Re: 203 loan info needed - Posted by Jose
Posted by Jose on March 05, 2002 at 19:56:45:
Try Wells Fargo Home Mortgage, they have non owner
occupied loans for investors.
Also, the 203(k) Loan is for owner occupied only. Be
careful if a lender tells you, you can do a 203(k)
as a non owner occupied, because if FHA/HUD finds
out you did a non owner occupied 203(k), you and your
lender may get into serious trouble.
I am an FHA/HUD Approved 203(K)Consultant and have not
heard from FHA/HUD re-instating the investor’s 203(k) Loan. I wish they would, because back in the good
old investor 203(K) days, an investor could get a 203k loan to purchase and rehab a property and than just find a living person to assume the non qualifying loan.
It was great, before some investors abused the loan
program and had it cancelled.
Just my 2 cents worth.