FINALLY!!! Closed on my 203K.

[Arthur Banks]

I plan to write a very detailed blog on my 1st experience using a 203k loan, but for now, I wanted to shout at the top of my lungs, that I FINALLY closed July 3, 2014 on my latest acquisition.  A 2 unit - each unit, 3BD, 1BA, 2 car garage (divided), full basement  with laundry for each.  Contract was accepted 3/11/2014, so it has been a very, very long process. Details to come!

[Jeff Onofrio]

@Arthur Banks - you said it best.  Your lender needs to have experience. While it is important to have an experienced contractor the lender can train any contractor if they know what they are doing.  FHA 203k and renovation loans are all I do at my company and the truth is they do not need to be as hard as they are but you need to do your DD on the people involved in your transaction and there levels of experience.  

I am personally planning to take the time to write more often about these products so that other BP members do not have to go through this same type of troubles.  

The FHA 203k loan is a great product and can really do a lot of good when done correctly.

Congrats!