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Wellsfargo 203 k loan streamline

Valued Member

Wellsfargo 203 k loan streamline

I am scheduled to close on the 27th of March. My information is currently in the hands of processing she is supposed to be working hand to hand with the loan officer. I don't believe they are communicating because they never have the same answer for the same question. Im feeling very nervous about the whole thing anyway but with them not ever being on the same page makes it worse. Should I bail and use my 2nd option financing or should I trust they will get it together in the next week.
And is it true that the contractor can't start for one maybe two weeks. Its bad enough not to close early but not on time is not an option. Has anyone else gone through this
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Frequent Contributor

Re: Wellsfargo 203 k loan streamline

First of all, I have not gone through this, so take this with a grain of salt.

EDIT: Again, below was just the advice I got from one person, who doesn't have a ton of experience with 203k loans, but for the ones she has worked:

 

I did ask my agent about 203k loans, and she strongly recommended I consider a conventional or FHA with a separate personal loan if possible. The primary reason was for situations like this, where there are all sorts of moving parts and approvals needed and reviews needed and contractor estimates needed and contractor approvals needed and then approval reviews needed.... Just an overall headache, and most lenders don't even offer them. My agent is a relative, so there is strong trust there.

 

THAT SAID, I think they look awesome on paper, and since you're already in the door, you could end up with a really good home at the end of the day. Persistence! But it may not hurt to have a backup plan...

 

EDIT: Also see this therad: 203k "nightmare"

 

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
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