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schmora15
LIF Adult
Member since 9/08 2476 total posts
Name:
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203k loan
Does anyone have any experience with the process? Anything important we should know?
Had 1st estimate on extension and this was their recommendation. Thank you!
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Posted 6/2/11 11:49 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: 203k loan
I have done a few of them on purchases
I HIGHLY recommend Continental home loans to handle this type of loan
they are the best- I have my clients use Carlos Vargas- FM me if you would like him contact info
the main thing is everyone you use must be licensed and approved by the bank
Carlos will hand deliver checks to the contractors and walk you thru the process every step of the way
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| Posted 6/2/11 12:49 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: 203k loan
We just closed on one about a month ago with Wells Fargo, had to jump through a few hoops but overall the process was pretty smooth. We had to have an architect draw up our plans, select the contractor beforehand, then the house has to appraise at the future value of the house.
FM me if you have any questions or want my guy at Wells Fargo's info.
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| Posted 6/2/11 12:54 PM |
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schmora15
LIF Adult
Member since 9/08 2476 total posts
Name:
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Re: 203k loan
Thank you! We were actually using continental for a mortgage for a different house. We've had 2 deals fall thru :( so now we're considering just renovating and staying in our current home.
The contractor had recommended united northern. We're probably going to stick with continental. Do you have any experience with Brian maguire? That's who we've been working with.
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| Posted 6/2/11 1:00 PM |
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Re: 203k loan
I personally don't have any experince with him
I would ask him how many 203k loans he has done- the mortgage loan officer plays a VERY important role - esp since you wont have a realtor involved you will need someone who can do a 203K loan in their sleep
I can say that about Carlos - so I would just talk to Brian and make sure he can handle the project
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| Posted 6/2/11 1:17 PM |
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schmora15
LIF Adult
Member since 9/08 2476 total posts
Name:
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Re: 203k loan
Posted by Beth EXIT Realty
I personally don't have any experince with him
I would ask him how many 203k loans he has done- the mortgage loan officer plays a VERY important role - esp since you wont have a realtor involved you will need someone who can do a 203K loan in their sleep
I can say that about Carlos - so I would just talk to Brian and make sure he can handle the project
Can you send me Carlos' info too? Thank you!
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| Posted 6/2/11 1:29 PM |
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