sacramento: What is the draw inspector's roll on an FHA 203k project?
- 07/12/14 04:00 AM
What is the draw inspector's roll on an FHA 203k project?
The consultant has a couple different rolls and it is easy to get them confused and they do get confused all the time.
1) As a consultant, we help the client create a scope of work so all of the contractors can bid the same list. It creates less confusion and if the specification is written well enough no one will have any questions.
The more detail, model numbers, etc that the borrower can supply up front the better the project will flow through the completion.
2) Here comes the confusion. Once the project … (2 comments)
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sacramento: Thinking of Doing Some Remodeling?
- 03/24/14 02:40 PM
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)
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sacramento: 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)
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sacramento: Can I paint my own house on a 203k loan?
- 06/16/13 01:41 AM
Can I paint my own house on a 203k loan? Yes you can paint the interior of your home on a 203k but NOT if you want it to count for value on your appraisal. Be careful, everyone thinks they are a painter. Why? It is beyond me. Most aren't.
No you cannot paint the house. This is the answer I like to give everybody.
The problem becomes in whether or not the paint is so bad that it has a negative effect on the value. The appraiser will force us to put interior paint into the scope of work if … (0 comments)
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sacramento: FHA 203k and Mixed Use Buildings, perfect for each other in Corona
- 06/07/13 12:14 AM
FHA 203k and Mixed Use Buildings, perfect for each other in Corona 3.5% down payment available financing for a mixed use building in Sacramento CA or anywhere else for that matter. Lets hear from wherever you are. Idyllwild CA in Riverside County has a few, Compton, how about San Joaquin County and Stockton, you have more than twenty-five vacant mixed use buildings in the old downtown area. They are everywhere, all over Los Angeles, the time is now.
One of our partners just listed a mixed use building in Sacramento with a grocery store downstairs in the commercial use and residential on the … (2 comments)
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sacramento: FHA 203k Officer Next Door program Idyllwild to San Francisco
- 05/28/13 02:27 PM
FHA 203k Officer Next Door program Idyllwild to San Francisco 50% discount off the appraised value for Police Officers, Firemen, and EMT officers on HUD homes.
Police Officers, Firemen, and EMT officers are in charge of keeping our streets safe and helping our citizens. The FHA 203k Officer Next Door program was designed to help Police Officers, Firemen, and EMT officers 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 … (2 comments)
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sacramento: How would you like to market this house in Berkeley?
- 12/08/12 06:22 PM
I see lots of different designs but here is one in Berkeley that appears to be a little unique
It might be fun trying but can you imagine having the appraiser say it conforms to the neighborhood? LOL, I'm laughing because some would say that.
I've passed by this home a hundred times and each time it gets my attention. I've not seen one like it before though I have seen a good many odd looking houses. The appraiser as to say "this home appears typical of the neighborhood" or it doesn't... mmm
I had one recently where the appraiser arrived … (7 comments)
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sacramento: 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)
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sacramento: Investors and the FHA 203k loan program from Columbus to Concord
- 11/18/12 11:53 PM
Did you bite off more than you could chew and wish you could get out of that investment property? The FHA 203k may be a way to sell it and re-coop your dignity and investment.
If you sell the property how do you arrive at the sell price? Lets start with "what would it be worth all fixed up?" As an example lets say it is worth $600,000 all fixed up. You feel it will comfortably appraise there, once the work is complete but you are just spent, exhausted, it wasn't all you thought it might be.
With our assistance and … (0 comments)
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sacramento: 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)
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sacramento: What is the maximum construction cost for an FHA 203k loan in Pinole?
- 11/04/12 01:57 AM
Or anywhere else for that matter? Each county has it's own FHA maximum loan limits and they can be found at this HUD link https://entp.hud.gov/idapp/html/hicostlook.cfm. That's right but you asked what is the maximum construction amount? But the figure the maximum construction amount you have to know the maximum loan amount. The maximum construction amount for an FHA 203K loan is the maximum loan amount in that County less the cost to purchase or refinance the property.
That means as an example if you purchased a property for $150,000 in an area that had a maximum loan amount of $400,000 that would … (0 comments)
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sacramento: Can you use the 203k to build from scratch on a vacant lot- Sacramento
- 08/02/12 04:46 AM
Of course not. The FHA 203k loan program is a renovation loan product. There must have been a structure on the site with a certificate of occupancy issued at least twelve months prior to the new loan being put in place. Sorry no banana.
I have been getting quite a few calls on building from scratch on vacant land and there are several programs that do allow that. One is for Native Americans and it is the FHA 184 loan program.
I was talking with Daniel Posehn of Wells Fargo in Sacramento yesterday and he has a pretty good program. I … (0 comments)
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sacramento: Does a 203k "require a termite report"? Roseville to San Jose
- 03/08/12 11:51 PM
A termite report is a tool like any other tool there is a time and a place for it. As an investor I always got a termite report as I think it is just good common sense to have eyes on the purchase. The cost of a termite report makes it a "no brain-er".
There seems to be a consensus among lenders that the streamlined k may not need a termite report provided there are no outwardly signs of termite damage or dry rot that no termite is necessary. I like them on all 203k projects frankly but are they required?
… (3 comments)
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sacramento: How many bids should I get on my FHA 203k project?
- 09/05/11 01:56 PM
How many bids should I get on my FHA 203k project? The HUD guideline suggests we get three bids on every project. Does that mean I need to get three bids? No, not necessarily. In an ideal world it would be great but even as slow as contractors say it is they don’t want to bid against 2 other contractors on the same job. They want to have a reasonable expectation that after so many bids they will get their percentage of the jobs. That 3rd contractor bidding pushes the odds up to high to waste their time. Sad but true. … (3 comments)
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sacramento: What is the average size project for an FHA 203k?
- 09/03/11 05:33 AM
We can't speak for everyone in the USA but we think this is pretty typical for most.
We get asked all the time “what is the largest FHA 203k renovation project you’ve ever done?” Why that is important to some is beyond me but it is right at $450,000 and there were several, then we had a couple in the $425,000 range, then it drops to $325,000, $250,000, $220,000 and those are not all that common.
Then we get to the more common ones which range from $200,000 on down to $100,000 which make up about 30% of the … (0 comments)
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sacramento: 203k Seminars coming to Concord tonight
- 02/11/11 02:22 AM
Anyone interested in knowing more about the FHA 203k loan program and how to use this tool more effectievely we are having an event February 16th, in Sacramento - Natomas Area, at the 4-Points Sheratin 4900 Duckhorn Drive next week on Wednesday 2/16/2011 with Daniel Posehn hosting of Wells Fargo in Natomas this is a great opportunity to see our take on the program for those who can attend. Who is invited, everyone, the general public, FSBO sellers - we may even sell your property for you on the spot, Realtors and agents, investors, appraisers, home inspectors, etc. Ya'all come and welcome.
… (3 comments)
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sacramento: 203k Seminars - Fairfield, Stockton and Sacramento CA and Charlotte NC
- 12/08/10 03:38 AM
The magic of the FHA 203k program is a wonder to see. We have called it "The American Dream Machine" since 1994 when we rented a hall in El Sobrante, CA and provided weekly meetings. This coming Saturday is a Realtor training day and mixer in Stockton, CA with one of our teammate lenders.
We have a FREE consultant report writing class in Harrisburg NC at my offices there on Monday 12/20/2010 at 10 am for anyone wanting this 2 hour continuing education course as our gift for this Christmas season. We do have limited seating so please let us know … (0 comments)
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sacramento: 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)
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sacramento: Part 4 - Why would a 203k be better than just paying cash and then getting a construction loan?
- 10/26/10 03:34 AM
This is a big one. If you are involved with the FHA 203k at any level we can generate our own business without allot of effort. Just consistency wins out every time. Be there when they need the information.
I can’t count how many times have I asked Realtor Associations how may people come into their offices just to find out after they have wasted about twenty minutes that they don’t have any down payment. Maybe they heard some TV or Radio show that says you can buy property with no money down. I ask them and you the next … (0 comments)
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sacramento: 203K as a Team Sport in Elk Grove CA
- 10/16/10 07:30 AM
I've always thought of the 203k as a team sport, in 1998 we did a series of 203k audio tapes so people could listen while they drive and one of those tapes was "203k as a team sport" I haven't listened to them in quite a while but thought would bring them out of the drawer and see if anyone would like to listen to them. Remember that these are 12 years old and from a period in time when "Investors" were allowed to use the FHA 203k loan program, that isn't true today.
Why would that be interesting to listen … (0 comments)
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What is the draw inspector's roll on an FHA 203k project?
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