clovis: I want to do some of the work on my 203k project - can I?
- 07/01/14 02:51 PM
Can I do some of the work on my construction project to save money? A question we get asked all the time. A borrower wants to see if it possible to gain some "Sweat Equity" so they want to do the painting, or they are a sheet metal specialist and want to do the heating and AC work to save money. The HUD Guideline says we, as consultants, must have enough in the construction bids to cover these items regardless of who does them. Therefore if the borrower wants to do the painting and the painting number in the bid specification says $3,000, … (0 comments)
clovis: Can you move a home from another site using the FHA 203k loan program?
- 08/07/12 11:58 PM
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 out 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 moved 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) HUD engineering must observe the home on the present site prior to … (4 comments)
clovis: 203k or not to 203k - Fresno
- 11/28/10 10:31 AM
That last post I did was about appraisers and the 203k, they were going way beyond their scope of work.. today I received a call and it sounds like the appraiser missed basic things that are likely going to get him fined if he is lucky and possibly loose his license. This was a 203b and the appraiser failed to make typical observations. In addition a home inspector failed to note those same deficiencies. On top of that the seller, a bank owned property, used a simple and typical disclosure that they never lived in the home and don't know anything.... … (0 comments)
clovis: Selling the 203k loan program from Vallejo to Fresno
- 05/07/10 05:12 AM
Been getting a lot of calls on this subject of late so I thought I would offer some insite on selling the 203k loan program. 1) This is a renovation loan product. What would you compare it to? Any other renovation loan product. In my opinion it is the best rehab loan product on the market. What are your options? You could purchase a property that needs work, close the loan, then go find the money to fix it up. What you would find is a "construction loan" typically charging you points and fees and an interest rate from 12-16% with … (3 comments)
clovis: FHA 203k or not to 203k, not every home is a prospect
- 09/19/09 02:04 PM
FHA 203k or not to 203k, not every home is a prospectThis is where you learn what propreties won't qualify for a 203k loan. Years ago I was called to Merced CA to preform a 203k consultation. Imagine how disappointed I was when just wasn't a feasible property for rehab. it had everything wrong with it. Framing was 2 x 2" with 3/8" asbestos board on the exterior in sheets about 3'x5' as I remember. This was built right after WWII. As if this wasn't enough they were built on patio slabs and there were no footings around the perimeter of the … (3 comments)
Can I do some of the work on my construction project to save money?
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