The 203k Loan. Give it a Second Look.

The 203k loan has been around for well over 25 years and the 203k Streamline loan was revamped in 2005 to make it more consumer and Realtor friendly. I say Realtor friendly because the acceptance of either the standard 203k loan or the 203k streamline loan is lukewarm at best in the Realtor community.
I’ve had many borrowers say that their Realtor doesn’t recommend a 203k because they are too hard to do and not waste their time trying to obtain one.
These loans are not that hard to do.
The key is that everyone, including the borrowers, Realtors, contractors, and sellers need to be advised upfront exactly how this loan works so there are no surprises. Education on this product is key, it is different. Starting the process without fully understanding it, can cause problems.
To the right of my blog homepage there is a link, the free 203k Guide, for all to download that explains the process from start to finish on how a 203k Streamline loan works, as well as a 5 minute youtube video that explains the process.
Most of the problems that arise on a 203k loan could have been prevented upfront if everyone in the transaction understood the process. There are several lenders who have specialized trained loan originators, processors and funders who work together and handle the 203k loan, so it’s important to make sure your lender of choice has such a department in place.
It’s time to give the 203k loan a chance, a second look. Again take a look at my free 203k loanĀ guide and free 203k loan video, I think you may like what you see.

If you have a question in regards to this article or how the 203k loan works, please let me know by clicking here!

KW

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