203K

Welcome Emma,

The FHA 203k program can be mainly used to complete rehabilitation and improvement of your existing property. You may do so by purchasing a dwelling and the land on which the house is located and rehabilitate it. You may also get a FHA 203k loan in order to buy a house on another site and move it to a new foundation on your mortgaged property and rehabilitate it. You can even refinance your existing home loan and rehabilitate a dwelling. As it is a FHA loan, you would require a minimum credit score of 600-620. Apart from this, you shouldn't have much negative items in your credit report.

emma/emily, you can check on the fha website to try to find a 203K lender in your area. you didn't say where you are located - that might help us to identify someone for you if we know of anyone local.

as noted, a score of 620 is more than likely the minimum you'll need, and adonis laid out what is entailed in terms of what you can do with this sort of loan. there are plenty of 203K lenders around - hopefully you'll be able to find one quickly. if you're working with a realtor, that person ought to know who can do such a loan.

I am a 1st time homebuyer and i would like to speak with someone that is able to assist me or point me in the direction in the Indianapolis area. My mid score is 634 actually my realtor is trying to help but there are few that actully are timely and i need this to close by 4/30

Though I'm not from Indianapolis, what I can say is that you would be able to get a FHA loan with a credit score of 634. However, I hope you do not have much negative items on your credit report. If you have negative items, then it will lower your chances of getting a FHA loan. As far as conventional mortgage is concerned, you should have a credit score of 700-720.

what are the "few that are actually timely"? closing by 4/30 ought to be within the reach of a lender, but you need to get things going right away. that's less than 75 days away, and 203k loans are not easy. your realtor needs to find you a lender tout suite, and if that's not possible, then another realtor has to be brought in, perhaps for consultation, so you can find a quality lender who'll help you out.

Hello Emma,

Although I specialize in the 203K Loan in California I may be able to provide you with some useful information that may help you through the 203K process. You can find some useful tips and info about the FHA 203K Loan at "www.203kMortgageLender.com" There is also a free guide that you can download there as well.

Good Luck to you
Marvin Hernandez
203K Mortgage Lender

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Hi Emma,

I work for Freedom Mortgage in Illinois, and we do 203k loans. If this is your area, please feel free to contact me about doing a loan at [Email Deleted]
Thanks!!!

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Ronnie, you're in Illinois, and Emma is in Indiana. I don't know if you can help her, but it's been a year since she made her request; and I happen to know that Freedom exists in Indiana also. If she didn't get her loan yet, I doubt you'll be the lender of choice when the time comes.

By the way, why not join MortgageFit as a lender and begin to contribute?