What is the best 203K investment loan company?
Can any one provide a 203K investment loan company to go through? No hard credit pull but to see if I’m per-approved? Any suggestions?
@Jeremy Ramey
203k isn't an investor loan. It's an owner occupied FHA loan that requires you to move into the property and make it your primary residence.
That isn’t to say that the property can become an investment for you in the future. I used mine to do a live-in flip, lived in it for a little while, then moved out and rent it out. I built a chunk of equity and it cash flows nicely now.
As for lenders, there’s two ways I suggest looking for the most active 203k lenders in your market.
#1 is to use the 203k endorsement summary (Google it). It will give you a list of every lender doing the 203k’s in each significant US market. Make a short list and call down the list and ask each brokerage who in their office specializes in the renovation loans.
#2 is to leverage 203k consultants. There’s a directory of consultants online. You can call the ones in your area and let them know you’re looking to do a 203k and ask if they can give you a list of banks that they’ve dealt with in the area (hopefully successfully).
Good luck - hope this clarifies a bit for you.
There are 2 main lender databases on where you can search through the most active 203k Lenders in your area. I'm happy to help you with finding/using them.
In Miami FL, there are 5 FHA 203k lenders that have done at least 1 203k in the past year and they all have an office within 50 miles of Miami.
There are also 14 national FHA 203k Lenders have have done at least one 203k since October in the Miami area.
So, you have 19 FHA 203k Lenders active in the Miami area that can help you.
Pick one of them and provide them with your consumer credit score, your income for 2019 & 2020, and your monthly debts. Based on that info, a lender could be able to give you a ballpark idea of your loan prequal, but you'll really need them to eventually pull your credit and verify your documents.
Hope this helps and let me know if there is anything else you need.
