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.



What kind of foundations do we run into across with the FHA 203k loan?  Concrete perimeter foundations are typically what we find and want to find. This foundation type will typically have additional pier and posts throughout the center of the structure.    Pier and post foundation system was a t...
What is the maximum number of draws you can get on an FHA 203k loan? That depends on who you ask... shouldn't be that way but it is. It should be per the HUD guideline but most lenders dont' know how to read the guideline except the portions or parts that they want to enforce. Now  even HUD repre...
Now and then you hear stories that indicate the apprased value of a home was lower than expected. That happens now and then but you must remember that the appraiser is only giving you their "opinion" of value and that if you disagree, you can suggest other comps you feel they should have used or ...
It took 12 weeks to get my permits can I get an extension for my 203k? We can't possibly complete the construction in three months that are left on my project. Will they foreclose on my house? The Standard FHA 203k program was set up to take "no more than six months" therefore you won't get more ...
Can we use the FHA 203k program to renovate a manufactured home? We might get this question asked about a hundred times per year... that is about 8 times per month. The short answer is yes, of course provided it was built after June 1st, 1976. That is the magic date. The home must be sitting on i...
Many of you know that I have been practicing magic and ventriloquism since I was about 8 or 10  years old, A friend of mine who owns California Magic and Novelty in Martinez has a Dinner Theater and they have moved to Main Street i Martinez. I think you will have a great time there and Gerry Gri...
Are these potential for FHA 203k loan to renovate? 1) Barn sitting in the middle of a country property, that someone has converted to living area years ago, May or may not have permits, no other structures on the site. Maybe you know of one like this. 2) A warehouse downtown where home constructi...
Who recommended that contractor? We are asked all the time to recommend a contractor. Banks and loan officers are as well. They don't typically do that because it seems that if something goes awry someone always wants to sue the messenger. Lenders tell me they are forbidden to recommend a contrac...
I've been getting allot of questions re how our business is affected by the partial Gov't shut down.  FHA INFO #13-63  Distribution Date: October 4, 2013 As a result of the government shutdown, FHA Single Family has received several questions regarding our operating plans which we have clarified ...
FHA 203k FREE seminar coming to San Jose October 15th, join us Bank of America has invited me to speak to the public at a FREE event in San Jose. Rob Gilroy and I will be sharing some thoughts on the FHA 203k program. Be sure to bring your prospective buyers, skeptical sellers, investors, etc.  I...

Mike Young

FHA 203k Consultant 916-758-1809
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