Anyone Know Anything About HUD 203(k)??
Found this gov't program to fix up distressed property through convent. lenders...what is the overall opinion?
Found this gov't program to fix up distressed property through convent. lenders...what is the overall opinion?
My thought is that it would be easier to use a HML or Private Money! A lot less hassels for both you and the lender.
BAMZ
I've used the 203K program and it worked just fine. Just make sure you know what you're getting into regarding cost of repairs etc. you get paid after completion of various repairs.
Hi maw,
Would you use the 203K again? Sounds like you had a good experience with it.
Perhaps I should redefine my answer. Not many loan officers in any given city have put together a 203K loan. If you are working with one of these L/O's, it can be a troubling experience. If your broker has completed these before, it may be a breeze. I have heerd of many investors using the 203K and being satisfied, I've heard and been involved with the other spectrum as well!
Call around your city and try locate a lender/broker who has put together a 203K before. If you can find them, try'em, if you cant find them, I wouldnt reccommend that you be their first candidate!
BAMZ
I did have a good experience BUT I controlled all aspects except signoff on completion. I acted as the GM for the job and was therefore responsible for all estimates. When various stages were completed I would meet with the inspector and go through the house to get his sign off. The key with the 203k is to have an inspector you can work with. The guy i used was extremely reasonable and able to see things my way. Wells Fargo has a pretty comprehensive 203k unit that knows what they are doing!
Hey Maw,
Thanks for following up with that!
BAMZ
No problemo!!