Lenders that would give FHA 203k streamline in Pittsburgh?

Asked by KD, Pittsburgh, PA Wed Jan 16, 2013

Looking to get a buy a foreclosed house ($20k) in pittsburgh, and remodel ($10k).
Do you know the lenders that would provide FHA 203k streamline?
Also, what's the best way to go about buying a foreclosure in Pittsburgh for houses in that range? Should I get an agent? and where do I find remodeling companies who can come see the house and make sure the foundations are good and give me an estimate for the rest of the work?

Thanks,

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10
Joe Borelli, Other Pro, Riverview, FL
Tue Jul 26, 2016
If you wish to borrow a limited amount and require minor repair work to renovate your home, the best financing option would be to consider a 203K streamline loan. The full standard 203k loan allows for a much bigger loan amount and extensive repairs. As you need to work closely with contractor and fha consultant, working with an FHA approved lender locally should allow for a smoother loan process.

http://203klenders.org/pennsylvania-pa/
1 vote
Barb Averell, Agent, Pittsburgh, PA
Tue Nov 5, 2013
Pennsylvania Preferred Mortgage (Chase Cook - email: chasecook@papreferredmortgage.com) added the 203k FHA Rehab loan recently. You can finance up to $31,000 in home improvements on a purchase or refinance. The funds can be used to improve kitchens, bathrooms, floors windows, appliances…etc.
I would recommend hiring an agent that actively works in the area that you are considering.
In regards to finding remodeling companies, some of my clients rely on Angie's List, but I have never personally used them. It may be a start to meet with 2 or 3 people to get estimates and see whom you feel would be a good fit. I would also contact some of their past clients to check on the workmanship, timeliness, etc.
Barb Averell
Prudential Preferred Realty
412-367-8000 Ext 300
412-377-4700
1 vote
Andy Theobald, , 15237
Thu Jan 17, 2013
Start by finding a good agent. Among the wealth of services an agent can provide is helping you find a reputable lender and reliable contractor.
1 vote
Sharon Mingo…, Agent, Pittsburgh, PA
Thu Jan 17, 2013
Excellent originator Bill Varley at Prospect Mortgage, he does the 203k and the streamlined. That is all he does.
1 vote
Robin Finger…, Agent, Moon township, PA
Wed Jan 16, 2013
Yes West Penn Financial is one of the only lenders that will do a 203k loan.
Mortgages under $50k are much more difficult to secure though.
1 vote
Blair W. Coh…, Agent, Monroeville, PA
Wed Jan 16, 2013
I believe that West Penn Financial does the FHA2 203k. Yes you should get a good real estate agent. The agent may also be able to assist you with remdeling companies. Also ask people you know for recomendations and consider Angie's List.
1 vote
michelswright, Home Buyer, Pittsburgh, PA
Wed Sep 17, 2014
Hi there! My name is Michel Wright and I am with Wells Fargo. Wells Fargo is the No. 1 lender for 203K. We also offer the FNMA Homestyle loan which is a conventional version of the 203K. I am a Renovation Specialist, so I literally ONLY work with Renovation financing, which means I know it inside and out...it's the ONLY type of financing I do. I work with specially trained processors and underwriters who only deal with renovation financing. 203K loans and other renovation financing can be tricky, so knowing how to handle certain situations that may arise is essential. I am located in Shadyside!
724-689-7224
Michel.s.wright@wellsfargo.com
http://www.wfhm.com/michel-wright
0 votes
Steven Campa…, Mortgage Broker Or Lender, Marlton, NJ
Wed Oct 30, 2013
The 203K loan is only for primary residence not for investors. You can find 203K Consultants on the HUD.Gov website.
You can check with your chamber of commerce or the BBB for contractors in your area.
0 votes
Not the case your wrong anyone buys a house in distress if the house is located in a town where they want homes to be improve you still get qualify has nothing to do with power occupancy ,FHA has to do home owner occupancy not if you say commercial than you need a 503 commercial rehab loan FYI
Flag Thu Feb 25, 2016
We offer a product called HomeStyles. It is very similar to FHA 203k but it is
a FNMA product. So investors can use it but with max LTV of 75% and of course
conventional UW guidelines.
Flag Wed Oct 30, 2013
Alex Reinig, , Pittsburgh, PA
Wed Oct 30, 2013
We do FHA 203k. We are currently the nations #2 203K lender. We have professionals on staff that
focus on these products full time. Please call or email me.
0 votes
Steven Campa…, Mortgage Broker Or Lender, Marlton, NJ
Thu Jan 17, 2013
Hi my name is Steve Campagna with AnnieMac Home Mortgage and we specialize in the 203K loan. We have a great network of realtors and contractors who know the 203K process. The 203K is a very intricate loan and you really need to work with a lender who not only offers it but specializes in it. The big difference with AnnieMac Home Mortgage is that we process,underwrite and fund our loans in-house including the 203K. Having direct access to my processor & underwriter gives me quite an advantage over other companies who offer this loan product. Please check out our website at http://anniemacrenovationlending.com/ for more information. I can be reached at 856-534-2780 and I look forward to speaking with you soon.
0 votes
Hello Steve can you fund loans in PA??
Flag Tue Jun 24, 2014
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