Rental Property Investor · Katy, TX · Member since 2013 · 417 posts · 171 votes
I am looking to purchase a 1-4 unit property in early 2020 and am interested in going FHA and also possibly in their 203k loan program. Any Houston-area lenders that are subject matter experts in FHA and 203k? I want to hear about the ins and outs are with each and also want to see what my available options will be
Wholesaler · Dallas, TX · Member since 2017 · 306 posts · 133 votes
7y
Hello Jordan! I think that only real banks do that process and they are the last one's I would go to because all they care about is how much money they will make and the most they care about is your ability to pay them back and not any possibility on the property's value increase. They may have the lowest interest rates and long term loans and they are not trained on investments, only on mortgages on houses and only care about is collecting your money.
Your experience will be considered by anyone you borrow from. I was a licensed real estate broker and a construction manager for about 30 years and that experience has helped me on talking to most lenders that are Private or Hard Money lenders but some of them only do short term loans and your property needs to be add-value. Good luck to you!