Mike's 203k Blog

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Home Inspector - 203kOnLine.com, covering the USA - S0289
203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.

ARCHIVED BLOG POSTS

2013 

what minimum upgrades are REQUIRED on a 203k? This will show you the minimum requirements for an FHA 203k project Electrical  The electrical system must be a minimum of 100 and with breakers no fuses are allowed.  So if you're dealing with an older home that has a few system is a penny fuses or c...
04/28/2013
No inventory in the MLS for us, what properties are available are getting multiple offers and driving the cost up. This gave us the idea of looking for a fixer. We found even those weren't in the neighborhood where we wanted to live or were just too small for our family. Thus the dilemma, what do...
04/26/2013
What happens if the consultant visits the property and the entire scope of work isn't what was agreed to? What are the options? Yike's and Holy Crap as the father on "Everyone Likes Raymond" show used to say. The consultant works with the borrower to determine a "scope of work" and that "scope of...
04/24/2013
Do I need to be certified to be an FHA 203k consultant? What does this "certificate" actually do for you as a contractor? Simply this - Contractors who display this certified 203K contractor from 203Kcontractors.com have actually gone through a course to learn about the FHA 203K program, their fi...
04/20/2013
Need a pool?  While the FHA 203K loan program is for renovation of existing properties in conjunction with the refinance or purchase, most of you may know that the restriction on luxury item repair is $1500. Is not a whole lot of new tools you could install for $1500 and to be sure you would try ...
04/20/2013
Why would a Realtor recommend the FHA 203k or HomeStyle loan programs? Why not? Several reasons come to mind 1) why sell a home that needs a roof or new floor coverings when you can sell it pristine? When you're selling a home and the roof is marginal at best.  Why not have your clients get a bra...
04/19/2013
Short answer is YES there is. While investors used to be able to use the 203K loan program, that had a feature called the escrow commitment procedure, it is no longer available to investors.  The escrow commitment procedure allowed an investor to purchase a property and put the after improved val...
04/19/2013
A mechanics lien is typically placed on a property when the borrower or owner doesn't make a payment to the contractor. It's not to be confused with a 20 day lien notice. A lien notice is quite often placed on a home or project when the supplier feels it is in their best interest to let the world...
04/16/2013
Chico Association of Realtors has been kind enough to have us in for an FHA 203k update.  Time: 9 am When: This Wednesday 17 APR 2013  Where: Elks Lodge, 1705 Manzanita Ave, Chico, CA 95926 Phone:(530) 343-1431 Who will be joining me is our resident EEM expert Jeff Rasmussen who owns NOR-CAL ENER...
04/15/2013
Typically investors and people of money know the value of that money and the value of OPM. That is using Other People's Money (OPM).  Currently you may buy one home at a time and make $50,000 or hope to with each one. It takes you three months to complete the construction and then you sit on it a...
04/15/2013
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Mike Young

FHA 203k Consultant 916-758-1809
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