Greetings! I'm looking for referrals in Portland OR for 203K specifically:
- a lender with solid transactional experience in 203k loans
- the person (contractor or consultant) who does the initial analysis and gets the bank the paperwork they need to finalize the loan process
- a contractor (design/build ideal but not necessary) who is 203k FHA approved
If I'm buying a Wells Fargo Bank foreclosure, does it make any sense to get a WFB 203k loan?
And I welcome any "how to's" or "what to avoids" for this process.
- Hi Kelly,
I went through the FHA 203k process last year and learned lots of lessons.
There's a couple posts here where you can read about 203k process and stories. One link here: http://www.biggerpockets.com/forums/311/topics/168...
If you have any specific questions, feel free to ask. DEFINITELY important to have solid, knowledgeable lender and contractor when it comes to 203k... I could help if you were in KC, but don't know anyone in Portland! Good luck in your endeavors!
You develop the scope of work, your lender approved GC gives a quote for it. The appraiser verifies the proposed end product meets financing guidelines, and gives a value for the finished product. You'll need to develop any "designs".
Thanks for this post; I was getting ready write almost the exact same question! I don't have any referrals for you, but as we are looking for the same thing, I wanted to follow along. If you find one offline from here would you share with me too please? I can do the same for you.
Just with searching online, I did find the following resources which may be helpful, though I haven't reached out to anyone yet or done business with them, so I can't personally vouch for anyone yet.
Possible mortgage broker:
http://www.inchoatearchitecture.com | CA Contractor # C29855, OR Contractor # ARI-11356
You might also want to look at FannieMae's HomeStyle loans. Works the same as the 203k except you can us it to purchase investment properties. The down payment is closer to conforming loans (5% owner occ, 15% investment, 10% second home), but if you have the down payment it saves you the upfront MIP and if you plan on keeping the property you can get rid of MI, unlike FHA, without refinancing.
I have done a few of each and from my side they both took the same time and effort. Just another little used loan that borrowers can use, especially for buy and hold types (like me).
Thanks to all you wonderful BP'ers for your feedback and suggestions. I found a lender in PDX (Homestead Bank) who has material experience in rennovation loans. Plus, he recommended a few contractors with whom he's worked on other loans. Based on your feedback and my research, if I get an experience lender working with an experienced contractor using a rennovation loan, then it should all work out well. I'll keep you posted on my progress and any key learnings!
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