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I know if you are reading blogs, forums, posts, articles, etc., etc., about the FHA 203k renovation mortgage it might seem that it might be impossible but let me be the first to tell you that it is possible and even very likely if you have an experienced 203k renovation team surrounding you. I hear it all the time that how hard these loans are and how much time they take and then I ask them the simple question- "where did you hear all of this?" and there answer- THE INTERNET. It reminds me of my favorite commercial about the Internet and the French Model- take a quick peek:
Just because it is on the internet does not make it true. FHA203k renovation mortgages are inherently more paperwork intensive and require a little more elbow grease but if you are willing to roll up your sleeves- trust me the reward can be great. What a better way to buy a home than getting to get your bathroom, kitchen or basement redone- how about a new roof, windows, heater, central air conditioning or a deck? Yes all of these items are able to be financed using this renovation mortgage product. The FHA 203k rehab mortgage can be real and closing them can be done just like any other mortgage- the key is EXPERIENCE. In order to have this successful type of transaction you need to have 3 major EXPERIENCED components and these are in no specific order:
Lender- Yes I did go with a FHA 203k lender as the first and not just because I am that person but because the lender must act, as I like to call it, the FHA 203k Quarterback. It is our job to drive the team down the field and get it to closing (or a Touchdown). If the lender does not have experience then you are doomed from the start. Let me elaborate on the definition of Lender by the way- by Lender I mean- loan officer, underwriter and processor. You can be working with a big box lender who offer 203k's but if the team actually working on your loan does not have the experience level then you are in trouble. Find a lender by asking around, doing research, or ask me- either I or one of my teammates will be happy to help you and if you are in a state where we are not licensed then I will get you in touch with someone with experience who can help you. I know other good 203k lenders around the country and I want you to have a good experience.
FHA / HUD 203k Consultant- You can easily go to the HUD website here and search for a 203k consultant. Just going to the website is not the best idea however- again there are consultants on that list that have not done a 203k in years. The best place to start is your lender- we have an active database of consultants that we use on a daily basis. The consultant is a major component of a successful 203k as they will interact not just with you the client but will also be your liaison between you and your contractor.
FHA 203k Contractor- HUD/FHA does not have a list of 203k contractors as there is no official certification for 203k contractors. There is a great website that I would recommend you look at when looking for a contractor who understands the intricacies of the 203k program- www.203kContractors.com In order to be listed in this directory you must be able to show competency in understanding the 203k program and how to navigate through it. The contractor also has to be able to show the necessary net worth to do 203k projects. These are important parts that this program takes into consideration before just giving any contractor a certification. However any contractor can do 203k projects as I mentioned before- it really just comes down to having experience and 9 times out of 10 if you have experienced lenders and consultants you can get away with having a contractor with limited experience.
So if you are interested in doing a FHA 203k renovation mortgage do not be deterred by what you read on the INTERNET or you potentially end up like the woman who dated the FRENCH MODEL and we do not want that. The FHA 203k renovation program was created to help rebuild homes and communities and restore the dream of home ownership. Just remember that EXPERIENCE is the key!
Director of Renovation Lending / Licensed Mortgage Originator- NMLS #38670
My blog is here to provide information regarding FHA and FHA 203K loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.