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Old 03-11-2015, 09:11 AM
 
Location: Historic College Park
41 posts, read 36,179 times
Reputation: 31

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Hi I'm a long time lurker, sometime poster on the forum. I am in the early stages of looking for a home that will not leave me house poor. I have considered condos (no maintenace for me) but many that I've found reasonably priced (in desired areas) have fees that will push the monthly expense above my "magic" number. I currently rent in the Perimeter Center area and although I like the conveniences, the traffic congestion is unreal.

After saying all of that, I found a cute little house in historic College Park that I'm very interested in. Aside from being 10 minutes from my current work location, it would put me near my mother, and with easy access to areas I frequent. The house needs work. So I am looking into the FHA 203K loan program. From my reading this loan can be difficult and time consuming.

Does anyone have any recent experience with the process? Know of any lenders that specialize in 203K loans? I have done some research, but would like to get any 1st hand knowledge and suggestions.

Thanks!
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Old 03-11-2015, 09:27 AM
 
9,907 posts, read 6,891,298 times
Reputation: 3012
Quote:
Originally Posted by atl2chi View Post
Does anyone have any recent experience with the process? Know of any lenders that specialize in 203K loans? I have done some research, but would like to get any 1st hand knowledge and suggestions.
I have worked with Rodney Mason before on a 203K. He is good: Rodney Mason | Prospect Mortgage | Atlanta, GA
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Old 03-11-2015, 09:36 AM
 
Location: Historic College Park
41 posts, read 36,179 times
Reputation: 31
Quote:
Originally Posted by jsvh View Post
I have worked with Rodney Mason before on a 203K. He is good: Rodney Mason | Prospect Mortgage | Atlanta, GA

Thanks jsvh! I'll give him a call.
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Old 03-11-2015, 11:13 AM
 
49 posts, read 37,487 times
Reputation: 53
Atl2chi, I'm actually going through the process of buying a home in West End that will require some work and we are using a 203k loan as well. The lender is saying that we will have an additional $29,000 on top of the loan amount for the house to handle repairs. We are looking for some good contractors who might specialize in renovations of old homes and have reasonable prices. The broker and contractor we have been working with are not anyone I would recommend, so if come across anyone you'd like to share let me know and I will do the same.
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Old 03-11-2015, 11:25 AM
 
Location: Historic College Park
41 posts, read 36,179 times
Reputation: 31
Quote:
Originally Posted by n3w5_junk13 View Post
Atl2chi, I'm actually going through the process of buying a home in West End that will require some work and we are using a 203k loan as well. The lender is saying that we will have an additional $29,000 on top of the loan amount for the house to handle repairs. We are looking for some good contractors who might specialize in renovations of old homes and have reasonable prices. The broker and contractor we have been working with are not anyone I would recommend, so if come across anyone you'd like to share let me know and I will do the same.
I love the West End! I've eyed a few properties. I hear the streamline 203k is less of a headache is that the route your taking since your construction amount is under 35K? The broker/contractor element is what is scaring me. I will definitely share with you anyone that I may come across. Thanks n3w5_junk13.
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