Skip to content
Mortgage Brokers & Lenders

User Stats

3
Posts
0
Votes
Ja'Ron Stephens
0
Votes |
3
Posts

Seeking FHA 203k lenders

Ja'Ron Stephens
Posted Jul 5 2022, 19:06

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

User Stats

23,359
Posts
13,405
Votes
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,405
Votes |
23,359
Posts
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 6 2022, 04:26

@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
  • Chicago
16
Votes |
17
Posts
Account Closed
  • Chicago
Replied Jul 6 2022, 05:59

@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.

BiggerPockets logo
Find, Vet and Invest in Syndications
|
BiggerPockets
PassivePockets will help you find sponsors, evaluate deals, and learn how to invest with confidence.

User Stats

1,540
Posts
1,270
Votes
Paul De Luca
  • Real Estate Agent
  • Chicago, IL
1,270
Votes |
1,540
Posts
Paul De Luca
  • Real Estate Agent
  • Chicago, IL
Replied Jul 6 2022, 07:21
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.

  • Real Estate Agent Illinois (#475.190985)

eXp Realty Logo

User Stats

5,809
Posts
4,853
Votes
John Warren
  • Real Estate Broker
  • 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
4,853
Votes |
5,809
Posts
John Warren
  • Real Estate Broker
  • 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
Replied Jul 6 2022, 07:45

@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". 

  • Real Estate Agent IL (#475.166619)

Forte Properties, Inc Logo
Account Closed
  • Chicago
16
Votes |
17
Posts
Account Closed
  • Chicago
Replied Jul 6 2022, 08:41
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. 

User Stats

69
Posts
32
Votes
Joshua Jones
Pro Member
32
Votes |
69
Posts
Joshua Jones
Pro Member
Replied Jul 6 2022, 08:57

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.

User Stats

1,447
Posts
1,021
Votes
Rick Albert#2 House Hacking Contributor
  • Real Estate Agent
  • Los Angeles, CA
1,021
Votes |
1,447
Posts
Rick Albert#2 House Hacking Contributor
  • Real Estate Agent
  • Los Angeles, CA
Replied Jul 6 2022, 09:45

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.

User Stats

655
Posts
412
Votes
Eudith Vacio
Pro Member
  • Real Estate Agent
  • Chicago & NWI
412
Votes |
655
Posts
Eudith Vacio
Pro Member
  • Real Estate Agent
  • Chicago & NWI
Replied Jul 10 2022, 08:30

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

User Stats

2
Posts
2
Votes
JC Ceba
2
Votes |
2
Posts
Replied Jul 21 2022, 15:52

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.