203k consultant: 203k loans are doing well in San Diego - 09/15/22 12:54 PM
203k loans are doing well in San DiegoWhere do you go for an FHA 203k loan in San Diego County? Many times the new guys in town can close loans faster than the old timers as they don't have all that bureaucracy to deal with. So, who is the "new guy in town"?
Give them a try and tell them Mike Young Sent you
downtown 3-11-2023

203k consultant: Learn more than you thought about FHA 203k loans - 08/02/22 11:09 AM
Learn more than you thought about FHA 203k loanshttps://203konline.com/f/i-guarantee-you-will-learn-something-you-didnt-know
I guarantee you will learn something you didn't know about the FHA 203k and how you can benefit from those items.

203k consultant: Wisconsin 203k consultant - 05/18/22 11:07 AM
There aren't that many Wisconsin 203k consultans and it is clear the need is there.
Jon Hempel has been received with open arms and his goal is to give every 203k project his full attention. The fastest way to close your loan is to get the consultant out there first. 
The proper order of events should be:
1. Get your client pre approved by a lender/LO.
2. Call the consultant and get the consultation ordered. Borrower and consultant work together to create a "scope of work".
3. We can do the home inspection too if you are going to get one and we can do it … (0 comments)

203k consultant: What's in it for me - The Realtor? - 05/16/22 10:35 AM
What's in it for me - The Realtor?Isn't that what it is really all about? Who cares how much experience you have or how many projects you completed, it is all about the next one, the one you are doing right now. 
How about closing your next 203k loan closed in short order... less than 30 days? Would that be of interest to you?
If you do it by the book rather than by what you may have been told you should be able to do just that. 
1. Consultant is the first person on the job. [many lenders want a bid first thinking … (0 comments)

203k consultant: 203k - Experience Counts - 05/16/22 09:45 AM
203k - Experience CountsLike anything else experience counts. I was talking with someone the other day from Sacramento when I had to think back to when we started doing FHA 203k consulting. It all started in 1994 when HUD created 203k consultants. We did about 20-30 that first year just in the Sacramento juristiction. Then year after year we did more than a hundred each year in that area and sometimes  as many as 250-300 per year just in the Sacramento area.  That is 28 years serving this community.
One of the most interesting onces we did ever was a sale for … (0 comments)

203k consultant: Increased 203k loan limits for 2022 - 12/02/20 12:32 PM
Increased 203k Loan Limits for 2022
Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2020-41, 2021 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured Title II forward mortgages. These new loan limits are effective for case numbers assigned on or after January 1, 2021, through December 31, 2021. Read today’s Press Release.
This year, the Federal Housing Finance Agency (FHFA) increased annual loan limits by 7.42 percent for Calendar Year (CY) 2021 based on changes to the national median home prices. Therefore, FHA’s “floor” and “ceiling” loan limits will increase from $331,760 and $765,600 in CY 2020, to $356,362 and $822,3751, respectively, for … (0 comments)

203k consultant: FHA 203k or HomeStyle® Renovation Mortgage in Millersville MD - 11/11/20 01:04 PM
FHA 203k or HomeStyle® Renovation Mortgage in Millersville MD or anywhere else for that matter.
How do you choose which renovation loan is best for your client? Lets look at some of the main differences.
1. PMI - Private Mortgage Insurance is mandatory with the FHA 203k and it doesn't go away vs the potential for NO PMI for the FNMA HomeStyle® Renovation Mortgage. The FNMA product can have PMI if you don't put down the 20% which is typical but they also have a reduced PMI of you put down smaller down payments under 20%.
2. The type of work you are doing … (1 comments)

203k consultant: 203k alive and well in Auburn CA - 11/10/20 10:40 AM
203k alive and well in Auburn CA
We have been doing 203k projects all over the USA now for about twenty-six years. I remember one in particular that was located in Auburn CA that had a failed foundation. It was raised up about 4" high with a Y shaped crack that was also about 4" wide. The borrower's had bids that ranged from $60,000 to $95,000 when we were called out to inspect the project for a 203k loan.
I had heard about a company that would level a home like this and fix the problems with their patented process of installing "push … (0 comments)

203k consultant: Realtors - Would you like to sell every house you show? - 04/09/18 10:19 AM
Realtors - Would you like to sell every house you show?
Why not, if you learn how to use the FHA 203k the way it should be used by Realtors you should be able to improve your % of conversions dramatically.
Currently you might take a client out to see a few homes... have them make a list of the items they liked and what they didn't like about each one... or only one. 
That list of things they don't like becomes the basis of your 203k loan or HomeStyle® Renovation Mortgage. This is your "Scope of work" all those items that is holding them … (0 comments)

203k consultant: Who orders the draw request for an FHA 203k project? - 07/12/17 02:15 PM
Who orders the draw request for an FHA 203k project?
Who's draw request, a request for money, is it? It is the contractor's draw request. The contractor would typically know more than anyone when they are in need of some cash flow to keep the project going strong.
So, I get a call from the contractor, "When can you be out for a draw inspection?" he says. I can be there in twenty minutes was my reply. NO, that is too soon. How about this coming Friday. I agreed and copied the borrower's. It is always nice when we are all there together. This … (0 comments)

203k consultant: You got me... - 12/31/16 09:52 AM
Received a message on my phone about a 203k loan draw inspection needed on Christmas Day in Modesto... no address, no name, just "this is the contractor on the job in Modesto, need an inspection at 3 pm today, I know it is Christmas Day but I really need the cash flow."
I was mystified and was laughing while thinking what a dufus the contractor must be to request it that way. I'm in Charlotte NC he is in Modesto CA...
About an hour later my son-in-law shares that he placed that order for the draw inspection. HA HA. 
I have another client last … (3 comments)

203k consultant: Sometimes the borrower can be his own worst enemy - 10/19/16 01:35 AM
Sometimes the borrower can be his own worst enemy
That is right. I have a project going on right now. The borrower continued to get in the way, remove drywall on his own that wasn't in the scope of work. Remove the kitchen cabinets that wasn't in the scope. Both of these things became issues when the inspector came by and wasn't pleased. In fact it uncovered some sub standard framing in this old house that caused the inspector to want all of the drywall removed. 
If you want this kind of stuff completed, include it in your scope, yes, it will make the … (0 comments)

203k consultant: How long should it take to close a renovation loan? - 10/02/16 05:08 AM
How long should it take to close a renovation loan?
That is a great question. I guess it depends on who you talk to. There are allot of lenders out there that profess to do 203k loans and they likely can... BUT that doesn't mean they can close them fast does it? Nope, you all have been caught up in this at one time or another if you  let the client run the show. I recommend that you do your homework and find out who can actually close these loans on a consistent basis. 
I know some who can close in 21-30 days on … (5 comments)

203k consultant: 203k Loans & HomeStyle® Renovation Mortgage Loans - 06/28/16 02:05 AM
203k Loans & HomeStyle® Renovation Mortgage Loans
What is the difference to they layman?
About 20 out of 100 RE agents and brokers actually know about the FHA 203k loan and what they actually know you could fill a thimble in most cases. There are a handful that actually take advantage of the program and NO ONE takes advantage of the entire program capabilities. 
Example: No one is taking advantage of mixed use buildings for their clients who want to purchase that commercial property with only 3.5% down payment. 
This property sat vacant for the longest time. Now it seems to be occupied but they … (0 comments)

203k consultant: Living on a Taxiway - 04/24/16 02:50 AM
Living on a taxiway isn't for everyone but when you have the chance to buy the only home in a community that backs to a taxiway that doesn't have a hanger yet... yep, my client picked it up.
Personally I don't think I would like to listen to planes landing and taking off or even running down the taxiway. 
This client loved it however, and it wasn't too bad. During our inspection we only heard two planes, actually it was likely the same one, taking off and a little while later landing. You should have seen the excitement in his face when it … (0 comments)

203k consultant: I thought I had seen it all... 203k loan - 03/04/16 01:57 AM
I thought I had seen it all... 203k loan
I can't believe what I was hearing the other night. The client called me at 8:30 pm. I don't take calls that late. I emailed her back and asked what her call was about... she emailed back and said she would talk to me the next morning. 
She called before I got out of bed and before 8 am... apparently it must be very important. I answered the call. LMAO. She wanted to complain about the contractor which some do. But this complaint was unique. She complained that the contractor was working too fast, … (0 comments)

203k consultant: The consultant doesn't do a home inspection - 02/21/16 11:25 AM
Right from the "new" guideline
The Mortgagee (lender)  must obtain a written agreement between the Consultant and the Borrower that fully explains the services to be performed and the fees to be charged for each service. The written agreement must disclose to the Borrower that any  inspection performed by the Consultant is not a “Home Inspection,” as detailed in the disclosure form HUD-92564-CN, For Your Protection Get a Home Inspection.
Wow, that is amazing. HUD requires we are licensed as home inspectors and then states what we do isn't a home inspection. In fact every time we conduct an inspection and don't disclose this is NOT a home inspection … (3 comments)

203k consultant: I have a vacant lot, can I move a home to this new site with the 203k? - 01/02/16 10:36 AM
I have a vacant lot, can I move a home to this new site with the 203k?
I've always found it interesting to see a home going down the street on it's way to another site, just waiting for someone to throw some dish water out the back door... lol , not really
In the case of moving a home from one site to another several things must be present to qualify for a 203k loan.
1) The house being move must be on it's original foundation. It can't have been moved already to a storage site while awaiting a lot to move it to.
2) … (0 comments)

203k consultant: 203k Consultant Seattle WA - 01/02/16 04:30 AM
203k Consultant Seattle WA
When do you need a 203k consultant? Every time you have a 203k loan.  Why would you want a consultant on a Limited 203k? They represent 98% of the problem 203ks, would be a good indication that something isn't working without a consultant. 
What does a 203k consultant do? They meet with the client at the site and provide a property inspection that meets the minimum guidelines. You may want a full or standard home inspection but that is your choice not your obligation. The consultant will then work with the client to create a scope of work that gets … (0 comments)

203k consultant: What does your schedule look like? - 12/21/15 12:04 PM
When I was in the sheet metal manufacturing business my clients would place an order for whatever they needed and we would deliver it. I never had one of them call me to ask "what does your schedule look like?"
I have yet to call the grocer to see if they have groceries before I go shopping. Maybe I'm missing something. I'll call Baskin Robbins and see if they have my flavor before I go have some ice cream. 
How about if I call my Realtor and say something like "I'm thinking about buying a house, what does your schedule look like?", then keep asking … (3 comments)

Mike Young, FHA 203k Consultant 916-758-1809 (203kOnLine.com, covering the USA)

Mike Young

FHA 203k Consultant 916-758-1809

Stallings, NC

More about me…

203kOnLine.com, covering the USA

Address: Wherever you need us to be, Fairfield, CA office, Las Vegas, NV, 89122

Office: 916.758.1809

Mobile: 916.758.1809




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