san francisco: Menlo Park renovation not necessarily a 203k
- 08/25/15 01:12 AM
Menlo Park, Redwood City, Palo Alto, East Palo Alto or anywhere else in the country for that matter.
There are serveral options for your next renovation project or remodel project.
FHA - The FHA 203k loan has been around since 1961 and stil is one of the best options for the masses. It is the easiest loan to qualify your buyers, recent bankruptcy can be explained in many cases, low down payment of 3.5% on a purchase, sometimes nothing down on a refinance if there is equity. Work in progress is okay.
This loan program is good for any single family home [Loan amounts up to … (5 comments)
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san francisco: Who can actually close a 203k loan fast in SF Bay Area?
- 07/16/14 01:28 PM
Who can actually close a 203k loan fast in SF Bay Area?
There are lots of lenders who profess to be able to close a renovation loan quickly and then there are those who actually do close them quickly. But remember it isn't all on their shoulders, your client or the client must take an active role in getting their financial data to the lender promptly. The clock starts ticking once that info reaches the lender.
It is all about the team you put together when it comes to closing loans fast or faster than the competition. What is the average number of days … (0 comments)
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san francisco: Skyline Boulevard 203k projects - why not?
- 03/06/14 10:49 PM
I love it when I do a talk on the benefits of the FHA 203k or the FannieMae HomeStyle Renovation loan program and they typically get notoriety at the same talk. The fun comes when a Realtor or two tells me that the home values are just way too high for those type loans to work and our clients typcally have the ability to purchase with all cash.
This was a 203k purchase
It was over a million with the construction and, yes, the buyer could have paid for it all without any loan. Like most buyers with money, they like … (0 comments)
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san francisco: Typical or common FHA 203k projects might look like these
- 03/02/14 09:08 AM
What does a typical 203k project look like? Here are a few that we saw in the past year...
SFR south of San Jose. Needed a new roof, heating system was well beyond it's useful life. Vegitation growing all over the home... clinging vines, dated kitchen and bathrooms. Seller ignored repairs for years thus a lower than typical sales price would be in order.
Duplex northease of Davis. Lack of typical maintenace over a long period of time caused damage to wood members that might have been avoided with normal owner preventive mainteance. Seller should eat the loss here as this … (2 comments)
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san francisco: FHA 203k Officer Next Door program Idyllwild to San Francisco
- 05/28/13 02:27 PM
FHA 203k Officer Next Door program Idyllwild to San Francisco 50% discount off the appraised value for Police Officers, Firemen, and EMT officers on HUD homes.
Police Officers, Firemen, and EMT officers are in charge of keeping our streets safe and helping our citizens. The FHA 203k Officer Next Door program was designed to help Police Officers, Firemen, and EMT officers in targeted neighborhoods who purchase HUD foreclosed homes at a discount. There are a number of "low down payment" properties and other fixers that are HUD owned and they all have appraisals on them to identify the "as is" value for … (2 comments)
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san francisco: FHA 203k projects for Non Profit Organizations
- 05/13/13 02:07 PM
FHA 203k financing for non profit organizations Learn who will finance your non profit to purchase and renovation properties as well as how to find some great low down payment properties.
Reasons a non profit might want to renovation homes There are a number of good reasons for non profits to do the FHA 203k projects. We have a lender who will actually work with non profits right now and available in all fifty states.
Benefits to the non profit Put some profit in the till for the main purpose of your non profit Improve properties in your neighborhood Provide … (1 comments)
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san francisco: Mixed use buildings from Los Angeles to San Francisco
- 11/14/12 12:15 AM
Yes, in case you were wondering, we got a call yesterday from someone in the Los Angeles area inquiring about a loan for a Mixed Use property. I really like this type property for a entrepreneur who wants to live close to their place of work or a new investor who can get their feet wet in a mixed use setting. They should want to live close to their investment for sure.
I had another one very much like this one where there was a storefront in a separate building that faced the main street in Vallejo, CA and on the … (0 comments)
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san francisco: Commerical Mixed Use Loan vs FHA 203k in Concord and Los Angeles
- 11/12/12 02:45 AM
Why not use an FHA 203k to finance your next Jumbo Loan and get the money to renovate the property or make necessary changes at the same time?
Loan limits for mixed use and a fourplex are the same and include
Two unit property Three unit property Four unit property
This is true in Concord (CA), Los Angeles, and all areas considered by HUD … (0 comments)
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san francisco: What do these homes have in common? Oakland To Roseville
- 09/12/12 03:50 PM
This is a duplex or is it. There are two meters, two distint living area, separate entrances, gee, it smells like a duplex, looks like a duplex, has all the attributes of a duplex.
Isn't it interesting that the city of Oakland thinks it needs a new permit to keep it a duplex even though a couple years ago it would have been considered grandfathered and this would be a non issue.
The new issue is that NOW they need to send the fire department out to see that there is a 24' wide access road to get their equipment … (4 comments)
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san francisco: 203k consultant approval in under four days
- 08/16/12 11:49 AM
203k consultant approval in under four days Wow, HUD is getting very good at the approval process. There has been a distinct change of late in the approval process likely due to the larger number of FHA 203k renovation loans being processed but we are seeing several new consultants being approved in four days and less. I remember when Carlton Segars from Columbia SC applied it took him about ninety days to get approved. While his was unusually long these latest ones are just as unusually FAST. I love it.
Another item that we see happening from all of the HOC's … (16 comments)
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san francisco: 203k and contractors from Bound Brook NJ to San Diego CA
- 08/07/12 02:12 PM
Contractors can actually get business within a few weeks and lots of it by using the 203k loan guarantee program
Learn the secrets of getting more 203k work. Most of the work is Streamlined k.
As such most of it is paid 35-50% up front and the balance upon completion if you concentrate on the Streamlined (k) and if you want larger projects you will work the "Full 203k" program (sorry no upfront money on this one)
CAUTION: Don't get trapped into thinking the Streamline k is going to be the answer to all your woes as it might be a problem child, Many of the … (2 comments)
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san francisco: Can my lender really get an FHA 203k loan closed?
- 03/06/12 11:52 PM
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)
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san francisco: Limited 203k vs Full 203k what is the difference? Dallas to Seattle
- 02/28/12 11:59 AM
Limited 203k loans are for light weight repairs with no structural repairs. Many of the “Limited 203k lenders ONLY” look at a termite report as disqualifying it for a Limited 203k loan. There is no special qualification for an FHA lender to add “Limited 203k” loans to their offering. There is a plethora of this type lender but now and again, it can bite you and them as late in the game it is discovered there is a structural issue that makes it a “full or standard 203k loan”.
If the appraiser goes through the home and finds so much as one item … (3 comments)
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san francisco: Live/work and the FHA 203k loan program
- 08/12/11 10:34 AM
I've written about a warehouse over the years in a neighborhood where the zoning changed as we watched residential uses move in all around it.
I had the pleasure today of stopping by and seeing one we did many years ago out of curiosity. This is what I found:
You can see it was a warehouse and now is a very nice live/work and two units. I saw the door was open and stopped in to see if it was still how we had left it to find the original buyer(s) sitting in his office working away. It was fun to get reacquainted … (0 comments)
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san francisco: 203k training for lenders
- 03/08/11 04:34 PM
We have been very surprised by the great response we are getting from our lenders regarding "lender training" which we recently added to our list of services. We have been training consultants since 1995, contractors were added to the mix in 1998, and most recently we added the lender training. Lenders get all of our marketing materials to help them get their 203k loan programs off the ground in a grand style.
Remember it has always been a more powerful concept to make joint calls with your consultant and lender calling on Realtors and agents to let them know the many … (1 comments)
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san francisco: 203k for Owner Builder in Oakland
- 03/04/11 04:07 AM
Believe it or not there are a lot of builders that buy homes to live in and they want to do the work for themselves and save the money. We call it "Self Help" and it is frowned upon by most lenders and for valid reasons.
1) The owner builder will stop their own job in a heartbeat if they get busy with paying work... yep, said but true.
2) They quite often will do their own work without the same demands for perfection that they would give their customers.... hard to believe huh?
3) There is just no sense of … (2 comments)
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san francisco: 203k - The sleeper
- 02/12/11 03:32 AM
It will never cease to amaze me how few people have even heard of the FHA 203k loan program. It also makes me wonder how they have been in business do long and NOT known about it. Then you have those who know absolutely nothing about it and tell everyone else it is a bad thing... loll Yes, there are those out there that don't want anyone to do a 203k loan as they heard from someone years ago that had an issue. I guess if those same people ever had a fender bender they would never drive a car again. … (4 comments)
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san francisco: 203k wholesale lenders Nationally
- 06/13/09 10:41 AM
203k wholesale lender is about ready to take on new customers. they had to cut it off for a short time as they ramp up due to getting more business faster than they expected. We all expect to be successful but with Tom entering this new venture he was very excited to do so much more than they anticipated so fast. Tom has lots of experience running a wholesale operation and will do well. He asked that I wait another week prior to telling my customers and consultants about him so I'm waiting. it isn't easy, but I'm waiting. This is … (1 comments)
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san francisco: 203k Spread the Wealth from Charlotte to San Francisco
- 03/24/09 11:21 AM
The concept behind the 203k originally was to "Spread the Wealth" therefore you can't be the appraiser and the consultant, contractor, or the lender, etc.
Taking that a step farther when you put a 203k project together and are putting the work out to bid... make every attempt to use contractors who are in the neighborhood where the home is or hire from that neighborhood. An investment in a home is a big investment. If you want the neighborhood to thrive you must "support it" by shopping locally for your needs so the money 'turns over' at least three times in that neighborhood.
When … (0 comments)
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Menlo Park, Redwood City, Palo Alto, East Palo Alto or anywhere else in the country for that matter.
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