203k Consultant | Quite often we are posed with the question by potential applicants as to why they should prefer a 203k loan over a conventional loan; what does a 203k loan have to offer that conventional loans don’t. As a 203k consultant, it is our responsibility to bridge this lack of understanding and suggest solutions to our customers that suit their needs. Here is a brief overview of what 203k loans have to offer over conventional loans.
The Convenience of Combined Package
For most, the combined package that 203k loans have to offer is what allures people towards the program over any other conventional loan. What this means is homeowners, potential and existing ones, get to access an option which they can exercise conveniently to finance the purchase and repairs of a house. In comparison, applicants do find it difficult to get their conventional loans approved if the property needs major repairs.
Consideration in Credit Scores
Secondly, since a 203k loan is backed by the federal government, lenders are more eager to grant loans to applicants who have low to moderate credit scores. With conventional loans, restrictions are far more strangling. Some lenders will approve applications with a credit score as low as 500. However, it is always advisable to consult a 203k consultant for applicants with low credit scores.
Consideration for First Time Home Buyers
First time home buyers also have a high chance of getting approved through 203k loans, but a conventional loan lender may not be as considerate. This is another advantage of 203k loans over conventional loans.
Do You Have a Fixer Upper To Finance?
If you have a fixer upper to finance in Tampa Bay, our 203k consultants can help you out. From a site visit, to preparing a 203k loan application and eventually guiding it through approval; we have an established portfolio of handling 203k loan applications. For further consultation, contact us now or call us at 813-616-3301.