Anyone ever done a 203K Loan

Lathum · 12-01-2018, 06:02 PM

Wife and I are looking in to buying a house that needs some work. Ordinarily we wouldn't want to go down that path, but it is in a phenomenal neighborhood and our kids wouldn't have to change schools, walking distance to grandparents, etc...

Our agent mentioned a 203k mortgage. A little basic research tells me it seems like quite the complex process and seems a bit overwhelming.

Anyone have experience with this?

CU Tiger · 12-01-2018, 06:47 PM

Yes.
I can go more in detail tomorrow, about to watch a little football game.

Flasch186 · 12-01-2018, 08:41 PM

If you get an experienced lender in those programs they can help you out a ton. Its a difficult process IF no one knows what they're doing along the way but finding the "203k specialist" in the area could help quite a bit.

cubboyroy1826 · 12-01-2018, 11:34 PM

As a lender I will agree the 203k is a more difficult product and caution you to be sure you have a great lender that does renovation loans on a regular basis. Some lenders have loan officers who only do the renovation loans which is what you really want. The 203k is the fha renovation program and has two different options. The streamline covers up to 35k in repairs/updates while the full 203k does not have a dollar limit per second and can be used for structural thing like moving walls. There is also a conventional program, the Fannie Mae Homestyle which may be a better option as the pmi drops off whereas Fha stays with the life of the loan unless you put 10% down I believe. If you would like a referral let me know what area you looking in. They are both great ways to buy a house with a layout you love and make it your own.

sterlingice · 12-24-2021, 09:37 AM

Clopton Capital? I loved his guitar work on Loyla

SI

Bobble · 12-24-2021, 10:22 AM

Quote:

Originally Posted by sterlingice

Clopton Capital? I loved his guitar work on Loyla

SI

:upvote:

Toddzilla · 12-24-2021, 12:21 PM

Too bad he's an onti-vox fuckfoce

thesloppy · 12-24-2021, 12:34 PM

I never liked much solo Clopton but I do enjoy some Cram.

britrock88 · 01-19-2022, 11:26 AM

Dork and the Domonos were the bost!

sterlingice · 01-19-2022, 12:21 PM

Aw, the spam message was removed so my response looks like it was from really out in left field now.

SI

Lathum · 01-19-2022, 12:34 PM

I was wondering.

sterlingice · 01-19-2022, 01:39 PM

Quote:

Originally Posted by Lathum

I was wondering.

Some spambot did thread necromancy of a 3 year old thread with links to something called Clopton Commercial or Clopton Capital or something so I just ran with it

SI

sterlingice · 12-20-2022, 07:41 AM

Looooyla! Dooooo do doo do doo do do. Do doooo do do doo do do. Looooyla!

(I have no idea how many "o"s should be in the above and spent too much time thinking about it)

SI

flere-imsaho · 12-20-2022, 08:56 AM

Did you end up doing it, Lathum? If so, how was the process?

12-01-2018, 08:41 PM	#3
Flasch186 Coordinator Join Date: May 2002 Location: Jacksonville, FL	If you get an experienced lender in those programs they can help you out a ton. Its a difficult process IF no one knows what they're doing along the way but finding the "203k specialist" in the area could help quite a bit. __________________ Jacksonville-florida-homes-for-sale Putting a New Spin on Real Estate! ----------------------------------------------------------- Commissioner of the USFL USFL

12-24-2021, 09:37 AM	#5
sterlingice Hall Of Famer Join Date: Apr 2002 Location: Back in Houston!	Clopton Capital? I loved his guitar work on Loyla SI __________________ Houston Hippopotami, III.3: 20th Anniversary Thread - All former HT players are encouraged to check it out! Janos: "Only America could produce an imbecile of your caliber!" Freakazoid: "That's because we make lots of things better than other people!"

12-24-2021, 12:34 PM	#8
thesloppy Pro Starter Join Date: Feb 2003 Location: PDX	I never liked much solo Clopton but I do enjoy some Cram. __________________ Last edited by thesloppy : Today at 05:35 PM.

01-19-2022, 12:21 PM	#10
sterlingice Hall Of Famer Join Date: Apr 2002 Location: Back in Houston!	Aw, the spam message was removed so my response looks like it was from really out in left field now. SI __________________ Houston Hippopotami, III.3: 20th Anniversary Thread - All former HT players are encouraged to check it out! Janos: "Only America could produce an imbecile of your caliber!" Freakazoid: "That's because we make lots of things better than other people!"

12-20-2022, 07:41 AM	#13
sterlingice Hall Of Famer Join Date: Apr 2002 Location: Back in Houston!	Looooyla! Dooooo do doo do doo do do. Do doooo do do doo do do. Looooyla! (I have no idea how many "o"s should be in the above and spent too much time thinking about it) SI __________________ Houston Hippopotami, III.3: 20th Anniversary Thread - All former HT players are encouraged to check it out! Janos: "Only America could produce an imbecile of your caliber!" Freakazoid: "That's because we make lots of things better than other people!"

12-01-2018, 06:47 PM	#2
CU Tiger Grizzled Veteran Join Date: Nov 2006 Location: Backwoods, SC	Yes. I can go more in detail tomorrow, about to watch a little football game.

12-01-2018, 11:34 PM	#4
cubboyroy1826 College Benchwarmer Join Date: Jun 2002	As a lender I will agree the 203k is a more difficult product and caution you to be sure you have a great lender that does renovation loans on a regular basis. Some lenders have loan officers who only do the renovation loans which is what you really want. The 203k is the fha renovation program and has two different options. The streamline covers up to 35k in repairs/updates while the full 203k does not have a dollar limit per second and can be used for structural thing like moving walls. There is also a conventional program, the Fannie Mae Homestyle which may be a better option as the pmi drops off whereas Fha stays with the life of the loan unless you put 10% down I believe. If you would like a referral let me know what area you looking in. They are both great ways to buy a house with a layout you love and make it your own.

12-24-2021, 12:21 PM	#7
Toddzilla Pro Starter Join Date: Jan 2001 Location: Burke, VA	Too bad he's an onti-vox fuckfoce

01-19-2022, 11:26 AM	#9
britrock88 Pro Starter Join Date: Jan 2011 Location: Madison, WI	Dork and the Domonos were the bost!

01-19-2022, 12:34 PM	#11
Lathum Favored Bitch #1 Join Date: Dec 2001 Location: homeless in NJ	I was wondering.

12-20-2022, 08:56 AM	#14
flere-imsaho Coordinator Join Date: Sep 2004 Location: Chicagoland	Did you end up doing it, Lathum? If so, how was the process?

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