Austin, TX · Member since 2014 · 15 posts · 4 votes
Hey guys,
I was wondering if anyone had any recommendations for lenders who are familiar with FHA 203k loans in the greater Austin area. Any help you can provide is greatly appreciated!
Kempner, TX · Member since 2017 · 1 post · 0 votes
9y
Juan,
My husband and I are considering the 203K loan adventure ourselves and I was glad to find this thread........I found it through a Google search and joined BP just to follow up with your findings. Is there anything right off the bat that you would say you loved or hated or were pleasantly or unpleasantly surprised by.....as far as the loan process goes? Thank you for sharing your lender here, I am going to give him a call. I will tell him you sent us.
Austin, TX · Member since 2012 · 137 posts · 62 votes
9y
Olivia,
Not sure how far you are on this but something I would really suggest you DO NOT do is to provide your 203k Inspector a copy of your home inspection ( if you do one). If they ask tell them your not getting one, they may encourage you to do so, and I think you should, but do not show them.
I made this mistake and I was required to do some unnecessary repairs that on the inspection were "optional" and he felt they were required. This cost us an extra 17k in repairs.
Broker/Investor · Georgetown, TX · Member since 2011 · 249 posts · 146 votes
9y
Finding a capable and willing contractor for 203K repairs/rehab is a major challenge. The administrative work is well beyond the capacity or desire of most. Why deal with this when there is (currently) more business than they can keep up with. I do not know anyone at Positive Construction, but if they were willing to accept the job that's a step in the right direction.
I am also seeking a 203k loan. I will be moving to Austin in three months and I have no experience in purchasing my first home. I do know that I need to pre-approved. Are there any suggestions for a lender who is good with first-time home buyers? Also, any advice would help too.
Some background info: Currently residing in FL. I am a college student currently part-time employed. Saving up right now while paying down credit card debt. Will be my girlfriend and I's first move.
Broker/Investor · Georgetown, TX · Member since 2011 · 249 posts · 146 votes
9y
@Jasiel Burgos Find a full-time job first. Without employment history qualifying for any loan, including a 203, will be impossible. I like your idea though. Turn it into an action plan and stick to the plan. In 12-18 months you should be ready to go. Best of luck to you and your girlfriend.