The Real Problem With The 203k?

[Joshua Martin]

Hey gang, 

  Just wondering if anyone has used this product, and if their experience as a buyer was easy? I have a house under contract, and I'm keeping the option open in case things come up on the appraisal because I'm not asking my seller to do a thing, and I would rather not be out several thousand out of pocket after closing for required repairs.

  But asking around about this loan, I've found that everyone who has used it on the buyer side says the 'experience wasn't that bad,' or 'ours was easy,' while every lender I've talked to says 'the thing is a nightmare,' 'they never close,' 'don't do it.'

  And hence, I think the real problem with this loan is finding a lender who 1, knows anything about it, and 2, is wiling to do it in an efficient manner. 

  I think it requires a lot more paperwork on the part of the lender, and so they all make them sound much worse than they are.

  For example, there's a mortgage guy local to me on this site who seems to comment on every other thread, but I send him a private message asking if he is familiar with this product, and **tumbleweed**.

  Any buyers or lenders on here that have used this product? And what has your experience been?

Thanks in advance.

Best,

  JTM

[Chris Mason]

Originally posted by @Katie P.:

@Chris Mason -  curious how the story ended! 

 It closed.