When looking for a 203K lender what should I avoid?

[John Burtle]

I'm wanting to get into real estate using the 203K loan program. I'm hoping to find the right property for the right price, and rehab it etc. I'm hoping to live in it for a year and refinance it, and use the equity for another property. But, what should I avoid when looking for a 203K lender? The last thing I want to do is get ripped off/screwed etc....Any advice would be greatly appreciated.

[Michael Noto]

@John Burtle  The first thing I would do if I were you is to find a realtor in your local area that has closed 203k deals with clients.  They will have a network of all of the professionals that will be involved in a typical 203k transaction.  Included in those contacts  will be lenders, title companies/attorneys, inspectors, contractors, etc.

Having closed 203k deals with clients here in Connecticut, I can tell you that surrounding yourself with people that have a good reputation and experience in closing these types of transactions is vital to closing your deal with minimal hassles.