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Old 08-15-2011, 12:19 PM
 
3 posts, read 6,095 times
Reputation: 10

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Hi,

Does anyone have experience with getting a FHA 203k rehab loan on Long Island?

If so, how was the process and do you have a mortgage person you used/recommend?

My wife and I are first time buyers and are looking at a distressed property on the north shore that needs work to allow it to be liveable.

Thanks!

JC
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Old 08-15-2011, 11:40 PM
 
Location: Long Island
9,933 posts, read 23,148,514 times
Reputation: 5910
Quote:
Originally Posted by mymellowman View Post
Hi,

Does anyone have experience with getting a FHA 203k rehab loan on Long Island?

If so, how was the process and do you have a mortgage person you used/recommend?

My wife and I are first time buyers and are looking at a distressed property on the north shore that needs work to allow it to be liveable.

Thanks!

JC

One of my buyers just recently closed on a property with a 203(k) rehab loan. The loan officer was very knowledgeable and helpful - I'll send you a DM with the contact info.

It will be helpful to you if you have a RE agent who understands the process, as the agent is part of the team in getting everybody and everything "together".

Good luck!
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Old 08-16-2011, 09:44 AM
 
581 posts, read 1,244,014 times
Reputation: 342
its a pain in the .... to even locate a bank who does it.

hsbc doesnt do it. citibank doesnt do it...
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Old 08-16-2011, 10:05 PM
 
Location: Long Island
9,933 posts, read 23,148,514 times
Reputation: 5910
Quote:
Originally Posted by Thehouse View Post
its a pain in the .... to even locate a bank who does it.

hsbc doesnt do it. citibank doesnt do it...
If you're interested, send me a DM and I'll send you contact info.
It's a highly specialized area, and you don't want every Tom Dick and Harry involved in it. There are strict guidelines to follow and it can be confusing enough for the buyer (and some of the other parties involved LOL).
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