Out of State 203K

[Matt V.]

My wife and I are planning to relocate soon and with that are looking at properties that would need some work so that over time  they would yield a nice equity position. With that we are thinking of utilizing a 203K loan.

My question is, with us living out of state to where we would be purchasing, what is the best way to handle the whole 203K process? I am thinking that we should hire a consultant regardless if it is a Streamlined 203 or not just because we will not be able to be present for inspections and whatnot. Is there anything else we factor?

Next, should I be approaching lenders in my current area and see if they can lend over there or should I approach NY lenders and see if they can work with a remote borrower?

To add a level of complexity, the home we are currently looking at is a Homepath home so not sure if that will matter.

Thanks in advance!