How do you find an FHA 203k lender in Walnut Creek?
That is a tough one because there are several in that area that can actually close these loans. It might be better to ask who should I stay away from?
In any case if you are doing your 1st or 100th 203k loan you should use someone you trust, a lender with a proven track record of closing 203k loans and be careful to ask a few good questions -
Bank of America for instance can't do a 203k refinance unless the client is already one of their customers. We have had to change lenders in the eleventh hour on several occasions due to this quirk in the B of A system. Frustrating to all for sure. So, if you are bringing a sale, it is not a problem. I know of at least five good LOs who know what they are doing that cover this area.
Wells Fargo has several good people who can get them closed fast. Quite often they amaze me. I've seen them closed on a consistent basis in less than 30 days. They like to tell you 45 then over service and close fast. This is better than telling you 28 days and having you mad at them when it takes 29 days.
Prospect Mortgage has quite a few LOs that know what they are doing as well. I've seem some close them in less that 39 days. I have no less than 5 LOs we can recommend that cover Walnut Creek.
Why then does it take longer sometimes? Simple answer is that the borrower doesn't get their info to the lender in a timely manner and actually holds up their own loan. Agents should prepare the borrower to have their financial package prepared as it is from the day all of that is delivered that the clock starts ticking.
You might ask why I haven't named names in this post? Choosing a lender isn't that easy. For the client or borrower who calls us first we ask them a few questions to determine what is imporant to them. Each client is a bit different and has different criteria that enter into the selection of a lender.
I would be reluctant to put a 60-65 year old client with a lender who wears a spiked orange hair doo. Well I wouldn't also put a 30 year old buyer with a ninty year old LO unless that was important to them. We make an attempt to determine what is imporant to the borrower client and then recommend someone who seems to fit and it isn't always the same recommendation. Many times it is the interest rate but they all have been at or under 3.75% including the money to make the renovations. That is just unbelievable. We can recommend lenders across America by the way.