203(k) is the Way. Do not let Others Sway You Away From it.

By
Services for Real Estate Pros with 203KConnection.org
Hello everyone, I said it before and I'll say it again. Most will tell to see a Realtor first, “and I agree”. However, try getting a consultant involved first and see what happens. I will give you a scenario I had 2 months ago. A first time buyer called me from Michigan. They saw my postings all over the internet. The sweet women said she found a house that needed a lot of work but she had a vision of what it could look like. Before I let her go too far and before I sent her to a Realtor and lender, I asked her a few preliminary questions and as it turned out her and her husband’s income was to low and their credit scores were both under 510. You would think that I shot their dreams right through the heart but I did let them know about a great credit counseling service in Michigan and they should make an appointment to see them. Well, their scores where raised to 640, 660 and the husband push for a promotion and their combined income now meets the minimum criteria. As a consultant I believe that whatever helps we can provide for those not understanding how the system works is a big benefit to those less fortunate. I read horror stories and I’m shocked at what I’m hearing. The 203 is a great program for first time buyers and refinancing. I guess because the 203(k) is all I do and understand the process so well it’s hard for to hear negative dialog about it. It is important do work with professionals that are experienced with 203K I make the process easier for all involved, the homebuyer, realtor, lender and appraiser. There are many aspects of this program that can adversely affect the good qualities of its purpose. The sharper the lender, appraiser and consultant….. the better results.

Comments (2)

Pat O'Reilly
RE/MAX..214-289-6176 Irving and all of Dallas Fort Worth - Irving, TX

Interesting..there are several lenders that I deal with in my area that do not want to do the 203K loan. I think I need to study this further.

Oct 26, 2009 12:14 AM
Michael Grace
203KConnection.org - New Providence, NJ
203(k) HUD Consultant

That is what I have been doing Pat for months now and it's working, Realtors offices and lenders too.

Oct 26, 2009 12:19 AM