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rodeo: 203k - what is it? - 02/26/12 07:23 PM
The FHA 203k loan guarantee program is a standard FHA loan (203b) with an additional “construction” component. That is to say you can purchase or refinance a property and get the money to renovate the property all in one low interest loan.
The lender actually loans their own money with a guaranteed from FHA that the loan will be paid in full under the terms of the loan or FHA will pay off the loan and take the property back.
The unique thing about this loan program is that it includes low interest, fixed interest. and money for the renovation all … (2 comments)

rodeo: What does your client get for that “203k consultation fee?" - Hercules, CA - 02/19/12 08:12 AM
 How is a Home Inspection different from a “203k compliance inspection”?
A home inspection is a wonderful tool that every home buyer should use when purchasing a home. It puts the client at ease in many cases. Most people don’t buy a house every day and many only buy one their entire life. I had an Aunt and Uncle that got married on the ship one the way to America around the turn of the century, settled in Richmond CA and never moved from that spot. There is a lot to be said about that but that is another story.
 Let’s … (0 comments)

rodeo: What is the biggest problem with a Streamlined 203k? - 11/18/11 06:22 PM
The biggest problem is getting a contractor out to bid the job in a timely manner. 
In 2005 the FHA came out with the Streamlined k loan program. Light work, but included roofing, updating of bathrooms and kitchen, flooring, paint, etc, just no structural issues. It took off like a lightning bolt. Now, six years later there is allot of talk about lowering the construction amount to $10,000 (nothing formal as yet). This is being considered as too many of the Streamlined k loans are going south.
It sounds easy, just get a couple contractor bids and close the loan... lol. … (2 comments)

rodeo: 203k can save the deal - 03/03/11 10:58 AM
The appraisers these days are not always bringing in the values that the buyers and sellers have agreed upon. I remember years ago when in Berkeley they were having auctions to sell property. They would put out a price that was clearly to cheap to sell the home and say they would have the auction Saturday at 2 pm. Lots of people would typically show up & the auction would begin. I would watch as 15-20 people would be bidding more than the home was worth and the top bid got the deal. Try to appraise it when it sells for … (3 comments)

rodeo: How do I choose an FHA 203k consultant for my client? - 12/12/10 12:56 PM
 
What do you need to look for when choosing an FHA 203k consultant for your client? That is a big question that requires careful consideration.
About ten years ago HUD came out with a “Notice” that all consultants are supposed to read to their client at the time of the consultation. It reads something like this “The local HUD office does not warrant, accept liability or responsibility for the competence of the Consultant or the quality of the work product the consultant may perform for the Borrower(s).”
When you are seeking a 203k consultant you want to know 1) How … (0 comments)

rodeo: Buy a fixer and KNOW the cost to fix it up in Richmond CA - 11/29/10 12:47 PM
Are you an REO listing agent? Would you love to know what the repairs would be on one of your fixers? Would that help you get that property sold? Of course it would.
We are offering you the chance to do just that if you have up to ten REO properties that need work we will send our crew into those homes for you and give you a "feasibility analysis" absolutely FREE. That is correct, not cost to you, however we do ask that the lender's name, contractor's name and our name be left on the paperwork so we have the … (0 comments)

rodeo: Appraising an FHA 203k properties in Stockton or anywhere else for that matter - 11/27/10 01:43 PM
I appraised these 203k loan projects from 1992 - 2004 and since I was already a home inspector and a 203k consultant it was easy for me to understand the process. HUD actually called me one time to go to Alabama and provide instruction to the AI group there in Birmingham I think it was. There are a good many appraisers out there that certainly know what they are doing but I get asked to speak at AI groups now and then and it is amazing some of the questions we get from the floor that tells us there are quite … (0 comments)

rodeo: 203k seminars Concord and Hilltop Richmond - 10/27/10 05:59 PM
Last night in Concord, CA we had a small group but lots of questions, I think we opened some eyes to the 203k, one contractor rep came that turned out is representing a contractor that used to do quite a few 203k projects for us throughout the 1990's and that was fun. Ray Luna will be stopping by my office on his way back from Antioch this afternoon. Ray was a top notch contractor and does excellent work in the entire bay area and up to Sacramento. It is fun seeing people you knew years ago are still doing well in … (0 comments)

rodeo: 203k is heating up - 03/25/10 08:46 AM
I'm hearing chatter all over the country about how everyone is picking up business. That is great. All you people who are adding "Perfect for the 203k" is really working. thank you for your cooperation and participation. If you aren't already doing so please start. if your listing is a fixer put it in your listing that this is "Perfect for a 203k". What this does it tells everyone that this is a fixer but it says a lot more. It also says this is low down payment, owner occupied (great for condos by the way where you want owner occupied … (0 comments)

rodeo: 203k is getting better Vallejo - 12/23/09 08:21 PM
Wells Fargo is the champ at the moment. I'm seeing contractor draw payments in 2-3 days. Prospect Mortgage is going to start making the first draw on a streamlined 203k at close of escrow in January... they are already one of the largest 203k lenders in the nation. That will move them strongly into second place I believe. Lots of independent FHA lenders out there... smaller banks etc that can close them pretty fast. Don't discount the little guys. 
I had a strange call tonight. She said she was a borrower gathering info.. .sounded a little more line an interview for … (0 comments)

rodeo: 203k Teamwork Hercules - 03/18/09 07:32 AM
now and then you hear about a 203k loan that went wrong. I'm not going to sugar coat anything here but most of those could have gone right had they been working with a "TEAM" of experts who know what they are doing. A team is like a well tuned engine.
You don't have to be an expert if you work with experts. If you haven't done a 203k before then look for a team that in place who has closed some. If you are a lender looking to do your first 203k call a consultant and use a team they … (0 comments)

 
Mike6 Rainmaker_large

Mike Young, 203k Consultant 707-812-7668

Roseville, CA

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203kOnLine.com

Address: We cover northern CA from our, Fairfield, CA office, Fairfield, CA, 94534

Office Phone: (707) 812-7668 x 203

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