I have a question, once the 203k loan is refinanced into a Conventional loan (from a conservative FHA appraiser) My question is that once its refinanced out of a 203k and sold to the secondary market, who pays back this fee? The lender is expecting at least 120 days in servicing the loan, so wait 6 mos and eliminate the cost. or the Loan Officer if its less than 120 days? I've never heard of this on this type of loan however; you gave me some good tips that I will take into consideration.
I wanted to comment your video's are very informative and by watching them gave me more tips that I never knew into these types of loans. I'm interested in watching much more of your videos and blog as well. I have a friend that is looking at buying a 4 plex to fix up and purchase. Also, since this is an FHA loan, the borrower has to at least lvie in the property 1 year or 6 months to consider an owner occupied loan.
Hi, I have been in the mortgage industry many years and had the opportunity to try to help a friend in getting this loan however; the seller was an Asset Management company and wouldn't extend the Purchase agreement to another 30 days to complete the process so, the seller backed out. I find the 203k a perfect loan for REO's buying the property "as is" since now a days the new buyer cannot afford to pay out of pocket costs to rehab the property and the house sits on the market for months.
I have a question, once the 203k loan is refinanced into a Conventional loan (from a conservative FHA appraiser) My question is that once its refinanced out of a 203k and sold to the secondary market, who pays back this fee? The lender is expecting at least 120 days in servicing the loan, so wait 6 mos and eliminate the cost. or the Loan Officer if its less than 120 days? I've never heard of this on this type of loan however; you gave me some good tips that I will take into consideration.
kuualoha2008 1 month ago
I wanted to comment your video's are very informative and by watching them gave me more tips that I never knew into these types of loans. I'm interested in watching much more of your videos and blog as well. I have a friend that is looking at buying a 4 plex to fix up and purchase. Also, since this is an FHA loan, the borrower has to at least lvie in the property 1 year or 6 months to consider an owner occupied loan.
kuualoha2008 1 month ago
Hi, I have been in the mortgage industry many years and had the opportunity to try to help a friend in getting this loan however; the seller was an Asset Management company and wouldn't extend the Purchase agreement to another 30 days to complete the process so, the seller backed out. I find the 203k a perfect loan for REO's buying the property "as is" since now a days the new buyer cannot afford to pay out of pocket costs to rehab the property and the house sits on the market for months.
kuualoha2008 1 month ago
Good Job!
203kforum 1 year ago