203k consultant san francisco: Policy Change by Wells Fargo Home Mortgage on 203k permit fees etc.... San Francisco - 02/11/12 07:05 PM
Once things are going well it seems like you would leave them alone and enjoy the ride. Not so with so many of the larger banks, however.
Wells Fargo has decided that the permit fees which are estimated, if not used for that purpose will be paid donw on the mortgage now and no longer will be moved to the contingency which has been the policy of all of the lenderws so it could be used on other improvements that may be needed.
The borrower is borrowing the money for 30 years and this money quite often can go to paying … (2 comments)
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203k consultant san francisco: FHA maximum mortgage amounts are on the rise again... hooray for FHA - 12/09/11 01:16 AM
The FHA Maximum Mortgage Limits are increasing to match the limits used earlier this year effective on January 1st 2011. That means in the high cost areas we will be back to $729,750... yahoo!
Don't forget the mixed use buildings with four residential units and fourplexes can go as high as $1.4 million. SF and surrounding counties this is your chance to move some of those mixed use and larger four unit buildings.
Also rememember it can be anything before the renovation as long as it is 1-4 units after the renovation.
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203k consultant san francisco: What is the average size project for an FHA 203k? - 09/03/11 12:33 PM
We can't speak for everyone in the USA but we think this is pretty typical for most.
We get asked all the time “what is the largest FHA 203k renovation project you’ve ever done?” Why that is important to some is beyond me but it is right at $450,000 and there were several, then we had a couple in the $425,000 range, then it drops to $325,000, $250,000, $220,000 and those are not all that common.
Then we get to the more common ones which range from $200,000 on down to $100,000 which make up about 30% of the … (0 comments)
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