fresno: Can I replace a failed septic system with the 203k loan program?
- 06/15/13 02:52 AM
Can I replace a failed septic system with the 203k loan program? Yes, but it must be a FULL or STANDARD 203k. This work would be considered "structural" and therefore should not be attempted with a streamlined k loan. Now that I have said that there is a major lender that says they have done hundreds of septic replacements all under the streamlined k program. This could bite the borrower as it doesn't then comply with the program guidelines. I actually received a call from a HUD official instructing me to get the word out that this repair is ONLY available … (0 comments)
fresno: FHA 203k lender for the Teacher Next Door program
- 05/28/13 02:11 PM
FHA 203k lender for the Teacher Next Door program How teachers can gain access to homes with 50% discount off the appraised value. Teachers are in charge of our future leaders and voters. The FHA 203k Teacher Next Door program was designed to help teachers in targeted neighborhoods who purchase HUD foreclosed homes at a discount. There are a number of "low down payment" properties and other fixers that are HUD owned and they all have appraisals on them to identify the "as is" value for the properties. This is typically for full time teachers K-12 years. Beware of bidding too … (2 comments)
There are a number of foundation types that we run into on the FHA 203k trail. this home has a concrete perimeter foundation with a grade beam running down the center of the structure to support the interior bearing walls.
This home has a concrete perimeter foundation, a grade beam running down the center of the home and then pier and posts holding up the floor between the two.
Here … (0 comments)
fresno: Mixed use buildings from Los Angeles to San Francisco
- 11/14/12 12:15 AM
Yes, in case you were wondering, we got a call yesterday from someone in the Los Angeles area inquiring about a loan for a Mixed Use property. I really like this type property for a entrepreneur who wants to live close to their place of work or a new investor who can get their feet wet in a mixed use setting. They should want to live close to their investment for sure. I had another one very much like this one where there was a storefront in a separate building that faced the main street in Vallejo, CA and on the … (0 comments)
fresno: 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)
fresno: Appraising FHA 203k properties in Stockton or anywhere else for that matter
- 11/27/10 05:43 AM
Appraising FHA 203k properties in Stockton or anywhere else for that matter I appraised these 203k loan projects from 1992 - 2004 and since I was already a home inspector and a 203k consultant it was easy for me to understand the process. HUD actually called me one time to go to Alabama and provide instruction to the Appraisal Institute group there in Birmingham I think it was. There are a good many appraisers out there that certainly know what they are doing but I get asked to speak at AI groups now and then and it is amazing some of … (0 comments)
fresno: Contractors and the 203k Stockton
- 11/09/10 02:14 AM
Realtors and agents NEED to get this as it is important for a successful 203k loan project. It is your client who will suffer. The Streamlined k doesn’t “REQUIRE” a consultant… that is a key word, you are fooling yourself if you don’t use a consultant on a 203k loan. A 203k consultant is your KEY to a successful project… we are the glue that can hold it together. On a streamlined k just have the consultant do the 203k inspection rather than a home inspection, or have your home inspector take a course on the 203k so they can … (6 comments)
fresno: 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 replace a failed septic system with the 203k loan program? Yes, but it must be a FULL or STANDARD 203k. This work would be considered "structural" and therefore should not be attempted with a streamlined k loan. Now that I have said that there is a major lender that says they have done hundreds of septic replacements all under the streamlined k program. This could bite the borrower as it doesn't then comply with the program guidelines.
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