203k Loan Specialist?

17 Replies

Does anybody know of a good 203k lender in Louisville, KY? I am looking at a few houses right now that won't be able to pass the appraisal on a conventional mortgage. I've heard that the process can be a nightmare if you get the wrong loan officer or lender. I've tried looking them up online but haven't found any promising information. I don't want to just chose one randomly so hopefully you guys have some insight into this. Much appreciated! 

contact Ryan with Fairway lending 

Tell him Steve sent you !!!

Thanks! I'm guessing you've went though the process and it was fairly straightforward? 

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River city bank or Amerifirst (in Lexington but they do deals in Louisville) republic bank also has a good reputation for them.

Good to know. I spoke with River City Bank and they require 20% down for their construction loan, which is far more than I have at the moment. I'll certainly reach out to Amerifirst and Republic though. Thanks!

Amerifirst is usually 20. Wells Fargo and republic will do 15, but it's hard to find anyone willing to do less

That's a lot higher than I was expecting. I've read that they're typically only 3.5 like a typical FHA.

I'm also interested in the HomeStyle Ren loan if anybody has any insight on this. It seems like a lot of people prefer these, although requires a little higher down.

@K.C. Marsh - since you are considering 203k, I assume this will be your primary residence.

You are correct, FHA loans only require 3.5% down.

A Homestyle loan requires a minimum of 5% down for primary residences. This is a similar idea to the 203k but with less red tape. This financing is available for second homes and investment properties with lower LTVs.

https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-product-matrix.pdf

Check to see if there is a PrimeLending branch in your area; they have a specific department dedicated to renovation financing so they are versed in both loan types.

If your renovation cost is less than $35K, there are even more options.

Yes, it'd be my primary residence for at least a year. Do you have a preference between the 203k or HomeStyle? I'm a first time home buyer so the smoother the process, the better. I'm sure everybody wants that though, haha. 

Looks like there is a PrimeLending branch in Louisville so I'll be sure to reach out to them tomorrow. Thanks! 

@K.C. Marsh hey KC! As someone mentioned before there is a coventional 5% down option, but if you're wanting to stick with the FHA 3.5% down option your best bet would be someone like Acopia Home Loans. I'll reach out to Zach and pass along a contact for a loan officer...you really want to make sure you have a loan officer that is familiar with the process, especially since 99% of people are not. Good luck!

I have heard that most people aren't familiar with them which I'm sure would turn into an unpleasant experience. Even the FHA website didn't list anybody that has done one in the past year. I'll be sure to give them a call later today. Thanks, Sean.

I'm working with Quin Barnhardt with prospect mortgage to see what I can do on a property right now. If it's fairly smooth I'll update you.

Thanks, Jay. I'd be interested to see how it goes. 

Originally posted by @K.C. Marsh :

Yes, it'd be my primary residence for at least a year. Do you have a preference between the 203k or HomeStyle? I'm a first time home buyer so the smoother the process, the better. I'm sure everybody wants that though, haha. 

Looks like there is a PrimeLending branch in Louisville so I'll be sure to reach out to them tomorrow. Thanks! 

Sorry for the delayed response - be sure to use @name when you are replying to someone so they get a notification.  I just happened to view this thread again or I may not have seen your post at all. 

Our recommendation is usually tied to the equity position and borrower qualifications.  Your loan officer can best help with that once they review your application.  Hope it goes well - I'd love it if you could PM me about your experience!  Yep, everybody wants the best price on the easiest process with the best service and the fastest close and easiest qualifying requirements!  :D 

@Carrianne Mucho Thanks for the tip. I was unable to tag your name on my phone for some reason and I just assumed you'd get a notification. 

Sadly, the house that I was interested in, I decided to pass on. Depending on what I find and if I even require a renovation loan, I will certainly keep you updated. Thanks again!

5/3 bank does 203k's @ 3.5% down and they're pretty good to work with during the financing process.  Don't make them your regular bank though.  They aren't so good at that, but financing was no sweat. 

Thanks, Nick. I'll be sure to keep them in mind as well. 

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