fha 203k consultant: What is a Specification of Repairs (SOR)?
- 05/02/14 01:17 AM
A HUD consultant creates a Specification of Repairs (SOR) after inspecting a property. A SOR includes all of the work that is to be completed in a renovation project. Each labor and material item is sorted, along with its cost, into one of 35 categories and labeled either “mandatory,” “recommended,” or “desirable.”
“Mandatory” repairs are defined by work that is required to bring the property up to minimum Federal Housing Administration (FHA) standards in regards to health, safety, and marketability.
“Recommended” repairs are those suggested by the HUD consultant that could provide potential benefits for the prospective homebuyer. An … (2 comments)
fha 203k consultant: FHA 203k Mortgage-The Quarterback (QB)- Part 1
- 05/22/11 03:38 AM
Peyton Manning? Are you serious? Yep- I am. I am personally a Philadelphia Eagles fan but for the purposes of this blog and what I am going to be showing you during my next few blogs I need you to understand my point. Peyton Manning is the true general on the football field. There are others in the league who might be better but no one at his peak can command an offense of 11 players. If your a Pats fan or Saints fan lets leave that aside and let me explain how this fits in with FHA mortgages and more … (5 comments)
fha 203k consultant: FHA 203K- Complete Teardown- NJ, PA, CT, DE, MD, VA
- 01/10/11 02:36 PM
A customer I am currently working with found a great piece of property in NJ but the house that was on the property was old and in major need of work. After a little research this borrower found my blog and decided that there best option for getting this house was the FHA 203K rehab loan. The first question they had was "how much can we get?" After taking the time to go through the whole process with this borrower we decided the first plan of action was to get a feasibility report from a FHA 203K consultant- this typically costs … (1 comments)
fha 203k consultant: FHA 203k rehab loans- Question and Answer- Part 1
- 01/11/10 01:40 PM
I have been receiving a high number of phone calls asking questions regarding the FHA 203k rehab loan program. So I figured what a better way to start of the New Year by creating a series based around these questions. I will try to post each time I receive at least 3 questions- which means I should be posting daily :) The questions I receive come from a variety of areas- from the simple "what is a FHA 203K" to the more complex "what is the FHA identity of interest form used for". If you do not see a question answered … (3 comments)
My blog is here to provide information regarding FHA 203K loans and conventional renovation loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!
A HUD consultant creates a Specification of Repairs (SOR) after inspecting a property. A SOR includes all of the work that is to be completed in a renovation project. Each labor and material item is sorted, along with its cost, into one of 35 categories and labeled either “mandatory,” “recommended,” or “desirable.”
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