Does anyone have any experience with a 203k mortgage, or any other "rehab" mortgage and want to share more information on these options?

Asked by brianwatson30, Bloomington, IN Mon Oct 22, 2012

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Julie Allen, Agent, Indianapolis, IN
Thu Nov 1, 2012
I love a project!!!!!!!!!!!!! Would love to talk to you about the details and have a wonderful mortgage contact for you. Call my cell 317-281-7926 and let's go!
0 votes
Tom Michalic, Agent, Indianapolis, IN
Thu Oct 25, 2012
We are one of the most experienced 203K renovators in the Indianapolis Market. We are approved with almost every lender that offers the program.

Call us for more info

0 votes
Marita Topmi…, Agent, Indianapolis, IN
Tue Oct 23, 2012

Please allow for more than 60 days to close.

Also line up your lender before you even make the offer. Be sure to
pick a lender that has 203K experience and ask him how far out to write
the closing date.

Get that Good Faith Estimate of closing costs from him too. Remember, there
will be some extra expenses to you in a 203K.

This is not a loan for a diy guy. All the repairs must be made by contractors
who are not associated with the buyer.

Google 203K lenders, Bloomington

Good Luck,

0 votes
Nicole Spacey, , Indianapolis, IN
Mon Oct 22, 2012
This is a loan where they build in the repair costs with the loan, it is
used specifically for homes that need repairs. In addition to the appraisal
process, the lender also sends out contractors for repair estimates. The
lender provides the additional funds in escrow at closing and the repairs
are made after closing. FHA 203K loans tend to take the longest to close
since there are additional steps involved - anticipate 60 days.
0 votes
Peter Knight, Agent, Fishers, IN
Mon Oct 22, 2012

In my experience, it is important that you allow additional time for contractor estimates and loan processing. It is also essential that you work with a loan officer that has 203K experience. Ask your chosen contractor if they have successfully provided estimates for 203K processing; sometimes the loan underwriter has special requirements and requests changes in how the estimates are configured.

Peter Knight
0 votes
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