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Listing all posts with label 203k consultant Vallejo CA. Show all posts.
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FHA 203k Contingency reserve
We just had a lender ask us to increase the contingency based on all these fees that didn't used to be allowed. Interesting that they want to increase their security and though the borrowers quite often want to keep the loan as low as possible, now they are going to have another 10-20% on fees that many lenders demand we get to the penny. Some lenders like M&T even have a form they want us to fill out with the exact amounts of all permits... nice, and impossible to get eactly unless we submit the plans in many cases and we don't have those plans just yet since the client hasn't paid the architect to draw them till they own the house. You have to laugh at some of these things. But this is a new one. Read carefully as it also states it is up to the lender to require a contingency at all or not, so for this one (not M&T) to actually want them higher than they have been is likely just so they make their loan amount a little bigger for their company.
II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward Mortgages 8. Programs and Products - 203(k) Rehabilitation Mortgage Insurance Program
Handbook 4000.1 362 Effective Date: 09/14/2015 | Last Revised: 09/30/2015 *Refer to the online version of SF Handbook 4000.1 for specific sections’ effective dates
Limited 203(k) Financeable Contingency Reserves (E)
A Contingency Reserve is not mandated; however, at the Mortgagee’s discretion, a Contingency Reserve account may be established and may be financed. The Contingency Reserve account may not exceed 20 percent of the Financeable Repair and Improvement Costs.
The Borrower may provide their own funds to establish the Contingency Reserves. Where the Borrower has provided their own funds for Contingency Reserves, they must be noted under a separate category in the Repair Escrow Account.
Standard 203(k) Financeable Repair and Improvement Costs and Fees (D)
The following repair and improvement costs and fees may be financed:
· costs of construction, repairs and rehabilitation;
· architectural/engineering professional fees;
· the 203(k) Consultant fee subject to the limits in the 203(k) Consultant Fee Schedule section;
· inspection fees performed during the construction period, provided the fees are reasonable and customary for the area;
· title update fees;
· permits; and
· a Feasibility Study, when necessary to determine if the rehabilitation is feasible.Mike Young Team Leader
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.com. If you are looking for quality 203k software for consultants to speed up the underwriting process..
Skype name: the203kconsultant
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203k loan limits don't go high enough for my neighborhood
I'm afraid that is the harsh reality in many neighborhoods. What then, is the answer where the homes in my area are selling in the $1MM to $3MM or more. Not a problem at all. As all is good with another renovation product that is available and our group of renovation consultants can help you with that as well. This is just another reason that you should chose a "team" to close your loans faster.
The parameters for the loan I'm referring to will be disclosed mid February but you can start inquiring right now. This lender loans in all fifty states and the permanent loan includes renovation money. The maximum loan amount is $3,000,000 and of course there is a higher LTV required so you could be buying a home in the $4-5MM range including renovation costs and with your down payment your loan amount would top out at $3MM.
Get your renovation loans with one of our Team Members - Our consultant that cover this area is Pete Campbell
Well, now the loan program is in full swing, you can place your order by clicking hereand filling out the short order form.
High balance renovation loans are now available from Chris Davis at Everbank. Chris will fill you in on the loan aspects of this product but the short of it is that you now have a renovation loan that covers the higher end home up to $3,000,000 loan amount.
This is an amazing loan product and it doesn't have to be the entire amount... I've actually had a couple of calls where I was asked if we had a renovation loan for a $1MM purchase that needed $300,000 in renovation... YES, of course. LOL, the loan has a cap of $3MM but that means anything up to $3MM will likely fly just fine. I love this business.
While this loan is going to be available nationally shortly, it is only currently available in the following states, AZ, CA, CO, CT, FL, MA, MD, NJ, and VA. Comming to all other states as fast as the local LO's in those states get their in-house training on the program.
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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.
SFR in Vallejo. This cute home just need some updating and weatherization.
SFR 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
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 quality203k software for consultants to speed up the underwriting process..
Skype name: the203kconsultant
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New SFH Guidelines Overview for 203k consultants
Overview Conference Call for Mortgagees and FHA-Approved 203(k) ConsultantsFHA will host the following conference call briefing session that will provide an overview of the published versions ofOrigination through Endorsement’s 203(k) program and 203(k) Consultant sections:· Date: April 9, 2015· Time: 2:00 PM - 3:00 PM (Eastern)· Title: SF Handbook 203(k) Product and Consultant Requirements
This may be a very interesting conference call. If you need th phone number and access code please contact us or HUD
** This turned out to be a very "non productive" call. They have made significant changes that throw more on the shoulders of the consultant and taken it away from the lender... then didn't address the consultant fees which haven't been revisited in twenty years. Inflation alone typically doubles the cost of things each ten years... example: $100 fee would become $200 in ten years under normal inflation and then $400 in the next ten years after that. Therefore our fees should be $400 by natural inflationary demands. Most of us are at $250-300 which seems fair to all and has been working well. Any type of control of our fees would be considered "price fixing" and is already against the law of the land. We may have to start a class action suit to get everyone to wake up that the guideline is just that "a guideline" and not an absolute.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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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 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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It may sound like a good idea. I get my hearing aids next week, then maybe but for now... please use our order form. The GFE is also on page 2 of the order form.
What happens if I'm sitting at my desk? It is great but the names I had thrown at me today were so difficult to understand for a partially deaf man. I felt like a fool having to repeat what I thought I heard several times.
So I think I finally have it... did I have to pull myself away from the project I'm working on and become a receptionist. Sure enough. You might say "don't answer the phone then." Right, you know what happens to a home inspector when they call and you don't answer that phone. They call someone else. It is always best to place the order in writing, we have a handy order blank and it makes it so much easier and I don't have to listen to the form and say "what?" too many times.
I am also an inspector and see homes 3-4 days per week. The other day I was in the basement when they called an order in. Fun to say the least. It keeps my life interesting. I think I'll try to turn on the microphone on my phone and see if it will transcribe the information. what an idea. Go ahead and call those orders in. LOL -
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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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 my
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 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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If you have all the work you need already then maybe you don’t need to know about the FHA 203k loan program but there are allot of you out there that have been buying my eBook “Contractors and the 203k” indicating that many of you are becoming aware of this program. Why is that? Simply put “more business” than you can handle.
When I take on a new contractor into our “203k Team” we ask one thing of them “Stop us before you get too much work from this program”. The last thing any of us want is for you to get a bad reputation for not being able to get these projects to completion in a timely manner and we have had some that don’t know when enough is enough until we start getting bad service. So… please just pull back a little when the time comes and then open the spigot again when it appears you are about 3-4 weeks from needing more work.
There are two types of FHA 203k loans. I will describe the differences below and YOU need to know them and choose the right one for your circumstances:
1) Full or Original 203k (started in 1961)
This program uses a 203k Consultant to create a bid specification. That specification is sent to you, the contractor for your bid. It is typically a blind bid situation. In some cases the contractor has already put in a bid for the work they think will be required but in many cases they aren’t aware of the HUD Guidelines so they may miss a few things but overall this seems to cut down on the time it takes to close the loan so it isn’t all bad. If the borrower has several clients come out and bid the project prior to seeing us to create the “scope of work” it can be a mess. As much as the client tries to have them bid the same project if you don’t write it down each contractor will have their impression of what they thought you said and each bid will be slightly different and the client will not have a clear bid that they can use.
I prefer to be the first one on the job to create the specification of repairs. I also will bid the job (never will do the work, just bid it) so the client has an expectation and we all know this project is still viable.
There is no “up front money” for this program. The contractor must be well healed and have credit or money or both to get the project started. Since each draw must be no more than 30 days from the prior one the contractor should have enough money to carry his/her business, materials and labor for that period of time plus whatever they need to run the rest of their business. This program allows for interim draws and you can get partial payments for anything that is partially complete but only for completed work. Some lenders will follow the guideline and let you get money for cabinets and finished flooring up having it delivered and stored on site. Some lenders will advance 50% of the window and cabinet materials money only when they are custom sizes and the check may be made out directly to the cabinet maker or window manufacturer.
This has been and can be a difficult situation for a small contractor or a contractor growing too fast. They need, heck, we all need “cash flow” which is the life blood of every business.
2) Streamlined “k” (started in 2005)
This program was intended to make the program easier to use for the majority of the lighter renovation projects. The significant thing with this one is that it cannot have any “structural” component. It is intended for smaller projects and though the maximum construction costs are limited to $35,000 per the Guideline in reality it is only $30,000-34,200. If you come up with Streamlined “k” loans where the work is $35,000 and your lender only does the Streamlined “k” you will be disappointed most of the time. The $35,000 must include the costs and fees associated with it. The $30,000 figure is due to the requirement of many lenders to maintain a 10% contingency reserved which takes a $30,000 right to $33,000 immediately.
The big thing here is that there is “up front” money for the contractor of 35-50% of the construction cost. The project must be completed in no more than 60 days, and there is only one final draw at the completion. No other interim draws.
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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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 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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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 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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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 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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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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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. There is a "little known" feature of this product that allows "non-residential land use to residential use" if the zoning will allow it.
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...
Skype name: the203kconsultant
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