Posted by John(md) on November 21, 2003 at 09:55:53:
Sorry about that. The property is located in Baltimore, MD. Thanks.
203K help - Posted by John(md)
Posted by John(md) on November 21, 2003 at 09:34:07:
I need help in acquiring a 203k loan for a rehab property. Can anyone suggest good lenders to pursue and how do I go about receiving this sort of loan. Thanks in advance for your help.
John
Matrixes for 203K help - Posted by calgal
Posted by calgal on November 21, 2003 at 18:11:05:
http://www.scotsmanguide.com/images/MatrixFiles/SubPrime1sts.pdf
This is a matrix as used by loan officers as found at http://www.scotsmanguide.com that may be of help.
Re: 203K help - Posted by Wes
Posted by Wes on November 21, 2003 at 15:22:33:
Sorry if I wasted your time earlier. We do not do FHA or HUD loans so I do not pay much attention to those programs. I just jumped to the conclusion you were seeking a $203,000 loan as opposed to a 203k loan.
Re: 203K help - Posted by JD
Posted by JD on November 21, 2003 at 13:21:31:
FYI, HUD 203k is currently only for owner occupied properties and qualified non profits. Unless you get a MD specific response, you are just going to have to call around and ask questions. I would focus on lenders that advertise that they do FHA loans.
Re: 203K help - Posted by Wes
Posted by Wes on November 21, 2003 at 10:22:00:
If you’re looking to use a Hard Money Lender, which many investors do, due to the fact you can usually get a loan based on the After-Repair-Value. Here are a few you might contact. You will just have to call them to see if they can do what you need.
Meridian Group, $150k Minimum, Nationwide,
(800) 901-9301
Eastern Savings Bank, $150k Minimum, Nationwide,
(800) 708-3002
First Mount Vernon, $25k Minimum, MD,DC,VA & few others
(703)-823-6800
Good Luck!
Re: 203K help - Posted by wes
Posted by wes on November 21, 2003 at 09:49:19:
GENERAL COMMENT: When asking for help regarding lenders able to do specific type loans or terms, it is very important to provide in your information the state you are located. If different, the one the target property is in.
Not all lenders lend in all states and due to state laws and regulations, some products available in some states are not available in all (even from same lender).