Pittsburgh PA ,203k lenders?

4 Replies

Whats up Community! Im here in Pittsburgh PA and am in need of any insight on the 203k process. If anyone has gone through this owner occupied strategy please share! Thanks.

@Jordan Smith I have not personally went through it but I think it is a great way to get started, especially with the recent increases in prices we have had here in Pittsburgh the past few years. You can find yourself a building where you can get some instant equity if you buy it right. I have heard there is a lot of red tape with the 203k process on the lending side. You'll likely be charged a higher interest rate than a normal FHA loan and there are more closing costs associated with it. You are also somewhat at the mercy of the contractor you end up going with, which is a slight concern given the difficulty of finding good contractors. You'll stand a better chance of getting a good deal though on a property that needs some work. Also might want to check into smaller community banks to see if they offer some in house construction type loans for owner occupants with less fees, etc. than your 203k loan.