Dee Dee has it going on. If you don't know her you are missing a bet. I thought this post was worth re-posting as I have clients that want to do this things every now and again and it is nice to point to others who agree with you now and then. Nice post Dee Dee. Hope to see you at the meet up this Wednesday. Thinking of Doing Some Remodeling? Having equity in our homes once again, many homeowners may be Thinking of Doing Some Remodeling. If you are one of them, think seriously about what you may or may (3 comments)
el dorado hills: What about using a fireplace as the heating source for an FHA purchase
- 02/09/14 04:32 AM
We did a log home this past week, waiting for the contractor's bid to come in. It isn't a log cabin as it is huge. Can the fireplace be the only source of heat for my new home in the mountains? The Guideline actually states the heating system must be capable of maintaining 70 degree's at 36" off the floor and be thermostatically controlled. Can you meet that criteria with a fireplace? Maybe, if it is a gas fired fireplace, possibly free standing that you can adapt a thermostat to you might be in business. We have see this happen in a few (4 comments)
el dorado hills: Asset Managers
- 01/01/14 05:10 AM
Asset Managers Move your listings FASTER Why not move your listings faster than your competition. We have home buyers looking to purchase your fixers as well as financing for investors. Our lenders can close in 30-45 days and some in 21-30 days for owner occupants. That is the name of the game isn't it? Actually it all comes down to KNOWING what it will cost to make the repairs on THIS home. If you have a "fixer" you are trying to sell and you have identified the cost to cure or make the necessary repairs then you have a (2 comments)
el dorado hills: Renovation loans - some get it and some never will
- 11/24/13 02:16 AM
I've been doing renovation loan and construction consulting since 1994 and found it to be a very rewarding experience and we move a whole lot of homes that wouldn't have been moved in any other way. Daily I hear Realtors say they have never done one after thirty years in the business, others have been told by someone years ago that you should stay away from renovation projects. I love this one because in some cases they told you that so you wouldn't poach in their territory. Beware of those who might tell you to stay away from the FHA 203k (3 comments)
el dorado hills: Choosing the right contractor for your 203k project
- 08/03/13 04:15 AM
Choosing the right contractor for your 203k project This is getting harder and harder to find good contractors who will charge a "fair price" for your renovation project. I actually hate to get that call from a lender who is doing a streamlined k loan and wants to get a list of contractors from us for that project because we don't typically work that way. Contractors, like any other trade contractors, have a tendancy to increase their prices when times are good and get competitive when times are not so good. This is not a bad thing and by the end (4 comments)
el dorado hills: Found a nice home but we need to add a swimming pool, what do we do?
- 04/20/13 03:42 AM
Need a pool? While the FHA 203K loan program is for renovation of existing properties in conjunction with the refinance or purchase, most of you may know that the restriction on luxury item repair is $1500. Is not a whole lot of new tools you could install for $1500 and to be sure you would try you cannot add a swimming pool with an FHA 203K. So what we do when the only thing that's wrong with the house were trying to sell is that it has no swimming pool? This would be a Homestyle loan offered by Fannie Mae via (4 comments)
el dorado hills: Streamlined k loans aren't all they are cracked up to be and why
- 12/01/12 02:21 AM
Streamlined k loans or the FHA 203k "light" version isn't at all working as it was originally planned and it is outrageous when you think about it. The guideline says it is for non structural work up to $35,000... NOT TRUE, never was true. Read closely and don't miss the fine print. It says "... including costs and fees". Minimum costs and fees runs about $800 so that only leaves you $34,200 for the actual work. If the contractor's bid comes in over $34,200 this is likely a "Full or Standard 203k". The big benefit for a Streamlined k over a (2 comments)
el dorado hills: 203k for Realtors from San Jose to Placerville
- 11/08/12 10:53 PM
203k for Realtors from San Jose to Placerville 1) What properties are eligible for financing under the 203b loan program That is the loan that has been most commonly known as "the standard FHA Loan" and used by millions of American home owners over the years since 1931… 1-4 family residential properties with the emphasis on the 1 family or single family home. You find a home that fits the buyers needs without need of repairs and they buy it. 2) How is the 203k different? On the surface it isn’t different. A 203k is merely a 203b with a construction component. Once (2 comments)
el dorado hills: Choosing your renovation contractor - Walnut Creek
- 11/08/12 08:12 AM
Since the construction in many cases right now exceeds $300,000 and sometimes exceeds $400,000 is all the more important to choose a good renovation contractor. Each contractor will be "validated" by the lender. This process is relatively easy and requires the contractor to fill out a few references, a short questionnaire, a W9, and show that they have at least 10% of the project cost either in cash in the bank or in credit with suppliers to get the job started. They will need this for each 203k project they get. That means a contractor specializing in the FHA 203k should (0 comments)
el dorado hills: New FHA 203k lender or loan officer in Roseville CA
- 11/05/12 10:05 PM
Would you believe I'm about to turn 67 years old in a few weeks? I cannot believe it. My mother passed away at 54 years of age. Let's get back to the topic of today. We have an outstanding loan officer who is specializing in the 203K and located in the Roseville California area. She is Sheri McLaughlin and apparently has quite a bit of experience closing these loans. Sheri is with Prospect Mortgage in Roseville. You got me, she isn't new, she has been at it for a while and knows what she is doing. Sheri and I have been doing (4 comments)
el dorado hills: 203k loans in Placerville
- 03/22/11 03:42 AM
Wow, I made an appointment a few days ago to do a draw inspection for a 203k construction project in Placerville, CA and thought nothing of it as far as the potential weather front coming in over the weekend. There was no snow to be found on my way up but I had another one scheduled a few miles east of Placerville and when I got to the first house, no problem but before I went to the second one, I received a call that was canceling the appointment as they had about 24" of snow over the weekend. I'm thinking, (2 comments)