Whether you are a home buyer looking to buy your first home or a seasoned investor you should learn all you can about renovation loan products. Here in CA we have many top notch renovation lenders and many of them like Jacob Warren and Sean Palmer in Roseville or Ed Rogers and Tim Floyd in Walnut Creek are with the Wells Fargo Home Mortgage renovation lending group. These guys really know how to put together a 203k and other renovation loan packages to get them closed fast.
I get asked all the time for a lender who can put these 203 loans together and get them closed, There are a good many and we can't name them all, all the time, so here are listed a few that I can recommend locally that can get the job done. I'll name more in other posts for you. You can also always call me when you have the need and we can let you know who is available in your area to get them closed fast and efficiently.
The secret to closing a 203k loan or any other renovation loan is using a "seasoned team" of professionals who know what they are doing and can get them to closing consistently. While FAST isn't ever bad, "consistency" is more important, They have a system that works and a model that can't be beat. You should always allow 45 days to close a 203k loan. Yes, it can be done faster in a pinch but if you allow the 45 days to close you will be happy more often and disappointed less often.
The 203k loan program isn't the only game in town. It does have a low down payment option of 3.5% but there is another major loan program that we consult for called the Home Style Renovation loan program. This is the Fannie Mae option and is good for home buyers who need more money for "luxury items" like swimming pools. You can even build a brand new pool with this program where the FHA 203k loan only includes up to $1,500 for those repairs. More on this program soon.
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