203k loan: Columbia SC is ripe for 203k renovations
- 01/09/24 03:02 PM
Columbia SC is ripe for 203k renovations
We have been doing FHA 203k renovation projects in and around Columbia SC for over twenty years now. Thank you all who have made us the largest consultant in South Carolina for many years now. We appreciate you.
We have done minor repairs and full home renovations. This photo is typical of what we find in older homes, we just rewire the entire home and upgrade the main service panel if needed. In the days when this was popular many times they only had a 30 amp breaker serving the entire home.
We can do retaining walls, … (0 comments)
|
203k loan: HUD FHA 203k Consultant Spartanburg, SC
- 12/17/23 09:53 AM
HUD FHA 203k Consultant Spartanburg, SCWe find consultant's all over the USA. I have found it interesting for so many years now that I continue to get calls and inquiries for our office in Spartanburg SC like it doesn't exist.
I mean loan officers contact me and tell me they can't find any consultants in Spartanburg and wonder if I could help. Of course, we can help, we have an office in Spartanburg. It has been opened now for about 20-25 years I believe. So it isn't an issue or a problem to handle your next renovation project there. I guess I'd … (0 comments)
|
203k loan: Can I use the FHA 203k program to build a garage?
- 12/07/23 10:19 AM
Can I use the FHA 203k program to build a garage?The short answer it "Yes you can". If there is no garage or if there is a one-car garage you can certainly add a garage with this program. The photo is one we did in Newcastle a few years ago. It can even be the only work done on a project if that is all that is needed. In this case they had a wood deck that also provided some protection as a carport underneath. So there was no garage.
We had another one in NC in 2008 where the home was … (1 comments)
|
203k loan: FHA 203k White Pine County Nevada
- 11/16/23 10:22 AM
FHA 203k White Pine County Nevada
We have stayed at this hotel a few times, our dog loves to come down the elevator and she knows just which way to turn to get out to the dog relief area. We drive up from Las Vegas and stop here in Ely then sleep over, the next morning we head to Elko to do our work. We have several FHA 203k projects going in Elko NV at this writing.
In any case Ely NV is ripe for renovation loans. That isn't a bad thing, it is just a fact. There are many homes that … (0 comments)
|
203k loan: 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.
… (1 comments)
|
203k loan: Baker uses 203k projects
- 05/13/22 11:52 AM
Baker uses 203k projectsNot that kind of Baker however. How about Baker CA and surrounding communities.
This is a hot bed of potential FHA 203k sales. What do you look for?
1. Homes that are more than 12 months old that need any amount of work.
2. Older homes that need major work.
3. Neglected home that need TLC.
4. Commercial properties that you can add residential use to and by doing so purchase that commercial property for 3.5% down payment.
5. Warehouse(s) that you can turn into Live/Work.
6. Investors - buyer purchases a 4-plex, fixeds it up, rents two out to pay the mortgage payment, uses … (1 comments)
|
203k loan: How many 203k loans were processed last year?
- 04/28/19 10:59 AM
How many 203k loans were processed last year?
We get asked this from time to time. The answer can be found for the past several years at https://apps.hud.gov/pub/chums/f17fvc/203k.cfm this is a government website. I once was at a live meeting in DC where HUD then director was telling us that HUD had more hits to it's website than any other government website had. I raised my hand and explained to them that the reason was that they wasted so much tax payer money on changing the URL's so often you can never find anything twice and you have to search for it again and again … (0 comments)
|
203k loan: 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 loan: 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 loan: Why is it good to actually place an order vs a phone call?
- 08/16/16 04:42 AM
Why is it good to actually place an order vs a phone call?
Interesting phenomenon exists, lots of people like to call the order in to the boss. Lets look at what happens.
1) The boss isn't always available, staff is likely available.
2) The boss has to remove himself from the work he is doing and become an order taker. While this may make you feel better, lets face it, could this be the best use of the boss's time? Likely not.
3) The staff who would normally take their order and create the paperwork are sitting on their hands waiting for the order that … (0 comments)
|
203k loan: Whatever could go wrong, likely will go wrong in Construction?
- 07/02/16 03:09 AM
Whatever could go wrong, likely will go wrong in Construction?I love this story on how not to do a renovation project. A few years ago one of my best contractors for many years. An easy going guy to say the least. He had an FHA 203k loan project in Lafayette CA, an upscale neighborhood and the borrower found the worst looking property on the entire block. Way to go. He got a good deal, it had a slab foundation with a 4" wide crack running down the middle of the living room. There was obviously no steel in the concrete.
They ended … (0 comments)
|
203k loan: Construction & Demolition waste management FEE
- 06/29/16 03:38 AM
Construction & Demolition waste management FEE Concord, CA
The Building Department of Concord, CA requires a refundable C&D waste management deposit of $2,400. on a project we are doing there which requires 50% of construction or demolition materials have to be kept out of the landfill.
Isn't that interesting. They have found yet another way to get a tax. When will it end? I guess it is a good idea in someone's eyes.
Let's see, if I understand this... you are renovating a home that is in very bad condition, the cabinets are in very poor condition, the rain has come through the roof of … (2 comments)
|
203k loan: 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 loan: Renovation loans and San Jose, CA just seem to go together well
- 06/24/16 02:09 AM
Renovation loans and San Jose, CA just seem to go together well
Our business in the San Jose, CA area has exploded. San Jose is experiencing gentrification in a big way apparently. The FHA 203k and the FNMA's version called HomeStyle® Renovation Mortgage as well as new construction are happening in much greater numbers of late.
Just got a new one in Carmel Valley, CA, where we had lunch at the Roux, nice place to eat if you are ever in the Village - Carmel Valley. Who would have thought you could do a 203k loan on a house in Carmel Valley.... it's happening.
Back … (2 comments)
|
203k loan: Plaza Home Mortgage Event Sacramento CA
- 05/21/16 06:26 AM
Had a good time at the Plaza Home Mortgage Event for their brokers. We were on hand to provide support for our clients and to answer "Consultant Questions". Ragen Cunningham, their national renovation specialist, was there to make the presentation.
These type events are very good to get the wholesale lender's perspective and their "supplemental requirements" there were several revealed at this meeting.
I was surprised to see that Plaza doesn't work with Mixed use or commercial buildings. Why is this important? Commercial buildings include 5+ residential units and one of my favorite products taking 5-8 units and converting them to a large four unit … (1 comments)
|
203k loan: 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 loan: Cokeville Wy? Why not Cokeville Wy
- 04/07/16 01:36 AM
Cokeville Wy? Why not Cokeville Wy
Someone in Cokeville Wyoming is getting a 203k loan. You have to love FHA/HUD when they say you can only get $100 for a draw inspection but expect you to do whatever comes your way, or turn it down. Anyhow, we have an order in Cokeville, we can't do the draws as they are just too far away so what do you do?
I refuse to leave clients stranded with no way to get the loan they need so we will find a way to get these people served with the program.
I need a home inspector in Cokeville … (0 comments)
|
203k loan: Why do they need 45-60 days to close a 203k loan?
- 03/13/16 05:30 AM
Why do they need 45-60 days to close a 203k loan?
Why does the LO always say they need that much time to close? I'm about to tell you the naked truth. The simple answer is "they don't". The reason they take so long to close your renovation loan is quite often "it has always taken them that long", or "because someone told them it takes that long", or "our company makes us say that" just in case as we would rather tell you that and close in 30-35 days that to tell you 30 days and need 45 on yours.
I had one … (0 comments)
|
203k loan: 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 loan: 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)
|
Columbia SC is ripe for 203k renovations
;)
;)
;)
