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Listing all posts with label 203k consultant Aptos. Show all posts.
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Contractors typically are used to getting 10% down at the signing of their contract, and another 30% when materials are landed at the sight. That hasn't been the case with a Standard 203k where they must work soley on their own credit and cash to get started then get "reimbursed" for each phase to get their money back.
The "Limited 203k" loans, per the guiedline always provided 50% of the project cost for materials up front to the contractor unless you were dealing with a lender like Wells Fargo that only allowed 35% or Prospect Mortgage at 40%. Most other lenders still provide the full 50% per the guideline. Years ago I would see B of A, close the loan and in many cases it took them up to six weeks to provide the "50% up front money". These "limited 203k" project were quite often only going to take 30 days to six weeks to complete. They finally got with the program (years ago) and started providing the money from escrow at closing.The new rule as it is proposed for
Standard 203(k) transactions, Mortgagees may disburse the following at closing:
- permit fees (the permit must be obtained before work commences [to be reimbursed at closing]);
- prepaid architectural or engineering fees;
- prepaid Consultant fees; [reimbursed to the borrower] [This can be added to your escrow instructions to be used as part of their down payment or closing costs too]
- materials costs for items, prepaid by the Borrower in cash or by the contractor, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date; and
- up to 50 percent of materials costs for items, not yet paid for by the borrower or contractor, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date
- For any Disbursements paid to the contractor, the Mortgagee must hold back 10 percent of the draw request in the Contingency Reserve.
This is actually a big thing. This will allow us to get reimbursed for materials... materials at 50% of their cost at the close of escrow. By paying that directly to the supplier with proper 1099 form and invoice copy for materials they can get the money at close of escrow. This should speed things up considerably for getting the big ticket items deposits paid for up front at the closing.While the permits and some of the other fees has been the case for yers the 50% of some of the materials costs paid at close is going to help allow more contractors the flexibility to do more 203k projects. Technically this goes into effect Sept 14th, 2015 but many lenders are going with it right now.
Mike Young, 203k Team Leader
We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.
To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
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..
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I really enjoy speaking to realtors and agents in groups. I like to ask them if they ever get a client in their office that tells them they have no down payment... they all say "Yes" then I ask "do you send them out the door quickly?" and the laughter is overwhelming. I then ask them to take the newest agent in their office and send those would be borrowers to them instead of kicking them out the door. then I ask if the new agent will just bring those people to one of our FREE open to the public seminars and we'll turn them into real buyers... with our network.
Everyone stops laughing about that time and want to know when we are having our next FREE seminar. It is amazing that just a moment ago they were ready to kick that borrower out the door and now won't turn it over to a new agent.. ha. I like new agents because they don't have pre concieved ideas and are more easily taught. Come join us at a seminar and we'll show you how it is done... We really like making deals in that room on the spot. You will too.
This 203k basic's training seminar is wonderful for networking and getting your homes that need TLC sold quickly. We'll talk about the streamlined k now referred to as the "Limited 203k" and the Full 203k, touch on the EEM and how you can use it to actually get more money than the maximum mortgage limits set by HUD.
Mike Young, 203k Team Leader
With offices coast to coast and HQ now at 1351 Oliver Road, Fairfield, CA 94534 - 704-451-1599
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I'm still amazed at the number of asset managers that still insist that they won't take FHA offers. I was just listening to a weekly radio show featuring the 203k and the moderator hits them right between the eyes...
Asset managers, wake up and smell the roses, please. If you are excluding the FHA 203k you are not getting all the sales you could be getting for your clients. If there are any banks out there that have distressed properties... lol. Let someone familiar with the 203k list them for you... You will find that you will sell them faster, get more money for them, not have to fix anything, all work happens after you are paid and out of that asset. Yikes! It is everything that you want...You want to get the economy back on it's feet fast then stop giving big banks bailout money they don't need. Let the banks, who have already written off the losses, donate their properties to the counties where they exist and take another write of. The counties then sell the homes fast at any price... satisfying their "affordable housing" requirements, gaining tax money, gaining new tax basis, and getting fixers out there on the market so local contractors get very busy, lots of them will have to hire people to get these home fixed up... home prices will stabilize and go up... maybe that is too easy.
I heard a person on a radio show a moment ago saying that the best economy ever was in 2000... NOT. Think back a little farther back as I remember it was when we lowed taxes and let the people spend their own money... locally. If we are looking for more stimulus reduce or eliminate the corporation tax on small corps or LLCs that don't make $200,000 this year... the people will start thousands of little businesses and many will hire one or two but that will calculate to hundreds of thousands of jobs at the local level and not all highway jobs. Sorry, but all corporations are not big companies
I'm telling you, if you want to stimulate the economy then let's take the houses that have been foreclosed and turn them over to the cities in which they sit. Let the cities get the homes that the banks have already written off against other profits. If that were to happen you would see every community getting money into their local economy and creating jobs in their own neighborhoods, and providing meaningful work down at the grass roots level. Imagine if we put these jobs back on the market how fast we would see people shopping in the stores and the economy returning to a more normal situation.
Those of you in Santa Cruz be aware that Santa Cruz Home Mortgage has just made a commitment to do a lot of educating and 203k loans in that area. In fact Tammy Blanchard is in the middle of one right now. I'm sure if you give them a call you will find them receptive to bringing their training to your RE office to enlighten you.
Mike Young, 203k Team Leader
We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process.Skype name: the203kconsultant
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Your 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.Mike Young, 203k Team LeaderWe have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process.Skype name: the203kconsultant
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