Investor · Washington, DC · Member since 2015 · 20 posts · 10 votes
If anyone has lenders or contractors that they've worked with in New Orleans and would recommend them to someone else I would greatly appreciate if you could pass along their info. After a lengthy search we've finally found a 4 unit property to buy so that we can begin our transition into the city but I'm guessing it will need a good bit of work and the 203K route makes the most economic sense right now. Thanks in advance!
I have a good lender and contractor for 203k's. Lender is good with them and quick. Contractor has been doing them for 15 years. Contact me directly for contact info.
I have often wondered why 203k's were not used extensively here. To me it seems like the perfect loan to help rectify some of our blighted properties. I took my Daughter through one last year in Florida and we played hell trying to find someone to do the loan BUT we did find them and from there it was as painless as a 203k can be. You probably know it is such a complicated loan (for the same amount of commission) that most Bankers and Brokers just don't bother.
@Kimberly Jones I completely agree, I was surprised to see that it wasn't being pushed heavily down there to help with the restoration of some of the more heavily impacted areas. At least through the HUD website you can find a list of actual participating lenders who have closed on a 203K in the last 12 twelve months., but there's no sort of ratings or reviews there without going through each lender one by one and cross referencing them to other sites and even then you won't know what type of loan (generally) the reviewer is talking about. I did find a couple who seem to have decent experience, the good thing about FHA is that the initial rate is going to be somewhat capped regardless of who underwrites it, and it's going to be refinanced relatively soon after anyway.
I have a good lender and contractor for 203k's. Lender is good with them and quick. Contractor has been doing them for 15 years. Contact me directly for contact info.
One thing to keep in mind: 203k loans are for owner occupants only and there are condition requirements for the property. The current property condition must be a C4 or better as is.
An investor can use the Fannie Mae Homestyle renovation loan. It requires a higher credit score and more down.