FHA 203k Mortgage-The Quarterback (QB)- Part 1

Mortgage and Lending with AnnieMac Home Mortgage NMLS #38670

FHA 203k Mortgage Quarterback

Peyton Manning? Are you serious?

Yep- I am. I am personally a Philadelphia Eagles fan but for the purposes of this blog and what I am going to be showing you during my next few blogs I need you to understand my point.

Peyton Manning is the true general on the football field. There are others in the league who might be better but no one at his peak can command an offense of 11 players. If your a Pats fan or Saints fan lets leave that aside and let me explain how this fits in with FHA mortgages and more specifically FHA 203k Renovation mortgages- we can argue about the best QB later :)

When I or one of my team members works with you as your mortgage banker we act as a quarterback. This is the analogy that I always use with my customers. The reason is really simple- the FHA 203k mortgage has many moving parts- for example- lender (QB), realtors (WR's), clients (RB), contractors (OT / OG), FHA 203k consultant (Center), appraiser (TE), etc. etc... If you do not have a good quaterback to act as a general on the transaction, just as Peyton Manning acts on the football field, you will become one of the many customers who calls me upset becuase they have been working on there loan with XYZ lender who told them they would get there loan done in no time. Next thing they know, 6 months have gone by and they are no further along then when they started.

This is not unusual- I get this scenario all the time. Customers work with lenders who really do not know what they are doing with these loans and thus I get a lot of frustrated consumers looking for help. The QB mentality is what I take with my borrowers because our team wants you to have a smooth transaction and have you close it in a timely fashion.

As your FHA mortgage quarterback- my team and I will make sure that the players are doing there part and in the right position. This means coordinating with contractors, setting expectations of the realtors, explaining the draw process and getting the right FHA 203k consultant for the job.

To be continued......Part 2- Setting the Expectations


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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Loved the way you compared this to a Quarterback; you are right having the right qualified team can make the difference in any transaction.

May 22, 2011 03:45 AM #1
Jose Guerrero


Glad to hear that you are active with HUD 203K Purchase and Renovation Loans.

Here in Austin, Texas many still prefer to stay away from both HUD 203K Loans, however those   taking advantage of 203 K loans, after loan closes and work is completed, are finding out that they have equity in their property, live within minutes drive of their jobs, shopping, etc., with their low interest rates of between 4.75% and 5.5% fixed for 30 years their mortgage payments are more or less than what they would be paying in rent, they now have a tax write off, and continue to build additional equity as they pay off their mortgage. 

And for those buyers that do not mind becoming part time landlords and take advantage of buying up to 4 units and occupying one, find out they can use up to 70% of estimated rents to help them qualify for the loan, roll in up to 6 months of mortgage payments into their loan plus their mortgage payments are less as they are receiving income from the additional units rented out.

HUD 203K's Loans are still one of the best loans to purchase and rehab real estate properties.

Jose Guerrero HUD 203 K Consultant (FHAInspections@austin.rr.com


May 22, 2011 12:39 PM #2
Jeff Onofrio
AnnieMac Home Mortgage - Mount Laurel Township, NJ
FHA 203k Lender and Homestyle Reno Specialist

@Pat- thank you for your comment!


@Jose- I am just about licensed in Texas, I believe our company license just went through and I will be taking my personal license soon.  I will be here to help.  Also I am not sure if you are a FHA 203k consultant on www.the203kconnection.com but reach out to Mike Grace at that site and get signed up.  Its a great resource. 


May 22, 2011 01:08 PM #3
Fred Sweezer Sr.
Hud Certified 203K Consultant - Long Beach, CA
Certified Home Inspector

Looking forward to Part 2

I am a Consultant in the Los Angeles, California area


203K Consultant S0712

Jul 22, 2011 10:52 PM #4
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

The 203k loan is an under-utilized tool. Many buyers could create equity by using the FHA/203k loan to buy and renovate homes that need some work.


Aug 11, 2017 08:57 PM #5
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FHA 203k Lender and Homestyle Reno Specialist
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