Issue with 203K loan

By
Real Estate Agent with First Choice Realty, Inc

The last couple of years, I have used a mortgage company for my rehab sales.  I recently went under contract with a buyer who wanted to make the home "HER HOME!"  So I called this lender and things were moving along, including a price list of repairs from a licensed contractor.

Suddenly I get a call from the lender that the "bank" that was doing the loan, has ceased doing rehab loans for the immediate future. My loan officer stated she had 17 "banks" she could get a rehab loan from. She called me several hours later saying that 16 of the "banks" had done the same thing. She was able to get the loan placed with the last lender.

Is anybody else having the same issue out there? Hopefully, this is tied to the virus and will go away when it does!

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Woody Edwards

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