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Old 09-25-2011, 06:11 PM
 
Location: Houston
11 posts, read 35,675 times
Reputation: 19

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A few years ago we bought a house using a streamlined 203K. It was hell to close but eventually we did and we ended up with instant equity on the house...it was worth it in the end.

Now we have our eyes on another house but it looks like it would need a standard 203K. We are having a hard time finding a lender in Houston that has experienced doing a FULL 203K, they keep wanting to push it towards the Streamlined--we think this house will need more than 35K to come up to our standards.

We would love any referrals for an EXPERIENCED Standard 203K lender and a general contractor that has experience doing a standard 203K.

Hope somebody can help.
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Old 09-26-2011, 03:27 PM
 
421 posts, read 1,726,335 times
Reputation: 210
Is the home Fannie Mae owned? If so, Homepath is easier. If not I can refer you to the lender we used before deciding to go with Homepath.
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Old 09-26-2011, 04:19 PM
 
Location: Houston
11 posts, read 35,675 times
Reputation: 19
Yes, the home is FannieMae owned..I just heard about HomePath today. Did you attempt a standard 203K? How was your HomePath experience?
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Old 09-27-2011, 12:30 PM
 
421 posts, read 1,726,335 times
Reputation: 210
We are in the process as I type, so I can't let you know my experience just yet. In fact we do not close until next month!!! What I know so far is that HomePath has fewer rules, and the out of pocket costs are less.
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Old 09-27-2011, 12:41 PM
 
1,211 posts, read 3,556,160 times
Reputation: 1593
Quote:
Originally Posted by MommiePreMed View Post
We are in the process as I type, so I can't let you know my experience just yet. In fact we do not close until next month!!! What I know so far is that HomePath has fewer rules, and the out of pocket costs are less.
You're trying to get a renovation mortgage based on quotes gathered from anonymous referrals on a public forum?
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Old 09-27-2011, 02:40 PM
 
421 posts, read 1,726,335 times
Reputation: 210
Quote:
Originally Posted by RCH99 View Post
You're trying to get a renovation mortgage based on quotes gathered from anonymous referrals on a public forum?
Are you an idiot or just plain stupid? Choose one, then get back to me.
Did you ever thin that someone could refer a contractor they like OR perhaps a spouse or a contractor might see this posting.

So once again I ask, are you an idiot or just plain stupid?
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Old 09-27-2011, 03:22 PM
 
1,211 posts, read 3,556,160 times
Reputation: 1593
It's pretty clear that you understand why I asked and that's good enough. Good luck.
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Old 09-27-2011, 07:46 PM
 
Location: Houston
11 posts, read 35,675 times
Reputation: 19
Quote:
Originally Posted by RCH99 View Post
You're trying to get a renovation mortgage based on quotes gathered from anonymous referrals on a public forum?
What a bizarre response. You never asked anyone for a referral before? And once you did, did you not check references and do your own due diligence? Its hard to find contractors experienced in the 203K process, why is it crazy to ask? Sure anyone can respond, that is why you would use your brain to check out and verify.
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Old 09-28-2011, 07:17 AM
 
1,211 posts, read 3,556,160 times
Reputation: 1593
Quote:
Originally Posted by satriela View Post
Its hard to find contractors experienced in the 203K process, why is it crazy to ask?
Actually it is extremely easy to find contractors "experienced" in the 203K process. What is hard...is finding qualified, solvent contractors "experienced" in the 203K "process", that are willing to waste their time with half-ass renovations on these dumps. The "process" you refer to.... is the problem.

Last edited by RCH99; 09-28-2011 at 07:48 AM..
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