What is the Real Estate Agent's role in an FHA 203K Loan?

Mortgage and Lending with Supreme Lending (NMLS ID #2129) NMLS 557038

What is the Real Estate Agent's role in an FHA 203K Loan?

The Realtor or Real Estate Agent's role in a 203k or Streamline 203k loan is quite simple. 

First, the agent's primary role is to determine an improved value of a Las Vegas home that their client's are interested in purchasing.  They analyze the comparable improved properties in the area to make sure that the purchase price plus Scope of Repairs (SOR) cost would be supported by an appraised value as if the repairs were complete.

Second, they can help their clients find Las Vegas area contractors to provide bids for the required and wish list work included in the FHA 203k loan.  However, this second piece is not necessary.  A good FHA 203k lender will have HUD consultant and contractor options for the client.

If it is that easy, why aren't more agents suggesting the FHA 203k loan to their clients?

First, most Las Vegas lenders do not know HOW to do the 203k loan or think the process is too involved to learn, so they are not publicizing the program.  Many agents simply do not know about it.

Second, many Las Vegas home owners and listing agents are under the false impression that the 203k loan financing takes a long time to close and requires a lot of effort on their part. 

While many big banks and lenders take 60-90 days or more to close their 203k loans, with the right 203k lender, the FHA 203k can be closed in less than 30 days!

Contact me right away if you are interested in opening up the full inventory of the Las Vegas MLS to your clients.


Provided by Rey Gallegos | Loan Officer | NMLS 557038
W.J. Bradley Mortgage Capital Corp. (NV License # 504)
C 702.808.8328 | O 702.800.5077 | LV.NV.LO@gmail.com
Copyright 2007 - 2011

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Rey Gallegos

FHA, VA, Home Loans Las Vegas, NV
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