203K loans and mortgage brokers
Hello All, I am in the contract process of a townhouse in Bed Stuy BK. I love my lawyer BUT I am a little skeptical about my mortgage broker. I am already qualified for FHA so I was asking him if I can apply for the 203k loans on top of my standard FHA loan….
Hello All,
I am in the contract process of a townhouse in Bed Stuy BK. I love my lawyer BUT I am a little skeptical about my mortgage broker. I am already qualified for FHA so I was asking him if I can apply for the 203k loans on top of my standard FHA loan. He is giving me the run around saying it takes up to 4 months and this and that. Basically I think he doesn’t know how to do it and neither do I. So I need help.
Do you have any references of mortgage broker who know how to do 203k rehab loan along with a standard fha loan ?
What are my steps ? I have a signed commitment but I am waiting to sign contract. Is there anything else I should be doing?
People have told me they stopped this loan and that they are nearly impossible but then I hear about people who have gotten them.
Thanks again, in advance.
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To help;
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*Finance your inventory
*Restructure your credit.
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No, that isn’t; in my experience anyway, it’s exactly the opposite. It is one loan, you apply for all at once. You examine (carefully) the property ahead of time and create the bid for how much renovation $$ you need, say 100K for a 500K place, and then apply for 600K loan.
It is both good and bad for several reasons: good, I suppose, because when you close, the renovation money is in place and ready to go to the contractor, and **assumedly** one can proceed to swing the hammer the next day. So it’s not like you close on a place that needs significant work and then have to wait to get the money while paying your mortgage, it is all in place. You do realize YOU (the buyer) does not get the money, the FHA consultant does–and he/she is paid every time he/she doles it out.
The bad thing is the bureaucracy is mind-boggling. We are quite fortunate (so far) that our contractors-to-be are good-natured, and have been willing to, each time, complete all the paperwork I have had to send, re-send, and re-send again to them. I cannot tell you the amount of paperwork, it is insane. And we had to do things like: write a letter to say why we wanted to move form an apartment to a house; document the “money trail” for a full year, etc.
And also remember you will have to adhere to rules of renovation that are FEDERAL and not NYC–there is a difference.
We are quite frustrated that we put down money in August and have not closed, yet and will we in 2009? It’s anyone’s guess. But it really was our only option as we did not have 20% or more for DP.
Thanks Sogo
Is it true that you have to purchase the home and then apply for the 203k loan. My lender is telling me we can only have one FHA loan out at a time?
We are about to close on a Victorian with about 17% extra for renovation included with the 203K. It has been near 4 months to close, and we are not there yet. We had some setbacks with the contractor, as his licensing was not in place though he assured me it was, and we had to change contractors, but I think 4 mo. is accurate. EVERYTHING has to be in place for this loan; the paperwork is incredible. You must have contractor in place before the loan vetting proceeds and he/she must be able/willing to do the uber-paperwork involved. Ours too is through Wells Fargo and Continental Home Loans, who have been alright but they seem to lose a lot of paperwork that we are sure we have sent in and have had to replace. The upside of the loan of course is that we **only** had to put down 5%.
Thanks for feedback when you say they take a long time I want to know how long ?
FHA 203k loans are very complicated and do take a long time to get done correctly.
I stopped doing them but yes Wells does them as well as some of the smaller FHA bankers.
Good Luck with it and let us know if you get it done.
I’m doing the same 203k loan now with Wells Fargo Leonard Murphy 718-780-911. He specialize in FHA loans. The other bank other than Wells Fargo that I know of that does these loans are M&T Bank. Those are your choices. Good luck