Last year we had a very strong FHA 203 K business, but nothing like this year. Even though most 203K’s are purchase transactions, there are many that are refinances transactions as well.
Most of these renovations are kitchens, bathrooms and roof replacements, but much more can be done. I am really fortunate to have a large group of referral trades people that I send business to on a regular basis.
I have seen many clients get in trouble with the wrong trades people, the wrong plumbers, electricians and general contractions. Lenders in recent years have done a much better job obtaining references and much more extensive documentation about each contractor.
The Realtor community is definitely our biggest referral source for this product, as they know, we know the product, like breathing. We offer this product in 8 states, CT, MA, RI, VT, NH, ME, ME & FL.