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203 K

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Guest	Posted: Mon Jan 11, 2010 3:12 pm    Post subject: 203 K Like 0 Dislike 0 Hi, can anyone give me some info on 203k loans. What is the required credit score How long does it take to close on the loan _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jan 11, 2010 3:17 pm    Post subject: Like 0 Dislike 0 credit score will be the same as on any regular fha loan; currently, most lenders are seeking 620 as a minimum. unfortunately, you can plan on a slower process than with a standard purchase loan, though it shouldn't be excessive. part of that depends on the scope of the work being done - you'll need to get a good feel for the amount of money you're going to need, and you need to work with someone who knows how to do one of these loans. they can be difficult, that's for sure. i think lenders are generally reticent about letting too many in on the program, and lots of the work done is centralized. unfortunately, that all too often puts the loan officer in a tough position - being the point person for the borrower, but not privy to a great deal of valuable information. where is the property you're contemplating the 203k loan for? _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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