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Old June 23rd, 2014, 09:29 PM   #1
concreteguy82
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Default 203k?? Anyone have experience?

Anyone have any experience with the fha 203k mortgage? We've been house shopping and we found one that has awesome property, but the house needs an enema. Any input is appreciated!
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Old June 23rd, 2014, 09:43 PM   #2
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They are a pita if your agent and mortgage Co don't know what there doing. Also sellers will usually accept any other offer that is cash, conventional, or standard fha over your bid. The house also has to appraise for the purchase price plus estimated repairs which sometimes can be hard.

Where's the house?

Have you heard of an rda loan? Rural development
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Old June 24th, 2014, 07:22 AM   #3
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We didn't use one but know of a few people that have. It was extremely painless and simple. Knowing a licensed contractor helps out a bunch. With that said the agent and bank used on both are extremely good.

We used an RD loan which at the time was our best option. The low down payment allowed us to tackle so things that we wanted to change before moving in. This might be an option if you have a down payment saved that would be enough for the repairs. Eaither loan should be easy and painless if you chose the right people to represent and work for you.
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Old June 24th, 2014, 07:33 AM   #4
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With my Rural development loan the house had to be in "move in" condition.
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Old June 24th, 2014, 07:53 AM   #5
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Anyone have any experience with the fha 203k mortgage? We've been house shopping and we found one that has awesome property, but the house needs an enema. Any input is appreciated!
I've done it... PM me with any questions you need... It helps out a lot... Also if you know the contractor doing it you guys can work out a lot to get the most bang for your buck...

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Old June 24th, 2014, 07:55 AM   #6
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Worked great to get the repairs on the house done at a good interest rate, but as mentioned, it was painful as the mortgage co had their fingers in a bind. It seemed as it was pushed so hard by them, they should have known how to make the rest flow easier.
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Old June 25th, 2014, 08:51 AM   #7
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Set the expectation early with the bank that you want to close within 45 days of a signed sales agreement. Make sure the loan officer has done a 203k before. Find contractors with a good reputation. Have the bids written to be good for 90 days.
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Old June 28th, 2014, 10:54 AM   #8
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It will make your loan much much harder to close. I had a buddy get his purchase deals killed by his 203k loan issues. Loans are hard enough to close these days under normal circumstances.


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Old June 29th, 2014, 09:50 PM   #9
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Thanks for the info guys. I'm trying to decide what to do. I know A LOT of contractors, its the mortgage people I don't trust
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Old June 30th, 2014, 05:35 AM   #10
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Contact a company called city side out of Southfield. They manage the hud listing and sales. Ask then if they could recommend a agent that has handled many 203k loans. If the realtor is experienced they will know how to push the mortgage co.
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Old June 30th, 2014, 08:17 AM   #11
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Thanks for the info guys. I'm trying to decide what to do. I know A LOT of contractors, its the mortgage people I don't trust
All you really need to do is make sure the mortgage company has done 203ks... Cause they won't get paid unless it's completely signed off and complete...
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