203k: "Completely New Roof"
- 04/08/11 07:04 AM
This is a reblog of a recent blogpost by Jay Markanich of Jay Markanich Real Estate Inspections, LLC - A Bristow, Virginia. The article on roofing is well written and highlights many important points on examining a roof for acceptable craftsmanship and material acceptability. As a 203k lender and a rehab enthusiast I thought I would make a quick read of Jay's website. My quick glance turned into 30 minutes of enjoyable reading. Mr. Markanich articles reflect his direct experience as a home inspector. I personally enjoy reading blogs from other real estate professionals who educate others through sharing their daily application of their trade. On his site he … (4 comments)
203k: 203k Loan Origination Continues To Grow
- 02/27/11 01:47 AM
HUD has released its fiscal year-end FHA loan endorsement figures for 2010 (year ending September 31, 2010). As you can see by the chart below the number of 203k loans insured in 2010 was in excess of 22,000. Over the past five years the 203k has seen an increase in production from 2,924 loans in 2006 to 22,491 closed loans in 2010. The FHA 203k is a valuable tool for financing homes in today's residential real estate market. Take the time to learn the basics and find a team of 203k professionals (a lender, 203k consultants and 203k contractors) that can help you increase your sales production.
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203k: Why Not Buy A Duplex And Generate A Few Extra Bucks?
- 02/12/11 01:43 AM
Over the past few weeks I have been combining my blogs, 203k guidelines, links and housing studies into one website. With the website rebuild (I used wordpress Thesis and built it myself!) and the pick up in business I have not had a lot of time to blog. I hate to post blogs from my other sites but I wanted to get people thinking about buying two-to-four unit properties in todays housing market. Enjoy the read and checkout my upgrade at: 203kkc.com Last week I closed a 203k loan on a foreclosed duplex in Los Angeles. Sad to say it was the … (2 comments)
203k: Is FHA Sales Concession Max 6%?
- 01/02/11 07:56 AM
Over the weekend, I received a purchase contract with a sales concession of $3,900 or 9.75%. The purchase price is $40,000, with estimated repairs of $125,000. Sales concessions are calculated on the purchase price. In this case, 6% of $40,000 is a maximum of $2,400; the remainder of the funds would be considered an inducement to purchase, thereby reducing the amount of the mortgage dollar-for-dollar of the excess amount. Don't get confused and calculate a sales concession on a 203(k) off of the acquisition price (purchase price plus the repair escrow) instead of the purchase price. The sad part of this … (3 comments)
203k: 10 203(k) Mandatory Repairs That I have Seen Most Often in 2010
- 11/07/10 03:41 AM
As part of my education and marketing campaigns I tell borrowers all the items that they can include in a FHA 203(k) loan. Today, I thought I would take a minute to look back at this year and list the mandatory items that I have seen most often. 1. HVAC systems - some units were outdated but many were taken or stolen 2. Bathroom remodels - many were stripped to the studs, past homeowners started projects and ran out of time and/or funds 3. Busted pipes - homes were vacated by owners and not weatherized 4. Drywall replacement - replaced wall sections that had to … (1 comments)
203k: Can you spend more than $35,000 for repairs on a FHA 203(k)?
- 10/17/10 02:20 PM
Of course you can. I picked up a couple of loans this week from south Florida. Both are educated repeat borrowers and were knowledgeable concerning their renovation needs for their proposed purchases. Each had numerous conversations with local lenders who told them that $35,000 was the most that FHA allowed for repairs on a 203(k) loan. After several conversations with my customers, I realized that not one of their lender contacts had any idea that a Standard 203(k) loan existed. Many lenders today originate only the Streamline 203(k). The Streamline was created in 2005 to handle smaller rehab projects that could be handled by two … (2 comments)
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