seaside: Santa Cruz mountains is a haven for renovation loans like the 203k
- 03/05/14 11:06 PM
Santa Cruz mountains is a haven for renovation loans like the 203k Notice that I say "renovation loans like the 203k". That is intentional as the FHA 203k isn't always the best choice for the buyer. Many times the alternatives have better terms or better rates as they are intended for people who have better credit. Even if all other things are equal there is no private mortgage insurance (PMI) which saves 1.75% on the initial down payment and many hundreds each month. Yes, I'm afraid you have to have very good credit for the alternative loans but the cost is well worth … (0 comments)
seaside: This home gets stares...
- 08/31/13 03:10 PM
oops, I mean , this FHA 203k renovated home gets stairs this home was such fun to see get completed. My 8-year old grandson came into my office when I was working on the blueprints and asked me what the round or curved pieces on the Plans represented. I told him and off he ran into the other room. He came back about a half hour later and had reproduced the first floor plans with his paper and crayons. I asked him what the curved lines were on his drawing and of course he said it was a "curved staircase". I … (5 comments)
seaside: The contractor doesn't need to post his permit card on the job - 203k
- 08/31/13 02:57 AM
The contractor doesn't need to post his permit card on the job for my 203k Oh yes he does. LOL, I have heard every possible story in the book. Just yesterday a contractor instructed one of our crew members that it wasn't necessary to post the job card on the house any longer, it just wasn't done in his county... I pulled this off his area permit site at his local jurisdiction: "You may be charged a re-inspection fee if the work to be inspected is not complete, the plans or job card is not available at the job site, corrections … (4 comments)
seaside: My old Profile
- 08/22/13 08:27 PM
Old Profile Contents About me: Mike was an FHA Real estate appraiser from 1992-2004 retired, author, home inspector for over 25 years, Mike Young Seminars instructing for CE credits for appraisers and home inspectors since 1992, 203k consultant trainer since 1995, software provider to 203k consultants since 1995 with our latest release coming very shortly. Most popular 203k Training and Software since 1995 for consultants nationally.
Certifications: Real estate professionals learn how to limit your liability on most every sale you make by having your client make those reprairs before they have a chance to sue. The loan closes as … (0 comments)
seaside: Can I replace a failed retaining wall with the FHA 203k loan program?
- 06/15/13 01:51 AM
Can I replace a failed retaining wall with the FHA 203k loan program? Yes, you can. Some of the questions we get from time to time puzzle me but yes. you can replace or repair a failed retaining will with this terrific program.
HUD/FHA are all about Safety, a failed retaining wall is a safety hazard so it can be and should be included in the repairs of the home. You need $5.000 in "necessary work" before you can use the full 203k program and health and safety items are the easiest and most obvious way to reach that … (2 comments)
seaside: When would you use a 203k Feasibility Report over a full Consultation?
- 07/24/12 05:59 AM
Once you understand what each report is you will understand their proper use. Feasibility report - a short inspection, typically 30 minutes in length, that identifies the deficiencies in a home and what it would take to get the home up to FHA MPS (minimum property Standards) nothing more. Why nothing more? The seller ins't interesting in all the upgrades you may want to do even though some may be wanted by anyone buying this structure. Purposes of this Feasibility Report or Feasibility Analysis is to help a buyer know the cost of repairs so they can make an educated offer. It also … (0 comments)
seaside: 203K for Contractors Monterey to Orlando
- 02/25/10 11:18 PM
203K for Contractors Monterey to Orlando Well we had a great turnout last night at the NARI meeting. Girl Scouts were there selling cookies... did you know you can order cookies at the regular price for our soldiers overseas and they will be shipped FREE? The Boy Scouts were also represented by an Eagle Scout and Scout Master who did the opening ceremony. Good job. Lots of great questions from the audience. One that didn't get asked until after the event that was hosted by Wells Fargo Home Mortgage was that Wells Fargo can wire the contractor's check to save additional … (1 comments)
Santa Cruz mountains is a haven for renovation loans like the 203k
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