It is important to work with a lender/ loan officer that specializes in 203k renovation loans. HomeBridge Financial Services is the 3rd largest lender when it comes to FHA 203k loans in the country and we have an in house renovation department. Our loans are not sent out to another lender or brokered anywhere. We Underwrite, Close and Fund all in-house in our name!!
This is a critical point of success with our loans. I am willing to bet if you have heard a story about a 203k loan going badly or taking forever to close…and those stories are out there….the reason will be either the loan officer was not experienced with 203k loans OR the lender was not a direct lender and brokered the 203k loans to another lender.
Bottom line is we do not just offer FHA 203k loans, we are committed as a company to be one of the largest providers of FHA 203k loans and we are proud to have reached our goal! Attaining the #3 spot was not an easy thing to do it has taken dedication and commitment to a loan product that has not been widely known and let’s be honest has not always gotten the best press.
So what sets the top 203k lenders apart from the rest?
We touched on it a bit and that was having a dedicated 203k renovation department. We at HomeBridge do have just that – a dedicated 203k renovation department that approves the projects that our clients want to take on and reviews contractors documents to ensure the contractor is a good fit for the project. Beyond that the renovation department post-closing stays involved with the projects until completed. We facilitate the inspection/draw process to insure the projects are completed on time and stay on track and that the scope of work is complete to specification.
NOT brokering our loans out is key to our success, as previously mentioned. So why is this such a big deal?
We have control …did I really just say that in today’s mortgage world?? Let me clarify, control in this scenario means underwriters are in-house and are dedicated to 203k loans and because of the amount of them we do they are very familiar with HUD requirements. From processing to underwriting and closing we have 203k experts in place to help facilitate a smooth and successful closing.
Although the FHA 203k loan is great and one of my favorite products for many reasons it is not the only product we offer in the way of Renovation Loans. We also offer the Fannie Mae HomeStyle and HomePath Renovation Loans and they are equally great products and may be a better fit for a particular client or project.
Click here to download a quick reference sheet
As you can see above there are many different renovation products. Find the correct renovation loan is just like finding the correct home! Each one is different and unique. We strive to put you into the best loan to benefit your need and situation. I am available to help guide you on which one is right for you so call me today and lets get started!