Mike's 203k Blog
203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.
ARCHIVED BLOG POSTS
2012
This week we had the pleasure of hosting Tom Glenn a Cottonwood 203k consultant as he joined us on our 203k projects for the day on Wednesday. He was able to put his input in on two full 203k consultations and observe how we did a couple of draw inspections. Tom has been a contractor for years an...
11/29/2012
How about YES? Oakland Hills or not, the FHA loan guarantee program can be used in nearly every neighborhood. If you aren't using it you may be missing an opportunity. This project was a fun project for all of us. No updating for a long time, we added a finished attic to gain some additional...
11/29/2012
There were many years when you thought of an FHA loan as a low income loan for homes in less affluent neighborhoods. Not any longer, at least for a while longer. Better get yours done asap. Why would you want an FHA 203k loan in any of these areas? Simply this... you don't want to put all the mon...
11/27/2012
We have lots of our clients ask if they should upgrade to an "on demand" water heating system and the answer is all the same. It might make them feel better but the chance of it paying for itself isn't going to happen for a number of years. If they plan to live there the rest of their lives it m...
11/26/2012
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Comments
This was a fire gutted home in Oakland, CA in the late 1990's. It was raining lightly the day the inspection was made. A small contractor was buying this home as a self-help project. He obviously was qualified to do the work but the consultant must make a recommendation he was the time and k...
11/24/2012
I was called out to do a 203k in Corte Madera years ago. It was on "Boardwalk" and it didn't say Street, Avenue, or Road and I don't remember it being on the map, but eventually I did find it. It was an actual board walk... might have been a pier at one point and they were boats that had the wat...
11/22/2012
The FannieMae HomeStyle loan program is very much like the FHA 203k loan guarantee program in the way it works. It is a loan that includes the purchase money and money to make the repairs on a fixer all in one low interest loan. That way the investor has the money to complete the job for sure. It...
11/21/2012
Did you bite off more than you could chew and wish you could get out of that investment property? The FHA 203k may be a way to sell it and re-coop your dignity and investment. If you sell the property how do you arrive at the sell price? Lets start with "what would it be worth all fixed up?" As a...
11/18/2012
Not just Alameda, of course, but communicating with your contractor is all important. As a 203k consultant we create the "scope of work" and work very closely with the borrower. The borrower on the other hand doesn't likely do renovation projects every day. I guess it is therefore logical for the...
11/15/2012
The FHA loan program is ideal for a buyer wanting to purchase a home or small investment property. You have the flexibility to purchase a 1-4 unit property and renovated it any way you like to make it "YOURS". I've never looked a buying a home without at least changing the carpets but this loan ...
11/14/2012
Rainmaker
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Mike Young
FHA 203k Consultant 916-758-1809