, Elizabeth, NJ
Mon Mar 7, 2011
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203k loans take longer than usual loans, I hope you are working with a lender and Realtor that are able and willing to put in the effort and help you throuhg.
1 vote
Nelson Jaram…, Mortgage Broker Or Lender, Dunellen, NJ
Mon Mar 7, 2011
Who is your lender now? Search the HUD website to make sure they are a 203k lender http://www.hud.gov/ll/code/llslcrit.cfm make sure you check off 203k on the bottom. Call me if you need some help I don't do 203k but know it like the back of my hand. 908-285-6700
1 vote
Nelson Jaram…, Mortgage Broker Or Lender, Dunellen, NJ
Mon Mar 7, 2011
In cases like this use Wells Fargo, Bank of America, Residential home mortgage are the big three in NJ. The best is M&T. If they are asking for stuff in 11hour. the rehab part might be bummy too. And that doesn't start until after the closing. Under 35k total renovation cost is a streamline on a single family home only. Which come out to the repairs about 27-28k, if you are not living there until the repairs are done.
1 vote
Dallas Texas, Agent, Dallas, TN
Sun Mar 6, 2011
These types of loans take awhile. Most closing require a loan take approx. 45 - 60 days to close
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1 vote
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Sun Mar 6, 2011
203k's are a niche product and many large lenders require originators to specialize because of the complexity. But they are an FHA product. It is my understanding you can request that it be transferred to another lender, however doing so would cause much of the process to start over. Credit reports for example can not be transferred. Switching lenders may not be wise if you are in the final inspection stage.
1 vote
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