-
Posted by MICHAEL FAUST on August 12, 2009 at 5:16 PM under
•
1 commentENERGY EFFICIENCY MORTGAGE AND THE HERS ENERGY AUDIT......................
-
Posted by Mike Fust on August 12, 2009 at 1:13 PM under
•
3 commentsAs a 203k Consulatant and a Energy Manager, I rountinely perform a energy analysis in trying to secure the Energy Efficiency Mortgage componenet of the program for my clients in the NYC area. I have ran into some very staunch opposition from lenders, who have refused to process the EEM.
I have even been denied payment for the energy audit, due to the lenders inability to understand the cocept of energy efficiency and how it not only relates to reduced energy consumption for the purchaser, but how the energy cost could be just as consistent to purchaser.
I think that the lenders unwillingness to embarace the EEM is two fold. One, they do not want to prpocess the loan, or they can't process the loan. Two, there are not enough Consultants who even know hat a HERS audit is.
hOW CAN THERE BE A EEM, WHEN THE CONSULATANTS AND LENDERS DON'T HAVE A CLUE?????????????
We would like to change that. COMING SOON TO THIS WEB SITE, "ENERGY TRAINING FOR 203K CONSULTNATS". PLEASE FEEL FREE TO EMAIL (mmenergy2007@gmail.com) or call (917 345 6141) if you are interested in taking your business to the next level.
-
Posted by CPI on May 6, 2009 at 8:57 AM under
•
5 commentsWe are interested in your 203K course but our biggest concern is learning how to gain the business, who to market to and how to contact key people. Do you have help in this area?
-
Posted by David Daniel on April 28, 2009 at 10:26 PM under
•
1 comment1. Using the formula you outlined, what would be the maximum fee for this scenario and please show the breakdown in your calculation:
# of Units = 3
Estimated repairs $850,000
As-Repaired appraisal is $1,999,950
2. Are these pretty much the standard pricing conventions across the country; i.e. no regional differences in approach?
-
Posted by David Daniel on April 28, 2009 at 10:24 PM under
•
1 commentHow are the fees calculated for doing a report. I understand the pricing for the onsite inspection. I do not understand the formula applied for doing the workup. Will you please explain it to me?
-
Posted by David Daniel on April 28, 2009 at 10:21 PM under
•
2 comments1. Does the "termination date" column in the HUD inspector lookup results means the inspector is no longer certified?
-
Posted by David Daniel on April 28, 2009 at 10:21 PM under
•
1 comment1. Does the "termination date" column in the HUD inspector lookup results means the inspector is no longer certified?
-
Posted by MikeY on April 5, 2009 at 7:10 PM under
•
1 commentIf you are thinking that real estate investing may be a good thing for you the 203k could be a great way to get your feet wet. While FHA requires an owner occupant or a non profit, a young entrepreneur might think about a mixed use building rental property and convert the rental units to no more than four. The store income cannot be used to help the borrower qualify but the other residential units can. We did one in San Francisco that there was a four story building and one unit on the first floor and 3 stories above with a flat on each floor. The property had been in the 'family' for many years and the rental units had been pretty much ignored and needed extensive work to be livable. The proprietor wanted to live close to his store for security and since the family had owned it for many years the existing debt was zero. This was a simple decision to bring this property up to code and make the rental units pay for the renovation. A 'win win' situation and the City of SF won too.
-
Posted by Administrator on March 18, 2009 at 7:46 AM under
•
1 commentYour 203k Consultant can make or break you. Typically you want someone who has done a few. They shouldn't be experimenting on you. Now that I've said that you don't always get what you want. If it isn't available or you have a new consultant who has just contacted you that "enthusiasm" can be worth a lot. If your new consultant has done their homework and taken the time to get some training you may be just fine. We have had people call from areas where there were no consultants on the HUD list but the need was there. They had a contractor in some cases or a home inspector in others that knew how to make the inspection, we took those qualified people land were able to train them in how to conduct the consultation and write the finished report in such a way that they appeared like seasoned pros with their first consultation. We are in the process of doing that again right now in a remote area of Northern CA. If you are a lender and have been copying the required HUD forms from the 203k handbook, filling them out by hand, and turning them in with your underwriting submission, you are wasting your time. Our trained consultants do all that for you.
-
Posted by Administrator on March 15, 2009 at 2:59 PM under
•
1 comment
FHA loan limits have been increased dramatically and that includes the 203k. Some real estate professionals are missing the boat with mixed use buildings, warehouses in residential neighborhoods, and larger income units from 5-8 units... all of these are 203k potential.
Warehouse - turn it into "Live/Work" units up to 4. Yes the owner must live in one unit but many people would live in a "Live/Work" unit know lots of other people who might like that too and become tenants. The additional rental units add income to the borrower's other income. If they can qualifiy for a SFR then they will likely qualify for this.
Mixed Use - ignore the commercial and work with up to 4 residential units in the building. If you could steal a 3 story building with multiple units... make them flats with commercial on the bottom floor only...
Start looking through your MLS files for larger type buildings that might fit these scenarios. We are here to assist you wherever you are.
-
Posted by Administrator on March 15, 2009 at 2:57 PM under
•
0 comments
The 203k loan program has gone out of this world. This time FHA has really stepped up to the plate. Every real estate professional should check the loan limits in your county or the counties you work in. In high cost areas you are back in the business with Jumbo loans that have rehab attached to them... if there is no rehab then FHA may still be your answer with the 203b. With loan limits in excess of $729,000 in "HIGH COST" areas and dramatic increases in all areas of the USA, this is the "Hottest Loan Product on the Market". FHA loans are easier to get, allow qualifying faster after a bankruptcy or foreclosure than conventional loans, and have higher loan limits in many cases than the conventional loans that may have dominated the market over the past few years.
If you have a specific issue with a project you are putting together talk it out. We have had deals that were expected to fall apart when a client charged Christmas presents just before closing a loan and it threw their ratios out of wack... we were able to use the EEM (Energy Efficient Mortgage) features of the 203k to bring it back in line for closing on schedule. Please don't let a deal fall apart without giving us the opportunity to offer some suggestions that may keep that commission in your pocket. We're on your side.
