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hud: FHA 203K - Do I HAVE to pay my consultant fee upfront? - 06/20/11 01:33 PM
FHA 203K - Do I HAVE to pay my consultant fee upfront?
If you are doing an FHA 203k Loan and are utilizing the services of a licensed HUD 203k Consultant, you will more than likely need to pay the consultant's fee. Although HUD does not regulate these consultant fee any longer, most still follow the fee schedule listed below:
Some Consultants will require that some or ALL their fee be paid UPFRONT for their services. This is not "wrong" by any stretch, but sometimes when it "stretches" the buyer, it might become an issue. Buyers regularly use … (0 comments)
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hud: FHA 203K Consultants - The 'Wily' Gaggle - 05/16/11 03:22 PM
FHA 203K Consultants - The Wily Gaggle
So... You've never built a house; you've never renovated your bathroom. You're not even sure if you own a hammer! But buying a fixer-upper in this market and making equity is all the rage, so you make your way to a renovation loan... perhaps the FHA 203K... Somehow, you find yourself in front of a "Licensed HUD 203k Consultant."
Wow! That's a cool name: LICENSED HUD CONSULTANT... seems quite official. What does it take to become a HUD Consultant? Must be difficult. You MUST be a construction expert or at least project … (8 comments)
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hud: FHA 203K: Selecting Your Contractor - 10 Helpful Hints! - 04/25/11 07:48 AM
Let’s face it folks, the FHA 203K can be intimidating, even for a season tradesman. As with anything, a well thought out plan can save you countless time and money. In this blog, I’ve compiled a simple list of 10 helpful tips for selecting your contractors. This advice is FOR THE CONSUMER. I didn't cut and paste these things. Neither HUD nor any other regulatory agency has endorsed this list. It’s just my own thoughts having helped thousands of homebuyers through this process. (Of course, I have 16 years of experience doing these loans. So if you’re considering a K, Take … (2 comments)
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hud: FHA 203K - VIDEO BLOG: Should I hire a HUD 203K CONSULTANT? - 02/10/11 03:12 PM
FHA 203k loan is hard enough to figure out... now enter a HUD 203k Consultant. What is he and do I need one?
Brent Kluge and www.203kworld.com present:
Kluge Out!
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hud: FHA 203K: $5,000.00 in Minimum Qualified Repairs ... NOT! - 01/08/11 07:23 AM
It is a large misnomer that the 203K has $5,000.00 for minimum "Qualified" repairs... (Hmmm, typical government title that really could be said much simpler) I think we should implement the govy' process of making an acronym for everything. MQR = Minimum Qualified Repairs.
So, armed with our new acronym, what is this MQR thing?
For quite some time, the FHA 203k did in fact have a $5,000.00 requirement for MQR. This means that the house must have repairs that were necessary to bring the house to FHA Minimum Property Standards. All those repairs REQUIRED to do this would … (0 comments)
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hud: 203K: "I am handy with a hammer" Can a borrower be their own general contractor? - 09/29/10 05:55 AM
203K Renovation loans are an amazing tool in this market. This is by far the only loan that allows you to buy a house that is in less than perfect condition, then tack on money to fix it up and package it all in one nice loan with only 3.5% downpayment. Not to mention, it allows you to go to 110% of the appraised value, with is a nifty little tool in this market as well... BUT, can the borrower be his/her own contractor??? Hmmm... lets examine.
If you start your google search, you will find that HUD has a … (5 comments)
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hud: 203K: Why is it so difficult to find a contractor to do this 203k? Answers within... - 09/17/10 06:43 AM
By and large, Contractors are a tradesmen, some better businessmen then others, but nonetheless, the primary need is for them to be good at what they do, their trade. When we, as comsumers/homeowners, need to find a contractor to do a renovation job for us and we utilize the FHA 203k loan progam, it can be quite difficult to find a contractor that is qualified or even interested in doing this work!
Below are some items that will help you understand why and perhaps help clear up this disconnect and bring you to understanding during your contractor interview phase.
… (16 comments)
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hud: 203K: Bid Thy Own Kitchen and Save Thousands!! - 09/08/10 06:33 AM
What to do with a Kitchen Renovation....??? Hmmm...
Most people have this idea in their heads that a 'Complete Kitchen Renovation' costs $25,000.00 minimum and even MORE all the bells, whistles and good stuff! Bollicks!
In my experience, both as a lender and builder, you can, EVEN AS A HOMEOWNER, do it for half or even LESS!
MOST 203K's require you to use a contractor, that is in fact the case... HOWEVER, there is no problem with you either letting the contractor know that you are handling the kitchen portion yourself and would even perhaps welcome his bid … (2 comments)
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hud: FHA 203k - What to do with the initial HUD inspection... - 09/02/10 04:58 AM
Initial inspections by the HUD consultant can sometimes be overwhelming... "Seems like a lot more work than we expected!"... This may be the case... but not always.
Remember, this estimate is just that .. AN ESTIMATE! If you find a contractor that has given you a price, OR you take the Consultants Work Write-up and start shopping for a contractor, here is the million dollar savings key...
YOU DON"T HAVE TO SHOW THEM YOUR HUD CONSULTANT'S NUMBERS!!
Have the Consultant give you a copy, sans el numbres (sp.????). If they don't do that, just white out the numbers … (1 comments)
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hud: 203K - HUD Consultants - How and How Much are they Paid???? - 08/24/10 10:30 AM
203k Consultants... How are they paid?
BIG QUESTION!
Here is the long and short of it. Back in September of 1995, HUD came out with Mortgagee Letter 95-40 which outlined the charges an inspector could charge. They were known then as a "Fee Inspector", now more commonly called a HUD Consultant. The mortgagee letter MANDATED a bracket system for these fees as noted below:
" A fee of $400 is acceptable for a property with repairs less than $7,500; $500 for repairs between $7,501 and $15,000; $600 for repairs between $15,001 and $30,000; and $700 for repairs between $30,001 … (1 comments)
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hud: 203K Guarantee.... If we don't close your 203K in 45 days... WE WILL DO IT FOR FREE! - 08/14/10 07:35 AM
So what is the biggest drawback with the FHA 203K ???
They are not widely known and because of this, lenders will stumble their way through them...
What happens then? They drag on for 90 or 120 days, if they settle at all...
I have closed over 3,500 203K's and have an amazing team. We orginate in almost EVERY STATE in the Union!
Here is my guarantee:
IF WE DON"T CLOSE YOUR 203K WITHIN 45 DAYS.... WE'LL DO IT FOR FREE!
Thats right, for free. We will still work … (2 comments)
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hud: Calculating the cash out of pocket to buy a home with the FHA 203K... Care to know? - 08/10/10 05:39 AM
How much money do I need to buy a house with the FHA 203K ??? Ahhh, the age old question.
Well, FHA 203K has its advantages.
1. It allows you to buy a house that is in "As-Is" condition and escrows money to make repairs to the house to bring it back into minimum property standards.
2. Only 3.5% down payment is required.
GREAT!
"But still, seriously... How much do I need?"
Here it is in short:
That 3.5% is ONLY downpayment. More often than not, people get "Downpayment" confused with TOTAL CASH REQUIRED. You will … (1 comments)
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hud: 203K - The 203k INQUISITION!! Ask thy lender questions! - 08/03/10 06:51 PM
So 203K's are all the buzz!!! Great! We knew this was going to happen. Dinged and dented inventory is UP... Interest Rates and qualification requirements are DOWN!
But why is it that only a fraction of these loans actually make it to the settlement table?
Well the answer is simple... You were working with the wrong professional.
Lets be clear, in today's information world, it doesn't take much to put up a website and claim that you are a this or a that. It is not hard to promote oneself as being an "industry leader" in something. I mean the … (0 comments)
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hud: 203K's and Detached Structures.... - 06/17/10 06:08 PM
Okay folks... A 203K quiz...
Single Family home on 1.5 acre lot. It has a main house of about 4000 sf and a guest house of about 2000sf. The guest house is detached by definition, however, it attached to the deck of the main house via a covered breezeway.... (hint, hint).
IS this eligible for FHA 203K financing (just by information given of course) and if so, does it qualify for 1 unit maximum mortgage calculations or 2 unit???
Bueller, Bueller????
:)
More news at 6:00.
Brent Kluge
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hud: How to find 203K Consultant for your Renovation Project - 06/13/10 01:55 PM
When you are doing a 203K loan, it might be a good idea to start with an inspection. HUD has a list of licensed and active 203K Consultants that are trained to look over the project to determine what needs to be done for FHA Minimum Property Standards, as well as whatever else your buyer may want to do AND also give a good estimate as to how much those costs will be.
Please remember, NOT ALL CONSULTANTS ARE CREATED EQUAL!
Be wary of the Consultant that also offers contracting services or is quick to dish our contractor referrals.
… (1 comments)
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hud: FHA Monthly Mortgage Insurance TRIPLES!!!!!!!!! - 06/11/10 06:49 PM
SOOO... What do you think about FHA Mortgage Insurance?? Necessary Evil, right? Well, what would you say if I said it just TRIPLED???
Please tell me...
In a near unanimous vote of 406 to 4 Thursday, the U.S. House of Representatives passed a bill intended to replenish the coffers of the federal agency that insures mortgages against default, the Federal Housing Administration (FHA). The FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium – a move that HUD Secretary Shaun Donovan … (0 comments)
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hud: 203K Frontline Report: AS-IS value, Help your appraiser!! - 06/03/10 07:32 AM
Good Morning from the Island of Saint Lucia...
(Yes, I'm pathetic... here on my honeymoon and blogging....)
Brent is bringing you a new report and word of caution regarding 203K's and REO's. This isn't something that happens exclusively with REO's, but you will find this occurance here more often.
So.. Your customer finds a great buy. He submits a contracto on a HUD REO to purchase it. You currently have the inspection report from HUD's contracted inspection company, Termite, Appraisal ALL FINISHED! They say in this example that you can buy it 203b with a repair escrow of $4,000.00. … (1 comments)
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hud: Expense when opening your own office.... Stay at home Kids! - 05/25/10 05:53 AM
Well, you have worked hard to get to the position where you can have your own office. Congrats! Yeaaaa. Now is the time to start planning. Being the commensurate planner that you are, you bang out your Excel Spreadsheet and have the details all figured out. But alas, these are the tangibles only.
You scheduled your Verizon Fios to be installed (per the nice lady on the phone) on Monday and figured you would take the rest of that day to play with the phone system answering system and set up your new flat screen, so the Copier guy was … (1 comments)
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hud: FHA 203K Streamline... OR Full K??? THAT is the question. - 05/23/10 07:34 PM
Streamline 203K or Full K... That is the question.
Quick lesson on when to use either.
So, everyone knows that the Streamline 203K can go up to 35K, right??? Well, kinda. You see, the TOTAL COST OF CONTRUCTION goes up to 35K... this is normally somewhere around 33,500 max renovation cost. You as the lender, (or if your still a broker, you'll have to ask what the rule is), can make your own rule as to if you require a Contingency Reserve or not...
Contingency Reserves are typically 10% if the electric was on when the appraiser/inspector was … (0 comments)
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hud: Fannie Mae HomePath..... - 05/22/10 03:06 PM
Renovation Financing Available
* 3% Downpayment
* Investors welcome!
* No MI!
* Amazing!
We specialize in these loans and can close them directly! :) Please call me with any questions.
Below, you will find the highlights for both the straight program and the renovation style. This product is only here as a result of the inventory of the Foreclosed homes. It allows MANY unique options in order to get into your home... Just call. We will let you know directly! :)
HomePath® Renovation Mortgage Financing This special financing is available on Fannie Mae homes with the following logo:
… (2 comments)
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203K World - Maryland - Baltimore - RENO Maryland / DC's #1 Reno Lender /AS-IS-EZ
Ellicott City,
MD
More about me…
Brent Kluge - FHA 203K - HomeStyle- JUMBO Reno Loan
Address: 412 H Street, NE, Washington, DC, 20002
Office Phone: (410) 591-8300
Email Me
Brent Kluge's 203K & HomePath Renovation Blog
Expert information for you for all your renovation needs focused on FHA 203k and FannieMae HomePath Renovation, HomeStyle and USDA reno.
From planning, to process, to loans, to finding a match with a contractor, Brent Kluge and his team will guide you through the entire process and avoiding the pitfalls along the way.
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