203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.
ARCHIVED BLOG POSTS
The Nines Team in Lodi with Steve Ewing and Jack Mossman has a booth at the Farmers Market and they are quite informative. They have a quesiton and answer guy or gal to address various aspects or products that make the borrower more informed. We have been invited to be there to help with FHA 203...
It is so satisfying to see homes being renovated and updated with the FHA 203k and FannieMae HomeStyle loan programs. There is a place for each of them. Since they both have similar maximum loan amounts we can work in most areas now. I'm working on one old Victoria... a "painted lady" as one auth...
The concept behind the 203k originally was to "Spread the Wealth" therefore the set up some "confilcts of interest". You can't be the appraiser. the contractor, consulant and the lender, etc at the same time on the same project. Taking that a step farther when you put a 203k project together and ...
The FHA 203k loan in this case is for a purchase on a short sale. This loan as you may know is to purchase and renovagte a 1-4 unit property all in one low interest loan. No more popular than this FHA product by the way. The home has s shakeroof that is well beyond it's useful life... needs ne...
That is the question that seems to come quite allot recently. Wow, it seems also that everyone has read the guidelines... but only the part of the guideline that resonates throughout the 203k world. They are referring to the single sentence, taken out of context that says something like "...a max...
We've been training 203k consultants since 1995 for this program and it never ceases to amaze me the questions that come up during the training... We used to provide this training in a 2-day intensive training session where we ate lunch on the fly while we worked... there was no time for questi...