concord: I'm thinking about a renovation loan, what is my first step? - 02/16/14 02:01 PM
There seems to be a large range of answers when you ask this question. They are not all correct however. 
A consultant's job is to protect the client by forearming them with the cost of their construction prior to going out to bid. Giving them an idea of the cost of their project prior to taking contractor bids. Also to provide a "scope of work" that will aid in the contractor's bidding apples to apples. 
What I have seen recently and more often in recent months:
1) We get called out to see a house and find they already have three contractor … (0 comments)

concord: Let's highlight an FHA 203k lender in Walnut Creek - 07/02/13 01:21 AM
Let's highlight an FHA 203k lender in Walnut Creek We have a 203k lender in Walnut Creek that is one of the top 5 FHA 203k lenders in the USA for WFHL renovation loans. I'd like to say I'm proud to be on his team and have him on mine. Ed Rogers and I have a unique distinction of closing every single 203k loan we have started together minus only one where it wasn't our fault but the borrower backed out of the deal at the last minute. Not to many lender / consultants can say that. 
Ed has a system … (2 comments)

concord: FHA 203k loans are alive and well in Contra Costa County - 06/20/13 11:29 AM
FHA 203k loans are alive and well in Contra Costa County Here are the cities of Contra Costa County official web sites. We have an FHA 203k loan going on or recently completed one in each of these cities. I'm glad that you all are opening up to taking and making offers that involved the renovation loan program either Streamlined k or Standard 203k projects. Just finished one in Alamo for $729,750 loan amount, appraised for $2.1 million. That's what I'm talkin' about
It goes to show you that many most of you are getting the message. The advantages to name … (0 comments)

concord: Can you recommend a contractor for my 203k project? - 06/15/13 12:32 PM
Can you recommend a contractor for my 203k project? Lender's answer "nope" or "no can do" but as a 203k consultant we can recommend contractors and what is more important in my mind is that we also can put contractors who are inadequate for the program on a "do not use list" that lenders tend to honor.
Most contractors who are licensed in states where licensing is required are okay to do the FHA 203k but many of them are not financially adequate.
I had a call earlier today with someone asking for some referrals in the Santa Cruz area of … (2 comments)

concord: Range hoods we have seen on FHA 203k projects - 12/22/12 01:42 PM
Range hoods we have seen on FHA 203k projectsHere are some of the interesting hood vents we have seen lately. Thought this was interesting.
Concord house
This is the above kitchen prior to the FHA 203k loan being in place
Albany CA updated  kitchen with wild looking hood vent.
Even the last owner liked to see the vent pipe going up the wall. Interesting.
Newcasle 203l loan made this possible... the more tradditional hood vent with microwave oven combo. 
Newcastle home had no hood vent prior to the FHA 203k loan b eing put into action.
 Sorry about the sideway photo, can't seem to rotate it 90 degrees.
Martinez … (9 comments)

concord: What do you look for in an FHA 203k contractor? - 12/07/12 04:23 PM
The validation process includes references, financial info, a W9 and that is about it.
Why do we want financial information? I get that question all the time from contractors who can't be validated. It is sad but it is for the borrower's protection. 
The FHA 203k is a reimbursement program so the contractor has to prove they have either 10% of the project cost in cash, in the bank or the ability to borrow from suppliers that much to get the project started. Sounds easy but we have one contractor that I know of that has about $1.5 Million in projects … (0 comments)

concord: Draw inspections on an FHA 203k loan project in Oakland - 12/04/12 04:42 AM
Draw inspections are inspections that are completed during the project construction. As the contractor performs some work and is ready to get reimbursed for that work.
Who can call for progress payment inspection? The contractor typically will call for it but the borrower may call for one, and the lender may call for one if they feel the progress may be falling behind or there hasn't been a draw inspection each thirty days. That is the rule, One draw each thirty days or you may have the lender calling us to get an inspection.
In reality the lender doesn't typically call … (2 comments)

concord: Commerical Mixed Use Loan vs FHA 203k in Concord and Los Angeles - 11/12/12 02:45 AM
Why not use an FHA 203k to finance your next Jumbo Loan and get the money to renovate the property or make necessary changes at the same time?
Loan limits for mixed use and a fourplex are the same and include 
                Two unit property                               Three unit property                                Four unit property
This is true in Concord (CA), Los Angeles, and all areas considered by HUD … (0 comments)

concord: Not every home is a 203k potential - Colorado Springs CO - 08/26/12 07:48 AM
I see lots of homes each year and you would be surprised at that ways the FHA 203k can help fulfill your dream home plan.

What can we say about this home? It was in a fire some time ago, there is no reason for it to still be in this condition. Buyers walk for whatever their reasons may be.
The home had a CO or Certificate of Occupancy at least a year ago, and we have the foundation, then it is a 203k potential sale or refinance. The buyer in this case likely received their insurance money and walked … (6 comments)

concord: Grading can be a problem in Bound Brook NJ, Concord CA & anywhere else - 07/29/12 02:49 PM
Grading is the most important single thing you can do for your home. Poor grading is the cause of over 90% of foundation failures. Yet it was likely fine when you purchased the home. All you have to do is maintain what is already there in many cases.
When you purchase a new home, I mean a brand new home, the grading is likely going to be adequate though you should look it over and see that it appears that ground surface drainage water would flow away from the structure. I find it interesting that most if not "all" of the … (4 comments)

concord: 203k loans Walnut Creek - 07/28/12 02:15 AM
How do you find an FHA 203k lender in Walnut Creek?
That is a tough one because there are several in that area that can actually close these loans. It might be better to ask who should I stay away from?
In any case if you are doing your 1st or 100th 203k loan you should use someone you trust, a lender with a proven track record of closing 203k loans and be careful to ask a few good questions - 
Bank of America for instance can't do a 203k refinance unless the client is already one of their customers. We … (2 comments)

concord: High tension Towers and FHA loans in Concord CA to Concord NC - 07/20/12 12:28 AM
High tension towers can be a problem, most people just don't like them. Years ago I was one of three RE appraisers hired by Cal-Vet when I received a call about a home in Crockett CA. When I was asked to go appraise it, I immediately told my boss at Cal-Vet that we can't loan on that home. 
He asked "why?" and I informed him that I knew that house and there are high tension towers all around it. The home is clearly in the fall distance of a tower or two. 
He breathed a sigh of relief as he stated … (4 comments)

concord: Investors and the FHA 203k loan program - 03/08/12 03:21 PM
Investors and the FHA 203k loan program This post will tell you of an investor loan product you can use right now as you wait for the FHA to get their act together.
While investors used to be able to purchase fixers and get the money to fix them up with the FHA 203 loan guarantee program. That was quite a program. It had a feature called "the escrow commitment procedure" that allowed the final "after improved" value to determine the 96.5% loan amount. The investor's profit was incorporated into the loan and the loan was "assumable" so once the borrower … (0 comments)

concord: Contractors and the 203k loan program - Oakland - 03/04/12 02:46 AM
We have several projects in Oakland and several new contractors we are working with that are just fabulouse so far... lol, just kidding.
There are so many good contractors out there looking for work and the FHA 203k is just what their Dr. ordered. It is a way to get busy, stay busy, and actually grow their businesses in a climate that is not thought of as robust at the moment. 
We have been working with some of our contractor's since the mid 1990's and it is refreshing to  see some new faces mixed in with the old ones as more … (0 comments)

concord: HomeStyle Renovation loans by FannieMae - Pleasant Hill, CA - 02/21/12 12:02 AM
This is a conventional loan product that is available to owner occupants and investors. 
      We have been consulting and providing final draw inspection services for HomeStyle Renovation loans since the late 1990’s. This is an interesting loan product as it is available for owner occupants and investors. Unlike the FHA 203k this loan can be used by investors. We can still assist you with your bid specifications and create your “scope of work” if you like or you can get a bid from a contractor and do it yourself. The key is again that you must address all … (0 comments)

concord: 203k Training comes to Walnut Creek - 04/14/11 07:07 AM
Mark your calendars for April 27th at 1 - 3 pm for another event being held by Bank of America and the Jim Black Team. Jim is very knowledgable and you can't go wrong with his team. Jim puts on a spendid presentation and he does it with class. Jim's Team has their presentations around the noon hour and feeds you some snacks or lunch at the same time. If you don't like the program, the food is good... just kidding around. This is one of the best 203k prsentations I've seen and believe me I've seen thousands of them over … (0 comments)

concord: 203k Seminars - Fairfield, Stockton and Sacramento CA and Charlotte NC - 12/08/10 03:38 AM
The magic of the FHA 203k program is a wonder to see. We have called it "The American Dream Machine" since 1994 when we rented a hall in El Sobrante, CA and provided weekly meetings. This coming Saturday is a Realtor training day and mixer in Stockton, CA with one of our teammate lenders. 
We have a FREE consultant report writing class in Harrisburg NC at my offices there on Monday 12/20/2010 at 10 am for anyone wanting this 2 hour continuing education course as our gift for this Christmas season. We do have limited seating so please let us know … (0 comments)

concord: Buy a SMALL home in Richmond CA and make a room addition - 11/29/10 04:31 AM
... or anywhere else for that matter. 
Small homes are coming back into Vogue but some are so small that you can't get a loan on them. I was listening to the commentator on the radio on the way into the office this am and they confirmed it. 
What do you do when you can't get a loan on a home because it is too small?
Easy, it is a 203k or Home Style Renovation project. If you add on to a home it is a 203k. Therefore if you have a listing that is too small and can add on … (3 comments)

concord: 203k and other renovation loan products Santa Rosa to San Diego - 11/16/10 03:17 AM
Whether you are a home buyer looking to buy your first home or a seasoned investor you should learn all you can about renovation loan products. Here in CA we have many top notch renovation lenders and many of them like Jacob Warren and Sean Palmer in Roseville or Ed Rogers and Tim Floyd in Walnut Creek are with the Wells Fargo Home Mortgage renovation lending group. These guys really know how to put together a 203k and other renovation loan packages to get them closed fast.
I get asked all the time for a lender who can put these 203 … (0 comments)

Mike Young, FHA 203k Consultant 916-758-1809 (, covering the USA) Rainmaker large

Mike Young

FHA 203k Consultant 916-758-1809

Las Vegas, NV

More about me…, covering the USA

Address: Wherever you need us to be, Fairfield, CA office, Fairfield, CA, 94534

Office: (707) 812-7668

Mobile: (704) 451-1599

Email Me




RSS 2.0 Feed for this blog