galt: FHA 203k loan - my contingency isn't enough, what are my options
- 06/27/13 01:13 PM
FHA 203k loan - my contingency isn't enough, what are my options My consultant wanted me to use a 20% contingency but my loan was too high already and that would kill it for me. It would just make my payment too high for my comfort level. When a home is 75 years old and older we like to see 20% contingency as we have a good indication that there will be issues that come up during the course of construction that will need to be addressed. Buyer Beware. Where does the money come from if I don't have enough contingency … (0 comments)
galt: Bidding on HUD homes can be like stepping into a Bear trap?
- 06/19/13 10:38 AM
Bidding on HUD homes can be like stepping into a Bear trap? HUD homes are aka HUD foreclosures and are sold by M&M contractors. If you are looking to purchase a "HUD Home" your agent will put a bid together with you to called a purchase agreement. The home has been appraised and a value set. Do you need to offer that full price or can you offer something else?
Of course you ca offer whatever you want offer. The Bear Trap is if you decide to offer more than the asking price. All that you bid ov er the … (0 comments)
galt: 203k consultant approval in under four days
- 08/16/12 11:49 AM
203k consultant approval in under four days Wow, HUD is getting very good at the approval process. There has been a distinct change of late in the approval process likely due to the larger number of FHA 203k renovation loans being processed but we are seeing several new consultants being approved in four days and less. I remember when Carlton Segars from Columbia SC applied it took him about ninety days to get approved. While his was unusually long these latest ones are just as unusually FAST. I love it. Another item that we see happening from all of the HOC's … (16 comments)
galt: FHA 203k Stockton
- 05/18/12 11:46 PM
Stockton has been one of the hardest hit foreclosure markets in the nation. A hot bed for the 203k loan guarantee program yet most of the homes are going to investors who pay "all cash" and that appears to be demoralizing the local non profits and buyers in general. Sellers "wake up". If you have a home that needs work you DON'T have to give it away. The FHA 203k offers that you keep turning down because your agent doesn't have a clue is costing you big time. Agents "wake up" to the 203k loan program if you are the sellers … (5 comments)
galt: Title companies have some interesting tools - Stockton
- 10/14/11 09:40 AM
I was a guest speaker with Old Republic Title Company at the NAREB meeting and training session at the PMZ University on Deer Park Drive, in Stockton. It was very interesting to find out about the OR Touch Mobile app. If you pull up in front of a property and open the app it will pull a property profile up on your phone, wow, isn't that interesting? You can learn all kinds of things about it right there in front of the property as it is a GPS based application. They way they described it you may be showring a listing … (0 comments)
galt: 203k checklist for improvements
- 07/03/11 04:26 PM
203k checklist for improvements203k Consultant's cornerIt is always interesting to see how new consultants, and some not so new, will ask on a public forum if anyone has a "checklist" they might use to help them Why, you wonder? When you take your training as a consultant, you also have to certify that you have read and understand the guidelinew... the checklist is one that is part of that reading, that certification, so how is it they don't know where it is... lol. I know and understand how things can get missed when you are reading fast and rushing to complete and assignment … (5 comments)
galt: Event coming up on Lodi July 14th
- 06/29/11 05:40 PM
The Nines Team in Lodi with Steve Ewing and Jack Mossman has a booth at the Farmers Market and they are quite informative. They have a quesiton and answer guy or gal to address various aspects or products that make the borrower more informed. We have been invited to be there to help with FHA 203k questions and answers on July 14th from 5 pm till dark. Hope to see all you locals there, Bring your questions and we'll be there to provide your provocative answers and hopefullly open your eyes to some aspects of the 203k that you will find … (2 comments)
galt: 203k in Fair Oaks CA
- 06/13/11 09:14 AM
The FHA 203k loan in this case is for a purchase on a short sale. This loan as you may know is to purchase and renovagte a 1-4 unit property all in one low interest loan. No more popular than this FHA product by the way. The home has s shakeroof that is well beyond it's useful life... needs new roof, the pool is in pretty good conditin but the gates done' close and latch automtatically. I'm surprised the bank that owns this one has fixed that... a real liability for them in it's current state. I've see the outside but … (0 comments)
galt: 203k is coming to Elk Grove, CA
- 04/10/11 02:43 AM
American Pacific Mortgage is putting on a 203k training for buyers, sellers, agents and Realtors on April 21st at 11:30 am - 1:30 pm for those of you looking to learn how to use the FHA 203k loan guarantee program to purchase or sell a home and get the money to make needed repairs, minor TLC to major fixers. This program allows you to purchase or sell a home and the buyer gets the money to make those repairs all in the same low interest loan. Join Gwen Woods with American Pacific Mortgage as she and I answer your questions about … (3 comments)
galt: Renovation loans are here to stay in Stockton CA
- 11/05/10 03:14 PM
Renovation loans are here to stay in Stockton CA And everywhere else. From low cost housing to middle range, the economy is coming back slowly.... okay NOT. But there are lots of homes that need repair and some of the asset managers are finally getting it. We are now providing bids on run down properties so the potential buyers can get a feel for the amount of work that it will take to get these homes fixed up. We have been asked to provide two 203k feasibility analysis on each home. One is for the bare bones buyer who just wants to get into the … (0 comments)
galt: 203k Seminar - Stockton CA
- 10/28/10 02:41 PM
203k Seminar - Stockton CA Had a wonderful time with Catalyst RE in Stockton with Gwen Woods from American Pacific Mortgage who was providing the snacks and coffee for the group. We also had a guest from Zip Realty there. I love it when a lender like American Pacific Mortgage gets it... I mean they know to invite more than just one RE office to these 203k loan events in Stockton. The group was very attentive and had great questions. I think we opened their eyes to several aspects of this tool - The 203k loan program. That's all it is, … (0 comments)
FHA 203k loan - my contingency isn't enough, what are my options My consultant wanted me to use a 20% contingency but my loan was too high already and that would kill it for me. It would just make my payment too high for my comfort level. 
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