What can you do with an FHA 203k loan in Fresno?

Home Inspector with 203kOnLine.com, covering the USA S0289

What can you do with an FHA 203k loan in Fresno?

 The FHA 203k loan program is for purchase or refinancing a home PLUS you get the money to fix it up all in one low interest loan. That is the "BIG DEAL" about the program. If you were to purchase a home that needed significant renovation then go to the bank to get a construction loan you would be paying high interest and points on both loans. This is an "all in one" product that saves you on the points and the interest rate was under 4% on some we closed last week. Construction money might be 11-12% and 3-6 points... Yikes!

Before scene - 1 - 203k



The deck on this home was pretty well shot, lots of rot and in need of major repairs.

Kings Canyon area of Fresno






I really like the way they did the address on the door. Easy to read as you fly by this one... 


203k Before scene 2





Here is a closer look at the left side deck. The seller removed all the decking so no one would walk on it.


I love those pier and posts

"Got another rock" LOL 

American ingenuity is never failing.

So decks are for sure into the mix as to what you can do with a 203k





203k after improved front scene





Well I won't be able to find the address so easy any longer.



The front deck was turned into a porch, and the side deck has been modified to a deck of a lesser size.








203k After scene 2





That deck along the left side was removed fully and this covered area with a porch and steps was used to replace it.








There isn't much you can't do with the full 203k loan program. 

We can build a home as long as a piece of the foundation is still in place. We prefer the entire foundation but it may not be necessary. I had the City of San Pablo, CA remove houses along one block and they went one house too far and tore my clients house down. I called HUD and told them that the city's worker screwed up and asked what, if anything, could we do. HUD had me throw three pier and posts in my truck and install them near the crawl space access hole so they could be easily seen from there.

We can also put a foundation under a house that doesn't have one but the house is there. We added a perimeter foundation in San Rafael CA, on a 104 year old house that had no concrete perimeter foundation. 

We can updated any and all services, electrical, plumbing, update the entire home from foundation to the roof top, install a detached garage, or an attached garage with living area above it, we can convert a single family home to multiple units, convert multiple units to less units, provided the zoning will allow the changes. We can turn any structure that has been occupied more than a year... how about an old warehouse turned into live/work units - we have done it. 203k Team to service you in Fresno

More you say? - how about an eight unit building vacant for years that had all studios - we converted it to a two bedroom unit and three four bedroom units as I recall. As long as the zoning will allow it and when you have had a building, an eyesore to the community that has been vacant for a number of years the cites and counties are typically very happy to get them back into production and increase their tax base. 

Solar electric is always draws a number of questions... yes, we can do the solar upgrade but the roof must be new or newer, the electrical service panel must be 200A-220V or upgraded to that during the course of construction. Is this a streamlined k loan.... NO. It must be a standard or full 203k and the panels must be purchased under the program and not leased. It is also in the guideline that while the solar upgrade can be part of the 203k in cannot ever be the only work being done, in other words "it isn't a financing program for solar electric" but solar electric can be part of a larger 203k loan.





Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

877-207-6565  state your name when asked please, it is dialing me at the same time.

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Comments (23)

Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Mike, there isn't too much an FHA 203k won't cover. A great loan program to get a home into shape. Good information!

Dec 16, 2012 09:25 PM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Tom and Mike, Thanks for dropping by.

Dec 16, 2012 10:14 PM
Rob Ernst
Certified Structure Inspector - Reno, NV
Reno, NV-775-410-4286 Inspector & Energy Auditor

The best think about a 203k is it allows people to upgrade the house and not have to do it piece by piece. Have you ever stacked the EEM on it? It makes for a great package.

Dec 17, 2012 02:38 PM
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

The FHA 203K is a great program.  The 203K along with HomePath and HomeStyle Renovation are great options for many of the properties in great need of repair. 

Dec 17, 2012 11:04 PM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Rob, I agree and yes, we have stacked the EEM with the 203k but CA lenders are, for the most part, behind the times on stacking these two programs. It seems to slow them down and no one wants that.

Rodney. We need to talk. I'll give you credit for the HomeStyle program plug. We do a good number of those all over the country including GA/AL in case you need a consultant. LOL

Dec 17, 2012 11:30 PM
Ron Aguilar
Gateway Mortgage Group - Saint George, UT
Mortgage & Real Estate Advisor since 1995

excellent post, thanks 

Dec 17, 2012 11:59 PM
Jan Stevens
Coldwell Banker Pittsburgh - Cranberry Township, PA

Very useful information, thanks for sharing it. This can be a great program. I'm working on one right now and learning a lot along the way. Not a simple process but worth it in the end for the right property and the right buyer.

Dec 18, 2012 12:05 AM
Heather Mark
Keller Williams Classic III - Clermont, FL

Thanks for this! I just shared it with one of my buyers. :D

Dec 18, 2012 12:39 AM
Centerville, KS

Great information! I dont think enough buyers know about this awesome program!

Dec 18, 2012 12:41 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

It's also a good idea to check with your city for Grants, both multi-family and residential.  Each city has it's own programs, so investigate them fully.  A 203K is a great program for adding features.  When consulting with clients, have them create an A, B and C list of items.  A are must haves, B would be great, C would be amazing if all were included.  This can help reduce the stress of trying to get everything to fit into the dollars available, if a HUD consultant is used.  Pretty nifty tool!  Great that your blog was featured to give others the idea that just because a home is in disrepair and you don't have the funds to fix it up, doesn't mean it's out of sight for purchase!

Dec 18, 2012 01:41 AM
Fred Sweezer Sr. CMI, LLC.
Hud Certified 203K Consultant - Long Beach, CA
HUD 203k Consultant

Very good demostration of work flow!

Dec 18, 2012 09:01 AM
Michael Blue
Home Smart Realty West - Encinitas, CA
REALTOR - 760-889-8877, Encinitas/Carlsbad
Unfortunately in our market the government loans may take a while and can get sorted out of the mix when sellers have 5 to 10 offers to choose.
Dec 18, 2012 10:38 AM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Thank you all for stopping by.

Michael Blue, we have a cure for that too.... our buyers who intend to live in the home pay more than investors with all cash offers as they submit a low-ball offer.

Dec 18, 2012 11:26 AM
Kimo Jarrett
Cyber Properties - Huntington Beach, CA
Pro Lifestyle Solutions

Excellent post and illustrations. Always learning and earning in the AR community. Thanks for sharing this invaluable information about the FHA 203k loan.

Dec 18, 2012 06:37 PM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Mike, great post about a very usful topic that many of us do not know enough about.

Dec 19, 2012 12:53 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

It's a great product & I've used it a few times. Not for everyone though & it does take longer to process or at least mine did!

Dec 19, 2012 06:55 AM
Rob Ernst
Certified Structure Inspector - Reno, NV
Reno, NV-775-410-4286 Inspector & Energy Auditor

That's true. The lenders here are way farther behind than in CA. The 203k is allot harder than the EEM so it really doesn't hold anything up. The 203k loans are supposed to focus on Energy upgrades and the EEM takes care of that and allows the 203k funds to be used towards other repairs. Try contacting Mason Mcduffie Mortgage in your area.

Dec 23, 2012 01:20 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I have not done one of these but this is good information.  Thanks for the post.

Jan 02, 2013 02:53 AM
Fred Sweezer Sr. CMI, LLC.
Hud Certified 203K Consultant - Long Beach, CA
HUD 203k Consultant

Thanks for keeping the 203K program information active! This is a national program that have been around for a long time and needs to be known by the first timew home buyer!

Dec 29, 2013 08:10 AM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Thanks for stopping by Fred, always good to hear from you.

Dec 29, 2013 09:13 AM