Seeking FHA 203k lenders

[Ja'Ron Stephens]

I am currently looking for FHA 203k Lenders for accomplishing my first house hack. Does anyone have any recommendations?

[Wayne Brooks]

@Ja'Ron Stephens you need to ask locally, you want a lender who has done a bunch.  Try to get contractor referrals from them, since the lender approves your contractor…getting the right contractor is the most important part.

[Account Closed]

@Ja'Ron Stephens my suggestion is to go on the HUD website, pull data on 203k loans, and choose a lender that has done a majority of those loans in your area. You want a lender that has done many of these. You'll have to dig around on the website, but the data is there somewhere. Data shows all lenders approved to write 203k and how many they have done by month.

[Paul De Luca]

Quote from @Ja'Ron Stephens:

I am currently looking for FHA 203k Lenders for accomplishing my first house hack. Does anyone have any recommendations?

 Shoot me a PM, I can recommend someone.

[John Warren]

@Joshua Jones has done multiple renovation loans for clients of mine. He most recently did a conventional construction loan which worked out great for a client. We have also closed 203k loans. If your game plan is to do a construction play, make sure you have your expectations really dialed in. You will pay a LOT for a contractor to do the work since there is a lot of red tape for the contractor on the front end. These normally work better in nicer areas where the construction is "worth it". 

[Account Closed]

Quote from @John Warren:

You will pay a LOT for a contractor to do the work since there is a lot of red tape for the contractor on the front end. These normally work better in nicer areas where the construction is "worth it". 

@John Warren hit the nail on the head. I looked at several properties on the NW side in "value-add" neighborhoods  and they seemed to all need such a high repair amount that killed the potential cash flow. I still think 203k multifamily can be done in Chicago (and I plan to), but you need a building that has solid duct work, plumbing, structural, to work with. Many of these building "bones" are too expensive to redo AND cosmetically dress up the property with a 203k budget that makes sense and will offer returns. I had to actually go through the motions and work with real numbers to accept this. 

[Joshua Jones]

Thank you @John Warren for the mention. Ja'Ron feel free to message me. I handle about 3 a month and am super familiar with them. I can help you with what you need.

[Rick Albert]

I used HomeBridge and they were awful. They took 6 weeks to get me one check and over 3 weeks for another. I spoke to one HUD consultant and he refuses to work with them. Just wanted to give you a heads up.

[Eudith Vacio]

Hey Ja'Ron - I just recently purchased a 3-flat with a 203k loan, PM if you need a recommendation!

[JC Ceba]

Call inspectors and contractors listed as 203k approved service providers. Ask them which lenders really have extensive experience with 203k loans. Change strategies as need it. In my view, people tend to exaggerate in online reviews (if you find them) but not over the phone. Good luck.