Recently, I have heard, on numerous occasions, that 203K loans are the worst.  They take too long, it’s hard to qualify, and they never close.  Guess what?  They are wrong!  One of the benefits of working with the nations 2nd largest 203K lender is that I have the ability to educate realtors and buyers.  We lend our own money.  We handle our own draws.

It is possible that an agent may have worked with a lender that did not have a clue on how to do these in the past.  This probably left a bad taste in their mouth and they vowed never to do another one. If that is the case, realtors are leaving cash on the table.  Now, let me be honest.  203K mortgages are not quick, but they are very doable.  If you can wait 45-50 days to close a transaction, then it’s a piece of cake.  How many times have you heard a potential buyer offer negative feedback on a home such as “if only the kitchen was bigger” or “if we only had a sunroom”?  As a realtor, this should be a buying sign.  If you have a potential buyer that needs something else in a home, then do a 203K.  Add new appliances.  Add a sunroom.  Replace the carpet.  Replace the roof.  Finish the basement.  Replace or repair the AC unit.  Paint the house.  Add a deck.  Use your imagination! 

These loans are perfect for any repairs that are needed or any repairs that are desired.  They are backed by HUD and are simply the purchase price of the new home plus repairs.  I would highly recommend discussing this program with your buyers and both of you give me a call.  Get pre approved and then go shopping for your dream home.

The name of the game is to sell houses. 


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