If you are in the FHA 203K Renovation Loan business you inevitably deal with a LOT of foreclosures. There are a lot of myths out there about buying a foreclosure, but none so prevalent as the myth perpetuated by foreclosure listing agents looking out for the interest of their clients rather than the interest of the buyer. I understand, the client does pay the bills for them and provide them with that never ending REO gravy train. So what is that myth?

You Have to Get Your Financing Through a Certain Lender

No, you never are required to use the recommended lender. Some listing agents will insinuate that to make an offer you’ll need to use their preferred lender. This is NEVER true and steering you to a lender is actually ILLEGAL. You always have the right to choose the lender that presents the best option for your transaction. In some cases you may be required to be pre-approved by the foreclosure bank, but you DO NOT have to get financing through that bank. Keep in mind a couple of things though, when your choice is between a big bank with lots of advertising and loan officer salaries to pay or between an independent mortgage broker working on commission only, who do you think will be cheaper?

Jonathan Blackwell FHA 203K Renovation Specialist Hometown Lenders Atlanta, Georgia, 30317	Work: 404-551-3845 Mobile: 404-519-5383 www.203KLoan.net