Mike's 203k Blog
203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.
ARCHIVED BLOG POSTS
2010
What products are there for investors? The FHA 203k loan is an Owner Occupied product for the time being. Once there were investors allowed but they tended to abuse the system. Many of the non-profit entities were also riddled with fraud so there are only a handful of potential lenders who will ...
12/17/2010
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The FHA 203k loan program is actually working everywhere in the USA but in Garner NC they are just beginning to understand what others have been working on and why the hype ISN'T hype at all. The FHA 203k loan program, as we all know, is for home that need some TLC up to major renovation. Many le...
12/16/2010
Clearlake Oaks is a hot bed for the FHA 203k Loan Program and yet still underutilized in that area. When I drive through the town we see lots of very small homes right on the main drag... I'm talking homes that can't be 400 SF which is TOO SMALL to get FHA financing UNLESS you increase the size. ...
12/13/2010
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 som...
12/12/2010
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We have been providing 203k consultations since 1994 throughout Northern CA and in 1995 trained a large group of consultants in the Los Angeles CA area. There were 33 in that class. At the end of the class I got everyone's attention with "only 10% of you will actually take this knowledge and move...
12/11/2010
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You may be surprised but they aren't everywhere. We get calls from all over the country and we like to help out when we can so we look for the client and interview them if they exist to see what kind of job they offer for their fee. Since the fee is set by HUD for the most part the service is wha...
12/10/2010
I've been doing FHA 203k Consulting since 1994 and it seems that each year we open the eyes to a group of Realtors and agents only to hear "where has this great product been all these years?" That is hilarious to those of us "in the know" about the program. When I visited a home inspection group ...
12/10/2010
The magic of the FHA 203k program is a wonder to see. We have called it "The American Dream Machine" since 1994 when we rented a hall in El Sobrante, CA and provided weekly meetings. This coming Saturday is a Realtor training day and mixer in Stockton, CA with one of our teammate lenders. We hav...
12/08/2010
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Wow, long drive an on top of that it was cold, but only about 37 degrees. 12 hours each way. I need a home inspector in Modoc County. Soon.. if you know one please put us in contact. The clients are great to work with but this does give us an opening to get a consultant trained up there. Nice si...
12/07/2010
is this an FHA 203k prospect? Yes it is a 203k loan prospect if It is a small home and you would like to add on to it, or 400-600 SF homes are everywhere and a good many of them an use some updating or improvement... It is a mixed use building that you don't mind living in one of the residential...
12/05/2010
Rainmaker
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Mike Young
FHA 203k Consultant 916-758-1809