203 k lenders?

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conk0029

45 Posts

Posted - 11/07/2009 : 12:14:10 PM

Who is still doing this?

Anyone else besides Plaza?

Thanks-

peter

6465 Posts

Posted - 11/07/2009 : 7:25:04 PM

After shopping around several 203(K) lenders, I have decided
to go with First Mortgage Wholesale because their Streamline
203(K) program #07 does not depend on funding by B of A,
the major investor to whom almost all other 203(K) lenders
sell the loans. B of A is notorious for delayed disbursements
which could bring you a discord with your borrower and the
contractor.

I just found out that First Mortgage Program 07 funds their own
for the Streamline and the funding time is only 10 to 15 days
instead of 4-6 weeks that I heard from the BO threads.
Rates are higher, but I need to close the loans and make sure
there is no delayed payment issue to the contractor.

Let's see how FM performs on my 203(k) loan.

Peter

Mandyvilla

6395 Posts

Posted - 11/08/2009 : 05:57:39 AM

quote:
Originally posted by conk0029

Who is still doing this?

Anyone else besides Plaza?

Thanks-

What has your experience w/ Plaza been? They run them through BofA and BofA is backed up on draws. You can now take 50% draw at the table (streamlines), but it's sounding like the BofA delays may have you in a funding mess. It's a way for us to get into the 203k market, but is it worth it?

CoralSnake

12474 Posts

Posted - 11/08/2009 : 08:04:46 AM

I think TBW does them- oh yeah...no more TBW....

Kenneth Fedak

506 Posts

Posted - 11/08/2009 : 08:58:04 AM

AFR has also stopped doing these. Try First Guaranty.

conk0029

45 Posts

Posted - 11/09/2009 : 10:22:45 AM

Thanks for all the info.

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