livermore: Seller won't give us an extension for our FHA 203k, what do we do? - 11/20/13 12:09 AM
Sometimes sellers can be a real pain. They say they want to sell the home, you get into contract and everyone agrees on the price... and then, and then, and then along comes John
Just kidding. I had a consultant contact me first thing this morning with this problem. Buyer wants to add a second story to a home they are purchasing and due to the additional layer of plan review right now in this economy with everyone being understaffed it will take a little more time. The seller isn't willing to extend their ten day inspection contingency to fifteen days. 
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livermore: FHA 203 renovation loans for non profit organizations in Berkeley - 06/20/13 11:08 AM
FHA 203 renovation loans for non profit organizations in Berkeley The non profits now have a lender who will work with them... look at some of these benefits
A non profit can purchase multiple properties up to ten at a time. Wow, Can you imagine selling ten homes to a willing buyer at one time? Is that the end of it, of course not. How do you sell more homes to them? Simply this... if they sell a home the program allows them to replace it with a new one so if they churn properties they can continue to buy more. 
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livermore: 203k loans in Alameda County - 06/20/13 09:23 AM
203k loans in Alameda County Alameda Albany Berkeley Dublin Emeryville Fremont Hayward Livermore Newark Oakland Piedmont Pleasanton San Leandro Union City These are links back to each city official website. We have a 203k in nearly all of these cities of Alameda County and we would like to work on you project to help you achieve the home of your dreams. We appreciate your support and look forward to assisting you with your next 203k project.
The FHA 203k program is revitalizing Alameda County one house at a time. There is a bill before congress to allow investors back into the … (2 comments)

livermore: Can the FHA 203k loan be used for two homes on one lot in Carlsbad? - 11/02/12 01:04 AM
Yes, is the short answer. This is just a duplex, nothing more. If there were three houses on one lot it would be considered a triplex, and four on one lot a four-plex. 
Can you build a detached garage with the 203k, yes, again we can build a detached garage not just repair and existing one but build a new one from scratch if needed. The caveat here is that it must just be a garage with no new living area. If you are adding new living area it must be attached to the existing or main structure.
If you were … (0 comments)

livermore: Do we need a termite report on a 203k loan? Gilroy to Stockton - 02/29/12 12:26 AM
The HUD guideline for the FHA 203k loan program doesn’t “require” a pest control report however it does “require” a pest control clearance at the end of the project. Therefore all of the lenders I’m aware of have a “supplemental requirement” calling for a pest report going into the project if it is a “full 203k loan”.
What about a Limited 203k? Do we need a pest report? Not necessarily. If you don’t have one you don’t need to respond to the repairs. If you have one and it is a Limited 203k, you may now have to clear it.
On the other … (3 comments)

livermore: I’m a home inspector, why do I need to know about the 203k? - 02/27/12 11:12 PM
I’m a home inspector, why do I need to know about the 203k? There are several good answers to that. Every home inspector has been accused of “killing the deal” at one time or another and it just isn’t true. The home inspector is hired to discover whatever they can to “inform the borrower” so they go into the transaction with their eyes wide open. In any case they never kill a deal, the deal just becomes a 203k loan.
I did an inspection for a 203k loan refinance and room addition in which I discovered some foundation issues and when … (1 comments)

livermore: 203k loan limits are about to change... - 07/13/11 05:32 PM
The maximum mortgage amount is going down shortly. Some banks have already imposed the new lower limit which is $625,000. As I understand it the higher loan limits at some other lenders remains at the higher level for the moment but they are all looking at moving the loan limits on loans that close after 9/30/2011.
if you get in there now you have time to get your loan closed within that time period. 
All this could change if HUD holds the higher loan limits with an act of congress... lol
Has anyone heard anything more on this? HUD training coming … (2 comments)

livermore: 203k is a "spread the wealth" product - 06/19/11 06:07 AM
The concept behind the 203k originally was to "Spread the Wealth" therefore the set up some "confilcts of interest". You can't be the appraiser. the contractor, consulant and the lender, etc at the same time on the same project.
Taking that a step farther when you put a 203k project together and are putting the work out to bid... make every attempt to use contractors who are in the neighborhood where the home is or hire from that neighborhood.
An investment in a home is a big investment. If you want the neighborhod to thrive you must "support it" by shopping … (1 comments)

livermore: Buy a fixer and KNOW the cost to fix it up in Richmond CA - 11/29/10 04:47 AM
Are you an REO listing agent? Would you love to know what the repairs would be on one of your fixers? Would that help you get that property sold? Of course it would.
We are offering you the chance to do just that if you have up to ten REO properties that need work we will send our crew into those homes for you and give you a "feasibility analysis" absolutely FREE. That is correct, not cost to you, however we do ask that the lender's name, contractor's name and our name be left on the paperwork so we have the … (0 comments)

livermore: What does a 203k consultant do for their fee ? - 10/20/10 04:10 AM
What does a 203k consultant do for their fee? We get asked this question quite often actually. What does a 203k consultant do for their fee? That is a great question and one that deserves an answer as our fees are about 1% of the construction amount. The fee schedule was set by FHA in 1994 and hasn't been increased since however in 2009 they relaxed the rules and allowed the consultant to start charging mileage fees which was prompted by the higher cost of fuel and though the rate has come down we were able to keep that mileage charge. … (0 comments)

 
Mike Young, FHA 203k Consultant 916-758-1809 (203kOnLine.com, covering the USA)

Mike Young

FHA 203k Consultant 916-758-1809

Stallings, NC

More about me…

203kOnLine.com, covering the USA

Address: Wherever you need us to be, Fairfield, CA office, Las Vegas, NV, 89122

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