203k consultant alameda: Increased 203k loan limits for 2023
- 01/01/23 12:33 PM
SF Bay Area benefit greatly for Increased 203k loan limits for 2023Single family loan amount is $1,089,300 when you adjust to include the 3.5% down payment that is a home in the range of $1,128,808. Duplex loan limit is $1,394,775 and when adjusted to include the 3.5% down payment comes to $1,445,362. Triplex loan limits is $1,685,850 and when adjust to include the 3.5% down payment comes to $1,746,994. Lastly a fourplex loan limit for 2023 is $2,095,200 and adjusted for the 3.5% down payment comes to $2,171,191. That isn't to say you can't put more down. So you want to purchase a fourplex in … (3 comments)
203k consultant alameda: The FHA 203k loan is going strong in Richmond, CA
- 05/21/22 02:00 PM
The FHA 203k loan is going strong in Richmond, CAI get such a kick out Realtors who think they know all about the FHA 203k only to find they heard from someone years ago who heard from someone else that had a bad experience. Well, we have been doing this since 1994. That is 28 years this year. In 1998 I stopped doing standard home inspections and went 100% with consulting for the FHA 203k and FNMA HomeStyle® Renovation Mortgage. If you are a Realtor and need more volume this could easily be your nitche. How you ask? 1. You can sell commercial … (1 comments)
I love watching these older homes in need of TLC getting just what they need. Renewed and updated, from "just paint" to full house remodels and updating, to foundation repairs. Anything is possible with these programs. What other profession can you see, first hand, homes that are falling apart get new flooring, fresh paint, roofing, windows, and all kinds of other repairs and see it transform right before your eyes? It is my opinion that most ever sale should be a renovation loan and they now go all the way up … (0 comments)
203k consultant alameda: 203k consultant in Oakland CA
- 05/09/17 09:11 AM
203k consultant in Oakland CA Oakland has been a stronghold of renovation loans for many, many years. Whether you use the Standard 203k renovation loan that allows your imagination to run wild or the Limited 203k for non structural issues and minor construction issues makes no difference. When you say "203k consultant" you automatically think about the loan officer who can put these loans together on the lending side but the actual 203k consultant is guy on the ground that works with the client to create a scope of work and then bids the job so the client has a reasonable expectation of … (1 comments)
203k consultant alameda: Can I do a renovation loan after another renovation loan?
- 03/08/17 08:47 AM
Can I do a renovation loan after another renovation loan? Quite often a buyer will do the "bare minimum" renovation on their new home which is likely a mistake in the first place. Then after a year or so and the rest of the worked they thought they would do just never got done. Wow, so many times, they get busy with their lives and just don't find the time to do all they planned. Surprise, surprise. Actually it isn't a surprise at all. They were likely counselled on this very thing happening. We see too many times that the clients either have … (0 comments)
203k consultant alameda: What does a draw inspector for an FHA 203k project do?
- 03/01/17 05:49 PM
What does a draw inspector for an FHA 203k project do?The "consultant" has a couple different rolls and it is easy to get them confused and they do get confused all the time. 1) As a consultant, we help the client create a scope of work so all of the contractors can bid the same list. It creates less confusion and if the specification is written well enough no one will have any questions. The more detail, model numbers, etc that the borrower can supply up front the better the project will flow through the completion. During this time we work exclusively for … (0 comments)
203k consultant alameda: Renovation loans are great but not all contractors are doing their job
- 06/12/16 03:08 AM
Renovation loans are great but not all contractors are doing their job Did you ever have a contractor on a 203k project that really impressed you? Everything about them was great. Well funded, great demeanor, just all around a great company to have on your projects. Then something changes, one after another the jobs they are on are falling apart, they no longer satisfy the clients, none of the clients. Not just your clients but all of their clients. We sometimes recommend contractors to clients that have shown responsible behavior in the past, that is no indication that they will continue to do so … (5 comments)
203k consultant alameda: Since 14 Sept 2015 with FHA 203k
- 03/10/16 12:24 AM
Since 14 Sept 2015 with FHA 203k The "new" guideline has some good things inside for those who like Mixed Use buidlings as I do. The guideline used to be that we had to maintain no more than 25% commercial on a single story building, no more than 49% on a 2 story and no more than 33% for 3 or more stories. We now have had simplified to the structure may be 51% residential regardless of the number of stories, and the commercial use is restricted to the first floor only and cannot adversely affect the residential use. In other words it … (0 comments)
203k consultant alameda: What does a consultant do for their fee?
- 02/03/16 01:38 AM
What does a consultant do for their fee? Some lender clients must think it is a matter of a site inspection, end of story, you can do that in a day, right? I'm sorry but that isn't what we do as 203k consultants. Our job description is to make a site visit, looking for health and safety issues, and items that would affect the structure's ability to last as long as the mortgage, then to add whatever else the borrower's may want to add to make this property "theirs" in ever sense of that word. We then work with the borrower(s) to come up … (1 comments)
203k consultant alameda: What is your consultation fee?
- 03/05/15 01:52 PM
What is your consultation fee? That is nearly always a question that gets asked. Well, it is on our order form to make it easy for you to fill out your GFE - Good Faith Estimate of fees and charges. We have attempted to make it so easy and efficient. If you are a lender placing the order and you have ordered before with the same company, you need not fill out all the company information each time, your name and phone number are sufficient. Save yourself some time. It is however a great asset to be able to copy and paste the information on the … (5 comments)
203k consultant alameda: What is the maximum number of draws on a 203k project?
- 02/19/15 05:09 AM
What is the maximum number of draws on a 203k project? I have had a major lender turn down a loan when our contractor requested 10 draws @$30,000 for a $300,000 construction amount. I set in on a Denver HOC web-cast as I thought we would get some new input or incite. Sadly they were merely reading from the 1994 manual, and mis-reading this portion as so many do. 4240.4 Rev-2 states "Intermediate draws (four maximum) [and one final draw] are inspected by the HUD assigned fee (or DE staff, where applicable) inspector (see paragraph 4-9)." It goes on to state "If the cost of rehabilitation exceeds … (3 comments)
203k consultant alameda: How would you like to list this home in Berkeley?
- 02/17/15 11:48 PM
We were completing a 203k project a while back and the contingency reserve hadn't been used at all. The contractor stayed on budget... that is a first, just kidding. The home owner called me and said the contractor had agreed to paing the entire exterior of the home for the money left in the contingency. Would it be okay to do that? Sure thing. The criteria is that the use of the contingency money must result in a dollar for dollar increase in value versus the money spent. Who would have thought to ask what color are you thinking of painting … (0 comments)
203k consultant alameda: What is the FHA MPS regarding a floor furnace?
- 11/25/12 11:22 PM
I have a house with a floor furnace, can we keep it or must it be replaced with another type of furnace? The following information is true of FHA loans in general and not limited to the FHA 203k. The floor furnace issue has been a misunderstood issue for as long as I can remember. The simple test that I have always used to determine if it must go or can it stay is "does it exist in a walkway or not?" In a walkway...mmm. Can it be located in a hallway and NOT be in a walkway? Yes it actually can be provided … (2 comments)
203k consultant alameda: Communicating with your FHA 203k contractor in Alameda CA
- 11/15/12 11:22 PM
Not just Alameda, of course, but communicating with your contractor is all important. As a 203k consultant we create the "scope of work" and work very closely with the borrower. The borrower on the other hand doesn't likely do renovation projects every day. I guess it is therefore logical for them to come to the "203k consultant" when they have a problem with the contractor. Last week was the week of communication with your contractor(s) apparently. I must have had four or five clients wanitng me to hear their story like it was the only time this has ever happened... Good … (0 comments)
203k consultant alameda: 203k draw inspection contractor payments
- 11/11/09 10:32 AM
203k draw inspection contractor payments We just received a draw for one of my clients in five days including a weekend... that is 3 working days... that is fantastic for Wells Fargo... You rock. Whatever you are doing, keep it up. We in the 203k consulting and lending world appreciate your fine efforts in getting on top of that situation. We know you were hit hard and had to respond and you have... We are proud of you. Last week I had a call from a Wells Fargo loan originator who told me they were now able to close them much faster than … (0 comments)
SF Bay Area benefit greatly for Increased 203k loan limits for 2023Single family loan amount is $1,089,300 when you adjust to include the 3.5% down payment that is a home in the range of $1,128,808. 
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