Home  ·  Product Search  ·  Checkout
Listing all posts with label 203k consultant Roseville. Show all posts.
  1. Why 203konline.com?

    Simply stated, we were one of seven programs evaluated at an underwriters’ conference a few years back... we receive 98% of the vote as "the most popular and complete 203k package in the industry". If that is not enough, we provide the most complete package from the lenders point of view. 

    Mark Williams turned in his first 203k project to his lender who told him, the packaged would save her 1.5 - 2 hours per project, we love it as it gives the LO the ability to work an additional 1.5 - 2 hours on getting another loan in the pipeline. We have developed a "system" for doing your FHA 203k paperwork. Everything is in modules. Everything is printed to a pdf from the "reports" menu. 

    To start a project, you merely go to the information page, fill out everything you know then go to the report’s menu, where you choose the upper leftmost report "Initial inspection report" where you save it to make it a pdf. This will provide you with the basis of your "consultation". I would guess that most consultants never "consult" with their clients. They do not know what it means to "consult".

    So what does it mean? When we go out to meet with the client, we discuss the paperwork they are expected to read and understand prior to closing. Typically, in the old days, the lender would provide them at the closing and suggest they read and understand them before signing them and then announce the title company closed in ten minutes. LOL, it was not quite that bad, but many were close. We just do it so there is not any question. We also go over the most misunderstood portions.

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

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. It really doesn't matter as we have associate offices in most every state in the USA. Find a consulant anywhere in the country.

    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug

  2. What does a typical 203k project look like? Here are a few that we saw in the past year... 

     San Jose. Needed a new roof, heating system was well beyond it's useful life. Vegitation growing all over the home... clinging vines, dated kitchen and bathrooms. Seller ignored repairs for years thus a lower than typical sales price would be in order.


    Duplex northease of Davis. Lack of typical maintenace over a long period of time caused damage to wood members that might have been avoided with normal owner preventive mainteance. Seller should eat the loss here as this never should have gotten this bad.

    Not your typical 203k

    Typical 203k project 3SFR in Vallejo. This cute home just need some updating and weatherization.

    Typical 203k project 4SFR in SF had an illegal lower level unit. Someone convered the basement to a second living area but forgot to obtain permits and then failed to use common construction methods. Seller should carry the brunt of the cost in a lower sales price. 

    Pretty much anything is a typical FHA 203k renovation potenial property. If you are trying to sell a home with a bad roof or a marginal roof and it leaks just after the home is sold, you will likely get sued... not if you had suggested a 203k to replace that faulty roof as it would be a warrantee item. 

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

    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.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


  3. HUD/FHA felt there was too much confusion with the name Streamline k versus the FHA Streamlined Refi and it was a bit confusing to those who hadn't heard of the 203k. Why hadn't they heard of the 203k is beyond me. It has been around since 1961 and is going stronger than ever.

    Sreamline k loans now and hereafter referred to as "Limited 203k" loans always provided 50% of the materials cost 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 provided the full 50% per the guideline.

    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);
    • prepaid architectural or engineering fees;
    • prepaid Consultant fees; [reimbursed to the borrower]
    • 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 pretty 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.
    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  4. For Standard 203(k) transactions, Mortgagees may disburse the following at closing:

    • permit fees (the permit must be obtained before work commences);
    • prepaid architectural or engineering fees;
    • prepaid Consultant fees; [reimbursed to the borrower]
    • 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 pretty 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.
    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  5. What is your consultation fee?
    That is nearly always a question that gets asked. Well, it is on our order form to make it easy for you to fill out your GFE - Good Faith Estimate of fees and charges. We have attempted to make it so easy and efficient. If you are a lender placing the order and you have ordered before with the same company, you need not fill out all the company information each time, your name and phone number are sufficient. Save yourself some time. 
    It is however a great asset to be able to copy and paste the informaton on the order blank. It is imporant to know the fee your client will be paying for full disclosure purposes but we will need to know the construction budget. Since our fee is based on the amount of the construction it is important to have that little piece of information so we can quote you a cost.
    You should also know that there is no protocol for the consutant report and many consultants do the bare minimum for their fee and then we have some, like us, that go way overboard to spoil our clients. We always attempt to "deliver more than you expect". 
    This week one client stated in an email "It really is very helpful having you as our consultant Mike. Like you said the first day, we will need you in our corner and it does feel like that indeed. So thank you." It is our intention to provide our clients with the best possible product and service they can get. Some get it and some never will. Happily most get that what we do is way beyond what is required and we do it for the same price as those who don't.

    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  6. When this project was completed within budget I thought nothing  of it that the client asked if they could use the contingency to paint the exterior of the home. To myA black house?
    surprise as I was traveling out to see the finished job I was listing to a real estate talk show where they had just stated "the worst color you could paint your house to get it sold fast is "BLACK". Then I pull up and see this charcoal black house... too much and too funny. 

    This morning on my walk I saw someone in my neighborhood had painted their garage door, trim and gutters "BLACK" too much. What do you think? 




    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  7. See you February 16th, in Sacramento, CA at 4-Points Sheraton near the airport off of I-5, 6:15 pm - 8:30 pm... You will learn "203k Secrets" and how you can use the 203k in your business. Our host will be Daniel Posehn of the Wells Fargo Renovation Team We look forward to seeing you there (if you have a ticket). If not then please go online and get a FREE ticket while they last. 

    See you February 23rd, in Concord, CA at Denny's Diner on Willow Pass Road at Diamond Avenue, 6:15 pm - 8:30 pm... You will learn "203k Secrets" and how you can use the 203k in your business. We look forward to seeing you there (if you have a ticket). If not then please go online and get a FREE ticket while they last.  Our host will be none other than Tim Floyd of Wells Fargo Home Mortgage

    FSBO sellers please bring your properties, we will couple you with a buyer and agent provided you will agree to pay the agent for  selling your home. 

    Learn how to get more than the appraised value for your sale or on the other side of the coin, how to bid higher than the other guy for a home and get the financing to warrant the higher price.

    What to look for in a property so you aren't going for the same thing that everyone else is. Find you diamonds as they lay among the weeds that everyone else is trampling. 

    Investors with properties to sell fixed up or needing work makes no difference we have the buyers.

    Buyers, if you are tired of bidding on homes only to be out bid time and time again, we'll show you some homes that you won't have an issue like that and if you want to bid higher than anyone else we'll show you how to get the home you want.

    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  8. The 203k loan program is just like any other tool you may have at your disposal but if you don't know how to use it, it is a wasted tool. It isn't for every deal, but if you put it in your arsenal you can bring it out whenever the need arises and fell confident that you know how to put it to use. Won't you join our team? If you view it that way and add it to your arsenal of creative answers you will be a more complete professional. While it isn't the answer to every situation it is a valuable tool when you actually need it. Learn the process and it will serve you when you need it. If you need assistance or a friend in the business feel free to contact us either on this blog or by email or phone.

    We will assist you even if we aren't involved in the transaction. I hate to see deals fall apart so don't be shy just make he call and we'll put our heads together and save your commission.

    The 203k loan program is a Team Effort if you know what you are doing you will be part of a team, create your own, we can provide 203k training to your favorite home inspector or contractor and have them up and running. 

    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  9. Does the "termination date" column in the HUD inspector lookup results means the inspector is no longer certified?

    Yes, exactly that simple. It might be for not answering his phone when HUD calls to verify your phone number or it might be for some other more serious reason.
    Mike Young, 203k Team Leader    Mike ready for your 203k order
    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.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

Copyright © 2000 - 2021 M.A. Young 
203konline.com