Comments (1)

Tina Willoughby
Equity Resources Inc - Saint Cloud, FL
Mortgage Originator

I've done quite a few of these and love the 203k and 203k streamline product.  I would need more information on the type of repairs needed.  The difference between the two is that the streamline product doesn't allow for any structural repairs.  This is a great product in helping to eliminate some of the foreclosures in today's market.  The majority of the foreclosures left need some kind of rehab or upgrades if the buyer is looking to go FHA. 

The 203k is more than just a rehab loan.  Think of it as a home improvement loan that you are able to get when purchasing.  The lender adds the cost of the repairs to the sales price.  They will do an appraisal contingent upon completion of the quoted repairs.  It's a bit more work for the appraisers, but I haven't had a problem.  All the vendors have to be able to supply the following:

Resume - how long in business and what they do

3 business references from prior clients - telling what they did for them and that they are satisfied with their work

Copy of their occupational license and worker's comp.

I haven't really had any problem getting the info from the vendors when I explain to them that once they are an approved vendor, it allows me to refer them to other clients looking for upgrades.  Give me a call if you need more info.

 

Mar 17, 2009 01:35 AM