Are FHA 203K Loans still available???

I spoke to a mortgage broker today and he said no one does fha 203k loans because of the credit problems going on. Is this true? Thanks for your help!

Brian

4 Answers

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  • 1 decade ago
    Best Answer

    Well your broker is either very bad at his or her job or deliberatley misleading you. FHA programs are government insured and as you may have noticed those are the programs they are trying to expand not cut back....so I would run not walk away. In case you are wondering I have been in the mortgage busienss for 13 years and went to a 203k training yesterday . So I know Wells Fargo does them as do many other lenders.

    Source(s): personal industry knowledge www.hud.gov
  • 1 decade ago

    Yes, they are still available, at least in our area--although there is only one mortage company still writing them here -- M & T Mortgage corp. According to our mortage broker, if we were buying a house in another area then getting a 203K might not be possible. As it is, we hope to get approval on our 203K loan this week and close next week.

  • Anonymous
    1 decade ago

    the mortgage broker is going to be the most knowledgeable person to answer this question

  • Anonymous
    1 decade ago

    Sure, but the property has to qualify as well as the borrower.

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