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
2014
FHA 203k training and HomeStyle® Renovation Mortgage training We have been training consultants, lenders, investors, and Realtors for over twenty years. Why is this post coming out? Because so many of you think this is a new program. It actually has been around since 1961. We have the #1 rated so...
12/21/2014
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FHA 203k is just another renovation loan and it works allot like the the HomeStyle Renovation Mortgage by FannieMae. What is the major difference? Simply PMI - Private Mortgage Insurance. If you have good credit and are putting 20% or more down on the property there is NO PMI with the FannieMae r...
12/18/2014
We have permission from CCR to reprint this information I thought may be of value to some of you thinking of doing larger construction projects CCR Provides 2nd Mortgage Construction Financing - Behind FHA 203K 1st Mortgage California Construction and Renovations ("CCR"), one of the largest 203K...
12/18/2014
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Many areas of the country get a bit of snow and the homes located in those areas need the FHA 203k too. I must have driven by this one house 200 times on my way to other projects over a period of a few years and watched this home in need of repair every time I went by. It stood out like a sore t...
12/12/2014
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Home inspectors and 203k consultants quite often get told this... I need my report back tomorrow... so we can close in 45 days. LOL I have one client send an order to us yesterday, the client wanted us to see it next Friday a week away... the lender wanted it sooner so we set it up for a Saturday...
12/12/2014
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What can I do when my appraisal came in too low? 1) You may be paying too much for the property - renegotiate the purchase price. 2) If it is less than 10% low you might consider switching to an FHA 203k loan, even a streamlined k, or "limited 203k" which it is about to be called will gain you up...
12/10/2014
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Renovation mortgages are simply new mortgage loans that include the renovation funds to make those needed repairs. It can be for a purchase or a refinance. The FannieMae HomeStyle® Renovation Mortgage is one of the most popular along with the FHA 203k loan program for doing this. Why would you c...
12/10/2014
Draw inspections for 203k loans have always made me wonder what is going through the minds of the contractors who ask for money when they know the work isn't completed. Here is a roof that I was told was complete and they wanted 100% of the draw amount. When he called for the draw inspection I as...
12/07/2014
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I really enjoy my work where we see homes coming back to life, quite often after many years of neglect. Looks okay from the first impression but there was no foundation under most of the home and a failed brick foundation under the remaining portion. Removing the brick foundation No foundation...
12/06/2014
I think this post by DeeDee is so important to seniors that I'm going to help get the word out for our CA clients so they can take advantage of these benefits. Since February 2010 El Dorado County has been one of only nine counties that have a Proposition 90 ordinance but the Proposition 90 opti...
12/02/2014
Rainmaker
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Mike Young
FHA 203k Consultant 916-758-1809