203k loans - what banks work with these loans?

Can anyone recommend a bank/mortgage broker that does 203k loans?


Thanks!

Re: 203k loans - what banks work with these loans?

Continental Home Loans...in Melville.

203k loans - what banks work with these loans?

I would FM Beth on here. I think she has some knowlegde of 203 loans and has soem great contacts .

Re: 203k loans - what banks work with these loans?

Wells Fargo has a Refinance and Renovate loan program that is like the 203k loan but without the mortgage insurance. Mike Vogt in Bellmore could help you, I'm sure.
I don't know whether Bank of America is still doing them, but I recall it having a similar product.

Re: 203k loans - what banks work with these loans?

I have done some with Continental- I have a great loan officer I can recommend

they are very hands on- that's what you need

My Dad did the wells fargo one- and laid out $40K of his own cash to start the project- I would not recommend the wells fargo program- you need a local bank for a 203K

Re: 203k loans - what banks work with these loans?

U.S. Mortgage Corporation does them. Steve Simpson, who works out of the Levittown office, is well-versed in the product and has done many 203(k) loans for my office. I highly recommend him in general... He has worked with many of my Customers, including LIFers with consistently good reviews. He is very accessible to his clients and customer-service oriented. His office is very quick when it comes to closing all types of loans.

Re: 203k loans - what banks work with these loans?

Thanks everyone!!

Re: 203k loans - what banks work with these loans?

We used Wells Fargo for their Purchase & Renovate loan (like a 203k but their own product). It went really smoothly.

Re: 203k loans - what banks work with these loans?

Re: 203k loans - what banks work with these loans?

I am a renovation specialist who works for Wells Fargo NMLSR #963352. We have three renovation products. We have both the FHA 203K streamline product and the 203K standard product. Both of these products require just 3.5% down payment. The renovation product that people have referred to as being like the FHA 203K product is the third renovation loan option we have. It is a conventional product which requires a 5% down payment for owner occupants, 10% down payment for second/vacation homes and 25% for investors.

Documentation needed for the Conventional renovation loan product is a little less and the closing time is a little shorter, but the process is very similar to the FHA 203K loan process. Please let me know if you have any more questions.

Re: 203k loans - what banks work with these loans?

Did your Dad do a self help loan or was he wanting to get reimbursed if any renovation loan funds were left over at the end rather than have the funds applied to the principle? Because that is the only reason I could see for him having laid out his own money to start the project.

203k loans - what banks work with these loans?

We used Wells Fargo and did an actual 203k. There was a lot of paperwork and hood to jump through, but I would think it would be that way for any lender. They want to make sure that worst case scenario they would get their money back out for these improvements and the paperwork and hoops help them do that.