Wow, long drive an on top of that it was cold, but only about 37 degrees. 12 hours each way. I need a home inspector in Modoc County. Soon.. if you know one please put us in contact.
The clients are great to work with but this does give us an opening to get a consultant trained up there. Nice sized project with full interior repairs that include plumbing, electrical, drywall, sub floor, finished flooring, pretty much going to be a new home again. Bank owned property that had water in the lines during very cold weather, the water found a way out, lots of mold has already been re mediated, no issues there any longer we just are putting it back into shape for the new borrowers. Nice spread just outside Alturas
I was able to see a couple Realtors and found there are allot of Indians in the area. I told them about the FHA section 184 loan program which is very much like the FHA 203k loan program. There is one lender I know that is very familiar with them and that is Sky-Valley Financial and they can make them anywhere in the state. I also found out that there are 106 tribes in CA alone
The 184 program has a lower down payment of only 2.5% of the purchase price, no MIP... mortgage insurance premium, and the BIG thing is they can use this program to build brand new homes on vacant land. One of the Realtors I ran into specializes in selling land... this is a great way to do that and work with our Native Americans. My wife is a Cherokee so we are kin to their needs.
IN any case we have the 203k and the Streamlined k available to all in addition to the Section 184 program so we have a program for everyone. If you need repairs on your new home purchase, the 203k is your loan of choice right now and if the repairs are minor and don't require structural repairs then the Streamlined k is your obvious choice.
The Realtors I did see up there were telling me that the appraisers are coming in low.. they were surprised to hear that with the 203k or the Streamlined k we can go up to 110% of the "after improved" value and still make the loan. If your appraiser is coming in 5-10% low turn it into a Streamlined k, fix something on it and gain 110% of the after improved value... this can help you with neighborhood values as well.
If you are helping a Native American find a new home remember the FHA Section 184 loan program can get them into the home, anywhere in the USA, for less money down, no MIP, and new construction isn't an issue.