Are FHA 203 K Rehabilitation Loans currently possible to get from a bank?

Asked by Matthew Clemens, 46375 Sun Mar 22, 2009

What would the process be in getting one for a bank owned sold as is property?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Jessica Klja…, Agent, Schererville, IN
Wed Apr 11, 2012
Yes. 203K and 203B loans are still available
0 votes
Ak47, Home Owner, Hammond, IN
Wed Sep 28, 2011
We used an FHA 203K loan to rehab our home in Hammond, IN. We purchased in 04 as a foreclosure, and just 3 years ago, started with the FHA 203K loan. Our loan came from Countrywide, who was then acquired by Bank of America. Go through your existing lienholder to see if you can get some information before going to another bank that doesn't know you from Jack.
0 votes
Gina, , Crown Point, IN
Sun Mar 22, 2009
Like Dave stated, a mortgage broker is your best bet for the FHA 203 K, but you will want to use the streamline program it is a better program still FHA 203 K, just streamline. I have a lender that specializes in this program, one of the best here in NWI. To gather more info on this visit my Blog I have an article written by a lender to inform you regarding FHA 203 K Streamline Financing.
0 votes
Mike Perron, Agent, Indianapolis, IN
Sun Mar 22, 2009
Matthew-
Yes, you can get a 203k rehab loan and you can use them on a bank owned, as-is property. They are definitely being done as I helped one buyer close on a home using the program a week ago and I have another in the works with another client using the same program. The trick is finding the right loan officer and realtor to help you through the process who both have experience in handling these as they are more complicated than your typical transaction.

The first step is to get a pre-approval letter from a lender who handles the 203k program. I have a number of contacts I'll be happy to provide to you for this if you are interested. Just let me know.

The FHA 203k is an exciting program as it opens up a whole new avenue of opportunities for the potential home buyer once they are fully introduced to the process including rehabs of REO's, Historic homes, making the home more energy efficient, those with deferred repairs/ cosmetic issues, ect.

http://203khomeloan.com is a good resource for more information about the process as well.

Best of Luck,

Mike Perron
REMAX Ultimate

(317) 352-5995
mike@mikeperron.com
Web Reference:  http://IndyBetterHomes.com
0 votes
Jessica Klja…, Agent, Schererville, IN
Sun Mar 22, 2009
Hi Matthew

Not all banks have the program available. Flagstar Bank in Merrillvillville does . Call Linda Pint at 219-736-8442 Just tell her Jessica from Coldwell Banker in Schererville sent you. Good luck
0 votes
Jody Jones, Agent, Elkhart, IN
Sun Mar 22, 2009
Matthew,
I worked with a client last year who had trouble finding a lender who would deal with a 203K loan. The man we worked with was out of Fort Wayne, but I know for a fact that he travels all over to help folks. If you would like his information, please email me, I will be happy to pass it along. I know at the time he said there were few lenders in the state that would handle them, but it would be worth a phone call or an email to ask anyway. My client and I were very happy we had him to rely on during the process. If you can do a streamlined 203K it will be much easier for you.
0 votes
Dave Woodson, Agent, Valparaiso, IN
Sun Mar 22, 2009
A bank may not be your best place to get it, a mortgage broker has more options than a local bank.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more