203k loan in San Diego?

[Mary Ainsworth]

Has anyone tried using a 203k loan in San Diego? I'm looking to buy my first property with 3.5% down and I want to force that appreciation by renovating it and tying that renovation cost into the loan I get. 

Has anyone done this with a 203k loan in San Diego? And if so, any advice or recommendations? Thanks!

[Paul Welden]

@Mary Ainsworth

Last fiscal year, 10/2021-9/2022, there were only 8 FHA 203k loans endorsed in the San Diego area & only 1 last month.

So, there are very few, if any, local lenders that have extensive experience with the 203k. 

You'll have to search for national lenders that are licensed in CA. Check out Family First Funding, Marco Montano Vice President of Sales - Renovation Lending 720-499-0001

Luckily there is at least 1 contractor in the area on the 203k Contractor Directory that has taken the extra steps to earn the accreditation as a Certified 203k Contractor. 

You're only as strong as your weakest link ... select your partners wisely. 

Hope this helps!