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203K loan

Hello, my husband and I are looking to purchase a home in Eau Claire, MI 49111. We have been pre-approved for a FHA loan and are looking into getting and FHA 203(k) loan, to finish the portion of the basement that is not finished into a bedroom and change a half bath and bedroom into a full bathroom and walk-in closet (to make a master suit). We understand by what the bank that has pre-approved us told us, it is difficult to get an FHA 203(k) loan because there are few qualified lenders. Is that true? Can any body help us? by cierra_mccaffrey297 from Eau Claire, Michigan. Aug 25th 2014 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Hi Cierra! First, I doubt your basement work will be allowed by the 203K unless the basement has suitable egress and you can obtain a permit for the work, but regardless of that, I am including a link to a company that came up on a quick Google Search for 203K Lenders in Michigan. Start with them and then work from there. http://advantagelendingcorp.com/mortgage-news/category/fha-203k-loans/

Aug 25th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

Sure thing, as long as the improvements you plan are legal and add value to the house. I do lend in MI and am a renovation loan specialist - both 203k and conventional mortgage alternatives (which require 5% as a downpayment). Pdumouchel@primelending.com or 843-619-6025; or apply online at: https://lo.primelending.com/pdumouchel PrimeLending is a national residential mortgage lender based in Dallas owned by a $10+B Texas bank. #4 for purchase transactions nationally in 2012 & 2013 (as determined by MarketTrac(c) for Jan-Dec 2012 & 2013). Offering mortgage options including both conventional (conforming & jumbo) and government loans FHA, VA & USDA including multiple options for renovation and repair escrow mortgages.

Aug 25th 2014
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Greg Mitchell (GregMitchell)
#106 ranked lender in Illinois - 17 contributions

Hi Cierra,Its not difficult, I just don't think your current lender can do 203k loans so they are probably trying to scare you out of it. The key thing on any rehab loan is the end value so ask your realtor what he or she thinks the value of the property will be if you did all the upgrades you mentioned and then you will be able to figure out if the numbers make sense. Contact me if you need more info. Greg

Aug 25th 2014
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