piedmont: Found a home in SF - worst house on block of very nice homes - 02/23/14 11:24 PM
I love to find the worst house on the block when the block is bringing in sales prices fixed up at twice the value. I may buy this one myself.
Contractor's special they quite often say but with the FHA 203k and the FNMA HomeStyle Renovation loans it is buyer's dream home too. Yes it needs work but that is exactly what we do.
Problem 1 is that these loans only go to $625,500 at this time, in Hawaii they go to $771,000 but this one is in San Francisco. If the value is $1,500,000 after improved why would you want such … (0 comments)

piedmont: 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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piedmont: 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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piedmont: Sewer Lateral: What's that? Must be tested, repaired or replaced, per the City of Alameda CA - 05/14/13 11:26 PM
Pacita had this great explanation showing a graphic representation of the sewer lateral that I just had to re-post it. The FHA 203k and FannieMae HomeStyle loan programs are great examples of how this issue could be addressed in order to keep your sale on track. The work can happen after the sale closes. A seller can credit the work to be done by lowering the sales price and the repair can happen with other repairs under either of these programs. M
SEWER LATERAL  hardly a topic one wants to discuss, but a very important consideration and negotiation item (and could be pricey) … (2 comments)

piedmont: Can you use an FHA loan in the Oakland Hills? - 11/29/12 12:49 AM
How about YES?
    
Oakland Hills or not, the FHA loan guarantee program can be used in nearly every neighborhood. If you aren't using it you may be missing an opportunity. This project was a fun project for all of us. No updating for a long time, we added a finished attic to gain some additional living area, updated the kitchen and bathrooms, which seemed to be the original bathrooms and kitchen.
 
 
 
 
 
 
 
 
 
     


 
 
 
 
 
 
 
 
 
 
 



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piedmont: Communicating with your FHA 203k contractor in Alameda CA - 11/15/12 11:22 PM
Not just Alameda, of course, but communicating with your contractor is all important. As a 203k consultant we create the "scope of work" and work very closely with the borrower. The borrower on the other hand doesn't likely do renovation projects every day. I guess it is therefore logical for them to come to the "203k consultant" when they have a problem with the contractor.
Last week was the week of communication with your contractor(s) apparently. I must have had four or five clients wanitng me to hear their story like it was the only time this has ever happened... Good … (0 comments)

piedmont: FHA 203k loan and automatic gas shutoff valves in Oakland - 09/22/12 02:18 PM
FHA 203k loan and Automatic gas shut off valves in Oakland or in all of Alameda CountyI'm trying to figure out who requires automatic gas shutoff valves. these valves were intended to shut off gas to the residence in the case of a major earthquake. 
Alameda and Contra Costa counties require them on every house being sold in their counties. We just had one installed as part of a 203K loan in Oakland, California and as I arrived to do my inspection the city building inspector was leaving. We had a chat and he informed me that the city of Oakland would … (3 comments)

piedmont: FHA 203k Feasibility Analysis - Oakland - 07/29/12 04:37 AM
Well there is no rest for the Wicked as my Mom used to say. It's Sunday and we are relaxing and, of course, the client needs it this weekend. lol
All kidding aside as much as we like to enjoy our Weekends there are many times our clients just can't affort to miss time during the working week so yes, we work weekends when necessary.
Today seems like we have an interesting in Oakland with an Edwardian tri-color home.
Purpose of a feasibility analysis - as you may know we are attempting to get a renovation estimate so the buyer knows … (3 comments)

piedmont: 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)

piedmont: What if I already purchase a home to live in and I need the money to fix it up? Oakland CA - 02/23/12 11:57 PM
The FHA 203k to the rescue again.
That is correct, and if you purchased a 1-4 unit property that you are living in or want to live in, within the last six months and can close the new loan prior to that six month anniversary you get to include the money you already put down as though you had just put it down now. If it was after that anniversary and you put 20% or more down you may still be able to get your construction money with no more money out of your pocket. This is a wonderful refinance … (0 comments)

piedmont: Berkeley CA renovation - 12/03/10 01:24 PM
Wow, just talked with a contractor on a Berkeley project. $50,000 rehab is costing $3,700+ for permits.. you would think they were selling the house. That is 7.4% of the renovation costs and people think the consultant makes too much at 1%. On top of that they won't take a Lowe's or HD kitchen layout, they have to have a certified engineer or architect draw them plans. The home must be made "GREEN" which includes light fixtures that cannot have screw-in bulbs that are fluorescent but they must be the type that cannot ever be replace with an incandescent bulb. The client is … (0 comments)

piedmont: 203k hurdles - 06/19/10 07:13 AM
Wow, can you believe that we have a home with a foundation and sub floor and it seems that the city it is located within "regards this as new construction" and with that comment we have to convince HUD that this is a typical rehab project. With a simple comment from a city official all is lost... I hope not. We are clearly within the HUD guideline and why it matters to the city how they classify the construction is beyond me because they are allowing the home to use the existing foundation and sub floor, just rebuild the rest of … (0 comments)

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

Mike Young

FHA 203k Consultant 916-758-1809

Las Vegas, NV

More about me…

203kOnLine.com, covering the USA

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

Office: (707) 812-7668

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