Realtors with 203k Experience? (Minneapolis, St. Paul: real estate, mortgage, good credit)

[StPaulEastSider]

My husband and I have been excited to see housing prices lower than ever, after being priced out of real estate for years, we finally see homes listed on the REO in our price range, and below our price range. Not just a few, as was the case a couple years ago, but a lot of homes in this range are available right now. In fact, these listings are flying off the MLS!

I figured out awhile that nearly all the homes in our price range are in need of rehab and likely would not qualify for FHA First-Time Homeowner's Mortgages - or conventional financing.

It took some digging, but I finally found out about the 203k Rehab FHA program.

But when I approached agents and told them we wanted to look at homes in need of rehab, and then wanted to do a 203k FHA Rehab mortgage... let's just say they quickly lost interest in getting my business. Most agents I talked to didn't even know about the 203k Rehab FHA mortgage program, they just lost interest when I told them our budget was under 100k.

Seriously, trying to find a Realtor willing to help low to moderate income buyers get into these REO homes is NOT easy.

Personally, our family has decided to move the ATL the summer of 2010... but I have a friend, a single mom, who has a good work history, says she has a good credit rating, and currently rents. I would love to help her get into a house... I have in fact located homes of her liking on the MLS more than once... but I don't have an agent to refer her to because I cannot find anyone willing to do FHA 203k Rehab Mortgage purchases of REOs.

Hey, I know doing REO and FHA and 203k is a lot more work than, say, a traditional, conventional, mortgage.... for a lot less money, especially in this price range.

But I did find an agent in another city who is doing this everyday... does anyone know of anyone in the Twin Cities who is experienced with 203k mortgages, and are willing to help people looking to buy REO properties listed under 100k ??

I would actually like to get my real estate license and market to this niche... if anyone is willing to sponsor me, with the understanding I will be moving out of state next year... please PM me! [I could always continuing with an agent after I move away in the capacity of REVA - real estate virtual assistant.]

I guess I could hide from a broker the fact I am planning to move, but it's not my style to play people like that.... you know what I mean?

It's a cryin' shame all the REO properties in the under 100k range are flying off the MLS and into the hands of investors.

Does anyone else have a vision for taking this opportunity to help low-to-moderate income families get into a home of their own?

Anyone with viable agent referrals in the Twin Cities Area? Please PM me!

BTW.... My husband did have the opportunity to buy a home of our own "back in the day" [barely 2 years ago].... but we balked at the terms of the mortgage, and the size of the payments on our budget. There are others out there who did the same - refused to buy a home at prices beyond their budgets, on terms which would suck the life out of 'em over the long haul. Surely there is some way to help RESPONSIBLE people who chose NOT to get in over their heads back when getting a loan was easy, to finally realize their dreams of home ownership.

[Cruz Azul Guy]

I have a good recommendation for you if you're looking in Minneapolis. Send me a PM.

[StPaulEastSider]

Thanks Slig... I did send you a PM.

Why can't someone from Mpls do a 203k in St. Paul ??

I really need someone who is doing FHA 203k Rehab Mortgages and Real Estate transactions in St. Paul....

Anyone know of someone who could help me with this? Preferable experienced, but at this point I'll take "willing to figure it out" :-)

[daxdickson]

FHA 203K is not the only answer for Rehab Mortgage Finance. There are a lot of other programs out there. The 203K Mortgage can actually be pretty tough to get done.

[StPaulEastSider]

Originally Posted by daxdickson

FHA 203K is not the only answer for Rehab Mortgage Finance. There are a lot of other programs out there. The 203K Mortgage can actually be pretty tough to get done.

Who can I contact regarding the other rehab programs, and will first time home buyers have to give up what they might otherwise be eligible to receive in special financing offers and terms by getting a FHA loan?