im exploring an option to buy a property with an fha 203k loan. everyone is telling me to make sure i have an experienced lender. does anyone have any recommendations?
Hi Kevin, Yes, they're right, the 203K loans can be a lot of work! It's all because the property has to be inspected along the way before each draw is given to the contractor, the contractor has to be vetted by the lender and also be a willing to work with oversight but it's all very doable and they have it down to a pretty good system now. Feel free to reach out to me because I can do them and I lend in California, Arizona and Nevada.
Sent you a pm with a recommendation. In addition to choosing one with experience with 203k loans I would vet lenders and look at their local reputation. Are they known to local listing agents to be good to work with? What will they do to get your offer accepted? What's their process to make sure they deliver on their promises? How involved are they in the loan process once in escrow? What's their schedule like, and how quickly do they get back to you? FHA loans are tough to compete when many investors have conventional loans or are all cash. In order to compete you need a loan that works for you obviously, and a lender who will be your ally.