Mike's 203k Blog

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Home Inspector - 203kOnLine.com, covering California & most other states - S0289
203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.
RECENT BLOG POSTS
On FHA projects closing on or after 27 January 2017 relief is on its way. Looks like the new rate is .55% versus the old .85%. That means if you were paying $500 per month as an example your client now will pay only about $324, so they will have an additional $176 to use for the actual house paym...
01/10/2017
On the left is for the the Bay Area, Contra Costa, Alameda, Marin, Santa Clara, San Mateo as examples. MSA Name     County Name   State One-Family Two-Family Three-Family Four-Family       SAN FRANCISCO-OAKLAND-HAYWARD, CA     CONTRA COSTA San Francisco Marin Santa Clara San Mateo   CA $636,150 $...
01/03/2017
Sure why not?My office is only 41 miles from Mill Valley, sounds like a reasonable request. Oh, but at 4 pm it is a 2.5 hour ride home. Traffic patterns can be a real deterrent when trying to plan a productive day. On a race day it may take even longer... will take even longer. Sonoma Raceway cha...
01/03/2017
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Received a message on my phone about a 203k loan draw inspection needed on Christmas Day in Modesto... no address, no name, just "this is the contractor on the job in Modesto, need an inspection at 3 pm today, I know it is Christmas Day but I really need the cash flow."I was mystified and was lau...
12/31/2016
I used to get asked this allot and not so much any more. Why is that? Lenders are always saying 45-60 days to close a renovation loan.Lets look at a couple of those that say 45-60.1) The order comes in and the uninformed lender starts gathering the information they need to get the loan in process...
11/25/2016
Why does it take a 203k or renovation loan so long to close escrow?The short answer is that it doesn't take that long if everyone races to the finish line. If you use a proven team you should close a 203k in about the same amount of tiem as a 203b (Standard FHA loan). The problems come up when th...
09/30/2016
Is White PVC pipe adequate for drinking water? Did you ever wonder if it is? I've always heard it wasn't safe for drinking water. So went to the Internet to see what I could find and was surprised.  Those living in older homes should have their water tested to see if lead is a problem. Plastic p...
09/11/2016
I have a rock foundation, will FHA guarantee the loan?If the foundation is still in tact and has not failed, it is very likely you can get FHA Guaranteed financing with the FHA 203b or the FHA 203k programs. Yes is the short answer.I had one of these years ago that we were appraising, the challen...
09/05/2016
Everyone likes to close fast... or do they?I have a client that just called me for an inspection. They informed me that their inspection contingency is over tomorrow. Their contractor bid should be ready today or tomorrow.If I'm hearing this correctly they have had this in process for a couple th...
08/30/2016
I hope you all have great things planned this weekend and Monday. Tomorrow, Saturday we will have fireworks over the lake in Graeagle, CA, Sunday is a parade to celebrate the 4th of July, and everyone relaxes at home on the 4th with their families. Happy 4th of JulyGraeagle is located about 45 mi...
07/01/2016
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Mike Young

FHA 203k Consultant 707-812-7668
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