FHA 203k motgage broker in BK?
Anyone have a recommendation for a 203k mortgage lender? I know that BOA and Wells Fargo make the loans directly, but it seems like there rates are pretty high. Am hoping to get a better rate if I use a lender. I know it’s a long shot as there aren’t too many lenders out there…
Anyone have a recommendation for a 203k mortgage lender? I know that BOA and Wells Fargo make the loans directly, but it seems like there rates are pretty high. Am hoping to get a better rate if I use a lender. I know it’s a long shot as there aren’t too many lenders out there who even do these renovation loans, but I hope someone out there will be able to help! Thanks!
I recommend Nigel Hypolite @ Bank of America, Office: 212-508-2242. He is very responsive and easy to work with.
nigel.hypolite(at)bankofamerica.com
thanks for all of the good advice so far! I didn’t know that both M&T and Citi also did 203ks. I will look into their rates. @667A, surprsingly, Patrick Sharpe did NOT even return my phone messages and I left him 2 of them. I also spoke with Barry K and we didn’t seem to click on the phone — perhaps just opposing personalities. All in all, I’m interested in getting the best interest rate possible (M&T quoted 4.75%!!) with the most customer services-oriented/convenient loan processing service. Since I may have to go with a bank directly, I am leaning towards M&T.
Barry Koven was really nice when I spoke to him about this possibility. We passed on the house — but he gave me a lot of good information.
John Gnisci at Citi does them. They had the best rates that we found so far… john.b.gnisci@citi.com. Have also heard a lot of good things about Barry Koven.
We are 203K brokers and bankers you can contact me @ 917-829-8382 How extensive is your renovation?
is the streamline 203k loan only for single family houses? http://goo.gl/Mx0ab
I just finished one with Bank of America. From my experience, I highly doubt you’ll get a better deal from a broker. Wells does the vast majority in NYC, and Barry Koven is the guy to talk to there. However, I am a BOA customer and didn’t care for Koven during my few short conversations (I’m sure he’s a great guy, but I wasn’t clicking with him). I went with my bank, but I’m biased. If you do go BOA, email Patrick Sharpe directly for 203(k)(patrick.sharpe@bankofamerica.com), and he’ll quote you the correct BOA rate (Alan Trachtman alan.trachtman@bankofamerica.com should be contacted for all BOA regular and 203(b) loans, but Pat does the 203(k)s)… when talking to several local BOA guys, they quoted all kinds of wrong numbers, and I don’t know why, but I know these two guys are on top of their business. (Also, the only difference between streamline and non-streamline is the use of a HUD inspector (and the 35k limit on streamline)). If you know what you’re doing, save $700 and go streamline… but I chose to go regular (even though it was well under 30k in reno money), because I’m new to the reno world and $700 seemed a good deal for an advisor for the process and a professional for dealing with paying the contractor).
I just started doing the streamline 203k again for the first time in a while. The 203k streamline will allow you to get 30k in additional money to do renovation and doesn’t have all the strings attached for the full 203k.
The full 203k is harder to come by since a lot of banks do not offer it any longer.
I know WELLS does them and I have spoken to Barry Koven over there who seems to do a lot of them. Last I spoke to them they were offering the current FHA rate plus .375%
M&T bank also handles them