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203k Loan All Locations : Nationwide Real Estate Advice

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Showing results for 203k Loan [Clear search]
Sun Mar 27, 2011
Suzanne MacDowell answered:
Sun Mar 27, 2011
Rodney Mason answered:
Prospect Mortgage is the #2 volume FHA 203K lender in the country. We offer both the Streamline and the Consultant versions of the 203K program. We also have our own in-house draw department. Most mortgage companies who offer the 203K only offer the Streamline version and most do not have in-house draw department. This causes delays in the disbursement of the draw funds.

All of my contact info is below if you would like some more information.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
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0 votes 1 answer Share Flag
Mon Mar 28, 2011
Marki Lemons-Ryhal answered:
Dominic,

I believe this speaks to why FHA rules have changed drastically over the past year. It sounds fraudulent. I do understand the role of the FHA appraiser but was there a selling agent on the deal? In real estate there needs to be a team effort to protect the consumer.

As a REALTOR I'm bound by the Code of Ethics. If a REALTOR is unfamiliar with 203(k) loans then they are responsible to get trained or enlist the help of those who are trained. I feel sorry for the purchasers unless he was in on the deal and just trying to get the deal done. I hope you killed the deal.

I purchased my last home utilizing the 203(k) streamline loan and we had to increase our contingency hold back because the utilities weren't on.

What is amazing is that the initial inspector in most cases would also be the inspector to complete the final inspection. Yeah, it sounds fishy.

I do not believe it being a HUD home and going FHA had anything to do with it. No lender wants a non-performing loan. Remember lenders only loan the money because it is insured but the lender is not HUD themselves. Sounds like the loan officer, initial appraiser, and purchaser had something going on because the buyer would still need to select a contractor and get a bid for the work. I personally do not believe that no one in the process pointed out the other 100k in work especially if the pipes were busted, or the furnace and hot water tank could be inoperable.

Just doesn't sound right.
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0 votes 6 answers Share Flag
Mon Mar 28, 2011
Julie Thum answered:
Call Frank Tamayo of Metlife Home Loans-Appel, Evans Tamayo & Bach Mortgage Consultants@ 212-413-4548. I've been doing business with him for 10 years & he's the best there is. He also has a Park Slope office. ... more
0 votes 4 answers Share Flag
Sat Mar 26, 2011
Phil Rotondo answered:
A great way for young adults to get started buying their first home is by using the FHA "Kiddie Condo" Loan Program. This type of mortgage allows a person to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.) who helps qualify for the loan using their income or assets. Both borrowers take title to the property and sign for the loan.

There are three big advantages to using this type of loan.
1. A low down payment (as little as 3% of the purchase price).
2. A lower, owner-occupied interest rate on the mortgage Vs the higher investment property interest rate.
3. Helps the new borrower establish a solid credit rating.

With a Kiddie Condo loan program, at least one borrower must occupy the property as his/her primary residence, but extra bedrooms could be rented out to help cover the cost of the mortgage payments. This is a perfect way for a college student, recent graduate, or anyone unable to obtain a loan on his/her own to buy a condo or townhome or single family home with the help of a family member. Apply for your Kiddie Condo loan today.

The tax benefits, such as deducting mortgage interest and real estate taxes on a Federal Income Tax return, can be divided among the owners, according to who pays the expense. See your tax advisor for details.

Make sure you read the section on credit as both borrowers must qualify. If the owner occupant has little or no credit you should review the "non traditional credit" section and pay particular attention to the information on the 2nd page.

Note that the property DOES NOT have to be a Condo. If it is a condo then you need to make sure that the project is approved or the that the property can get a "Spot approval".
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0 votes 3 answers Share Flag
Tue Nov 1, 2011
Rian Muleback answered:
Kelly,

Shoot me an email and I can get you in touch with my lender. My lender works with investors, as do I, and so we are both educated when it comes to owning multiple properties and working with investors. Also, my lender funds some of their own loans so they are able to do more types of lending than a traditional mortgage company.

Take care,

Rian Muleback
Encore Realty
rian@encorehouses.com
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0 votes 12 answers Share Flag
Sun May 22, 2011
Kathy Weber answered:
Lachhie,

If you are trying to purchase a home that is in need of alot of repairs and overpriced, you may need to have your agent negotiate with the seller, or move on.

It 's the "norm" these days, that homes are being sold "as is". Many times meaning just that. No repairs.

Have your agent run a Comparative Market Analysis for the area to see what the market value is. If it's tha overpriced and won't appraise, it's moot point to stay with that home.
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0 votes 16 answers Share Flag
Tue Aug 9, 2011
Michael Emery answered:
Bank owned homes are sold 'as is' and are supposed to be priced appropriate to condition. Your friend could request money be taken off, but the bank has no obligation to reduce the price and may be inclined to kill the deal rather than negotiate.

The dirty little secret about bank properties is the longer they linger on the market, the cheaper they become in price. So if the bank rejects his counter offer, he could potentially revisit the house when the bank lowers the price (assuming some one else doesn't buy it - but everyone will have issues with the roof).
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0 votes 8 answers Share Flag
Fri Oct 5, 2012
Get-smart answered:
if you want to buy the property as an investment then you can get a hard money loan if not then you will just to find a conventional lender that doesn't require seasoning. it sounds like whoever you are buying the property from has owned the property for a very short period of time or they plan on flipping the property so you need a lender that doesn't want them to hold the property for 90 days or longer. ... more
0 votes 8 answers Share Flag
Wed Mar 23, 2011
Dallas Texas answered:
Many instances FHA is less expensive of a down payment of approx. 3.5%

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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0 votes 6 answers Share Flag
Fri Aug 30, 2013
Anna M Brocco answered:
Consider asking your loan officer for a list of already approved contractors...
0 votes 8 answers Share Flag
Sat Jan 24, 2015
Justin Ruzicka answered:
Don't be in such a hurry to buy...Here are some helpful blogs on home buying. The second blog i wrote is about how Homes Prices are going to stay low for a long time. That is good news for you!!

http://2000shortsales.blogspot.com/2011/01/buying-house-costs-more-than-3-down.html
&
http://2000shortsales.blogspot.com/2011/01/cnn-money-decades-for-home-prices-to.html

Thank you,
Justin Ruzicka
The House-Guy!!
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0 votes 7 answers Share Flag
Mon Mar 21, 2011
Roswell Moore, answered:
Hi feenixfire,

Congratulations on making the decision to buy a home.

To answer your question, if you are buying a home here in AZ, this is a community property state & you will be required to disclose your spouses debts since you are responsible for them & add them to your liabilities on your loan application, unless you can prove she acquired these debts prior to your marriage. The lender will run a credit report on both you & your wife to identify your total liabilities.

There are lenders who will approve an FHA loan with a credit score down to a 580. I am local & can help you there if you want, so please feel free to contact me if I can help you with any questions you may have.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund in-house, FHA, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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0 votes 8 answers Share Flag
Mon Aug 8, 2016
J Brian Crawford answered:
Tue Apr 26, 2011
Dallas Texas answered:
Your buyers agent and loan officer should be assisting you. UNLESS a Realtor is involved in transaction tour property for conditions and etc. no one can assist you in "virtual world "

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
0 votes 16 answers Share Flag
Mon May 9, 2011
Masha Senderovich answered:
You can't get information on the foreclosure from Trulia but a competent Agent/Realtor should be able to assist you... what's the address of the property?
masha@preservationproperties.com ... more
0 votes 12 answers Share Flag
Tue Apr 26, 2011
Dominic Valenti answered:
Tue Apr 26, 2011
Jim Paulson answered:
Were you looking for a 203k specialist as a Realtor or a lender that will do 203k loans?

Also, there are two types of 203k, the regular which can cover structural and major items or a streamlined 203k which is more cosmetic to help replace appliances, carpet and paint, etc. ... more
0 votes 2 answers Share Flag
Tue Apr 26, 2011
Don Maclary answered:
Many properties to choose from if seller is unwilling to do needed repairs, move on and let them look for another buyer while you find another home.
0 votes 17 answers Share Flag
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