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203k nostalgia - investor program - Sacramento to Santa Rosa - 03/31/12 10:01 PM
During the 1990's there was an investor loan program that had what they called the "escrow commitment procedure" whereby the investor might purchase a property for $200,000, add another $200,000 in repairs, and if it appraised for $600,000 it would get an "escrow commitment" based on the "after improved" value of $600,000 x .965 or $579,000 would be placed in an escrow. The loan closes and the construction begins just like the owner occupied program. As the work progresses draw payments are paid out for work completed which is still verified by an inspection by the 203k consultant now acting as (5 comments)
There is a new 203k consultant in town - Modesto CA - 03/28/12 07:47 AM
Everyone, I'd like to introduce you to the newest FHA 203k consultant in Modesto. Lando Matthews recently received his certification from FHA and is officially a 203k consultant. He just finished his first full 203k on his own and you can expect very good things from him in the future. He and I are available to provide your loan officers and local Realtor associations with information on the 203k program, That is correct, we will come to your office and get you off on the right track. I here there is precious little inventory in this area and what is there (0 comments)
203k lenders need to venture into the realm of the "Full 203k" loan program - 03/27/12 07:40 AM
Any lender that does FHA loans can get into the Streamlined k loan program.. is that right? problably not, but that is the fact. They dont' have to know anything or take a course just start doing them. What has happened with that program? What happens when you have no oversight on any government program? It fails or has repurcussions. We find that it is better to have consutlants involved, even on the streamlined k product. That oversight is so important. Our friends at Bank of America use is on the Sreamlined k as well as the "Full 203k" because it (2 comments)
How about the one below? It is also an FHA 203k...
Who would have guessed? These two homes pictured above have a commonality of both being in the process of an FHA guaranteed 203k loan. The 203k can be (2 comments)
203k has arrived in Indianapolis IN - 03/12/12 07:12 PM
I'm in Indianapolis IN for a Housemaster regional meeting and, of course, talking about the FHA 203k loan program, what else? Alan Peterson, a HouseMaster franchisee has recently become the "go to guy" in this area. He is a very knowledgeable home and we are happy to let you know that he has done a few 203 projects and has been providing in-house training to Realtor associations and real estate office. If you need to learn more about the 203k lending process, need us to suggest a good lender, or contractor please feel free to contact Alan. It pleases me so (5 comments)
Working with "Teams" is essential with the FHA 203k loan program from Dallas, TX to Lafayette, CA - 03/10/12 07:45 AM
Why do we work with team? Simply that you get to know what to expect and know that the other team member will be doing their part to see that the deal gets closed. Once in a while you get reminded that not all teams are equal and you may have to work with a team member to get them up to speed. I've just spent the last 3 hours writing a rather larger project work write up, Sent one of my team members a note to get some missing info when I was told the borrower didn't qualify and the (1 comments)
Does a 203k "require a termite report"? Roseville to San Jose - 03/09/12 07:51 AM
A termite report is a tool like any other tool there is a time and a place for it. As an investor I always got a termite report as I think it is just good common sense to have eyes on the purchase. The cost of a termite report makes it a "no brain-er". There seems to be a consensus among lenders that the streamlined k may not need a termite report provided there are no outwardly signs of termite damage or dry rot that no termite is necessary. I like them on all 203k projects frankly but are they required? (3 comments)
Can my lender really get an FHA 203k loan closed? - 03/07/12 07:52 AM
That is always a quesiton because there are many out there who profess to be renovation lenders. Don't get me wrong, There are a good many who can and do close them everyday. Today we are going to talk about just one of them. Ed Rogers of Wells Fargo Home Mortgage in Walnut Creek, CA. Ed is one of a handful of renovation lenders that understands these programs and that is a mouthful. It says volumes about this guy. I know that when I get a call from Ed that this deal is a "done deal" the borrowers already qualify for (2 comments)
Contractors and the 203k loan program - Oakland - 03/04/12 10:46 AM
We have several projects in Oakland and several new contractors we are working with that are just fabulouse so far... lol, just kidding. There are so many good contractors out there looking for work and the FHA 203k is just what their Dr. ordered. It is a way to get busy, stay busy, and actually grow their businesses in a climate that is not thought of as robust at the moment. We have been working with some of our contractor's since the mid 1990's and it is refreshing to see some new faces mixed in with the old ones as more (0 comments)
Why use a "Certified 203k Contractor" from Charlotte to Monterey - 03/03/12 07:22 PM
What does it mean to be a 203k certified contractor, why would you want that certification and who is doing the certification of contractors? These are all great questions so let’s take them one at a time. What does it mean to be a 203k certified contractor? Simple that the contractor has gone out of his way to become knowledgeable in the workings and inter-workings of the FHA 203k loan program. He/she now understands how they will get paid, what they need to do to get that cash flow working and how long they may have to wait for a check. (1 comments)
Streamlined k - could be a "sucker punch" to a small contractor - be aware - 03/02/12 07:36 AM
<!--[endif]-->Streamlined “k” (started in 2005) and was intended to make the program easier to use for the majority of the lighter renovation projects. The significant thing with this one is that it cannot have any “structural” component. It is intended for smaller projects and though the maximum construction costs are limited to $35,000 per the Guideline in reality it is only $30,000-34,200. If you come up with Streamlined “k” loans where the work is $35,000 and your lender only does the Streamlined “k” you will be disappointed most of the time. The $35,000 must include the costs and fees associated with it. (3 comments)
I’m a contractor why should I learn about the 203k loan program? Watsoville to Monterey - 03/01/12 09:44 AM
If you have all the work you need already then maybe you don’t need to know about the FHA 203k loan program but there are allot of you out there that have been buying my eBook “Contractors and the 203k” indicating that many of you are becoming aware of this program. Why is that? Simply put “more business” than you can handle. We alwasys "give this book away" when a contractor is new to our team and have found it is a big plus for all parties. When I take on a new contractor into our “203k (2 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.