Is the FHA 203k Loan difficult? Only if you don’t know what you are doing. The 203k has a few more steps than the standard FHA loan but that shouldn’t scare you away because your lender should know the in’s and out’s. Mortgage banks exist to lend money so people can finance their homes, mortgage bankers or loan officers exist to walk you through the process and answer questions along the way. So, when it comes to selecting your FHA 203k Lender being guided by someone who has been through it will prove to be a huge benefit! Think about it by way of illustration; consider the difference between someone who had hiked the Appalachian Trail leading you on the trail versus someone who had read a couple books on the Appalachian Trail but had never been there before. Which would you choose?
To ensure you are working with someone who has “been there before” ask your mortgage banker how many 203k loans he or she has done in the past year as well as the processing staff. The lender’s experience will likely save you a lot of headache throughout the process. At Stockton Mortgage we understand that you want to have confidence in your 203k lender that is why we have set up an entire Renovation Lending team. Our specialists have been personally trained and certified by our Director of Renovation Lending, Joe Daly, who has over 20 years in renovation lending. Joe along with Mark Friedman, our Regional Renovation Manager, are available to each our renovation specialists should a question arise.
We, at Stockton Mortgage Corporation, are ready to help guide you as you create your dream home with the 203k loan. Contact us today to get started.