If you're to the point in your home buying process to compare lenders, then it's time to talk about big bank vs community lender. When you're looking at the difference between an AmeriFirst Home Mortgage and a Wells Fargo, you'll have a lot of points to consider. Esepcially when you're looking at the AmeriFirst vs Wells Fargo 203k loan.
First, the FHA 203k is a home improvement loan that helps the borrower finance renovations directly into the mortgage loan on their house. So if you're looking to pay for a kitchen remodel, a new deck, window replacements or another remodelingproject, then you're in the right place.
If you're only shopping for the lowest possible interest rate for your mortgage, then a big bank may be the best option for you. Because these giant entities can move volume the way they do, they often have the lowest interest rate...but not by much.
And the problem comes later when you can't get your loan closed and no one will call you back. And truth be told, smaller, specialized lenders can often offer the same rate, if only a small amount higher.
Reference Link: http://fha203kloan.org/203k-refinance/