203K Mortgage Loan War Stories From Greg Kewin
This Article On 203k Mortgage Loan War Stories Was Written By Greg Kewin
Over the last twenty years writing, originating, processing, underwriting, and funding more than a thousand 203K Mortgage Loans, I’ve seen some interesting, frustrating, funny, some not so funny situations develop. I have been in the mortgage business for 30 years and have experience in every aspect of residential and commercial lending. I have done my share of 203k Mortgage Loans and one reason I love originating 203k Mortgage Loans is because each case scenario is unique and interesting and always learn something out of each 203k Mortgage Loan file.
Case Scenario On 203k Mortgage Loan Programs
In 2008 we were closing multiple 203K Mortgage Loan Programs through our FHA approved 501c-3 non-profit partners. Our non-profit partners were HUD approved to purchase, rehab and resell 1 to 4-unit properties at 3.5% down. We had several non-profits that purchased, fixed, and sold over fifty properties.
Gospel Temple Case Scenario
My favorite group was a small west side church, Gospel Temple. We’re still friends today. They had a purchase contract on a 4-unit property. They
completed a plan review and did their appraisal. We underwrote the loan and cleared the file to close.
Closing FHA 203k Mortgage Loan
On the morning of the closing, as they always did, they did a final walkthrough to make sure it had not been broken into or degraded in any way.
When they got to the building with their realtor they thought they were on the wrong block. There was no building, just a vacant lot. It turned out the
building next door was on the City of Chicago fast track demolition list. You guessed it, the city’s demolition crew knocked down the wrong building.
Of course the City claimed no responsibility. Luckily the buyer scheduled a final walk through to check the status of the property.
Final Walk Through Prior To FHA 203k Mortgage Loan Closing
Moral to this story, always do a final walkthrough as close to the closing as possible. Had they closed on this without looking at the property prior
to closing they would have owned a vacant lot.
This Article Was Written By Greg Kewin, Area Operations Manager for The Gustan Cho Team @ Gustan Cho Associates
About The Author: Greg Kewin
Greg Kewin is the Area Operations Manager for The Gustan Cho Team @ Gustan Cho Associates . Greg Kewin is in charge of all national branch operations and of all licensed and non-licensed mortgage personnel at Gustan Cho Associates. Greg Kewin is also a staff writer for Gustan Cho Associates Mortgage & Real Estate Information Resource Center and is a licensed mortgage loan originator himself. Gregory Kewin is holds his SAFE ACT NMLS state licenses in the state of Illinois and state of Washington. Greg Kewin is the man that is in charge of operations and his responsibilities includes that all files are submitted and processed properly and that all of our borrowers close their home loans on time.
Gustan Cho Associates
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