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jschizzle
LIF Zygote
Member since 8/11 4 total posts
Name:
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FHA 203k Rehab Loan
Hi,
Does anyone have experience with getting a FHA 203k rehab loan on Long Island?
If so, how was the process and do you have a mortgage person you used/recommend?
My wife and I are first time buyers and are looking at a distressed property on the north shore that needs work to allow it to be liveable.
As I've spoken with a couple mortgage people, but was told I need someone who is experienced in getting full 203k loans (not streamlined) as the process can get complex and if we're going this route we need to use someone who knows how to navigate these.
Thanks!
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Posted 8/15/11 3:00 PM  |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: FHA 203k Rehab Loan
you have FM
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| Posted 8/15/11 3:19 PM |
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jschizzle
LIF Zygote
Member since 8/11 4 total posts
Name:
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Re: FHA 203k Rehab Loan
Thanks!
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| Posted 8/15/11 3:29 PM |
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Boky17
LIF Infant
Member since 7/08 134 total posts
Name:
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Re: FHA 203k Rehab Loan
Could you fm me that info as well?
We are currently looking for someone who is experienced in sonyma/rehab loans also. Is there a reason why you aren't applying for the sonyma loan first? We met with M&t bank and they recommended we apply for sonyma first (better rate), and if we get turned down, then apply for the 203k rehab. All of this is very overwhelming!
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| Posted 8/15/11 6:11 PM |
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jschizzle
LIF Zygote
Member since 8/11 4 total posts
Name:
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Re: FHA 203k Rehab Loan
I'm completely into sonnyma loans as well, I just havent found someone who is experienced in their Remodel NY program.
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| Posted 8/15/11 8:00 PM |
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Boky17
LIF Infant
Member since 7/08 134 total posts
Name:
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Re: FHA 203k Rehab Loan
M&T bank does them, and one other bank which I cant remember at the moment...only 2 banks in nassau county atill do them. We were set to go with M&T, but I wish I could find an experienced broker, so I could compare charges. I feel like I should be shopping around, but no one even knows these things exist! lol
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| Posted 8/15/11 8:21 PM |
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jschizzle
LIF Zygote
Member since 8/11 4 total posts
Name:
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Re: FHA 203k Rehab Loan
I currently live in BK and there is a M&T right around the corner from me, but when it comes to a product like this I want to work with someone who is very familiar with it and knows the ins & outs.
As I understand, if the person who is handling it is not familiar, it is very easy to waste months and then get rejected.
I've been a little more focused on 203k as there seems to be a few more people who are familiar with these. If I could find someone who is knowledge on the sonnyma remodel loans, I would be all about pursuing this further.
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| Posted 8/15/11 9:43 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: FHA 203k Rehab Loan
Posted by Boky17
Could you fm me that info as well?
We are currently looking for someone who is experienced in sonyma/rehab loans also. Is there a reason why you aren't applying for the sonyma loan first? We met with M&t bank and they recommended we apply for sonyma first (better rate), and if we get turned down, then apply for the 203k rehab. All of this is very overwhelming!
forwarded you the info in FM
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| Posted 8/15/11 10:58 PM |
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skinny
3 boys and a princess!
Member since 11/08 8178 total posts
Name:
Momma
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Re: FHA 203k Rehab Loan
You can try Hope Funding Group in Huntington Station. I know they do FHA Rehab loans.
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| Posted 8/16/11 8:05 AM |
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Re: FHA 203k Rehab Loan
Contental Home loans is the best for FHA 203K loans
I have done a few with them and they are hands on and get it done
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| Posted 8/16/11 1:32 PM |
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JessT
LIF Infant
Member since 6/08 323 total posts
Name:
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Re: FHA 203k Rehab Loan
We did a 203k loan. We used a mortgage broker but they are out of business now and I wouldn't Reccomend anyway. They really didn't know the ins and outs and it is not a super easy process. We got 1/2 the money at closing and the other half after the construction Was complete.
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| Posted 8/16/11 6:29 PM |
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Boky17
LIF Infant
Member since 7/08 134 total posts
Name:
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Re: FHA 203k Rehab Loan
thank you! 
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| Posted 8/16/11 9:29 PM |
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