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Listing all posts with label 203k loan Sacramento. Show all posts.
  1. What is the draw inspector's roll on an FHA 203k project?

    The consultant has a couple different rolls during the process and it is easy to get them confused and they do get confused all the time.  We have to be chosen or at least approved by the lender. 

    1) As a consultant, we help the client create a scope of work so all of the contractors can bid the same list. It creates less confusion and if the specification is written well enough no one will have any questions. 

    The more detail, model numbers, etc that the borrower can supply up front the better the project will flow through the completion.

    2) Here comes the confusion. Once the project funds and the works begins the consulting is over and complete. Now the roll is as a draw inspector.  We are no longer the consultant though we are happy to provide answers through the process, we no longer work for the client, we work for the lender to insure the work is completed in a professional and workmanlike manner.

    Many clients believe that the consultant is still the "consultant" and that just isn't so, It doesn't mean we can't answer questions as a consultant and help the client through some of their issues that may crop up from time to time but our roll is to inspect the work that the contractor has requested on each draw inspection. We won't, however call the contractor and criticize them for not doing their job. 

    What a consultant is NOT - 

    Clients constantly call us telling us the contractor isn't doing their job. They didn't show up today for work. They haven't had anyone on the job this week. The contractor showed up for an hour today and left and hasn't been back. 

    All those are valid issues but YOU, the client are the contractor's boss and it is YOU that must call the contractor and let them know what YOU expect. 

    The guideline indicates the contractor, once started, should have someone present each day working on the project till it is completed. That person may be picking up parts to be used on the project so use some discretion.

    When the draw inspection happens it is wise for the borrower and contractor to both be present so everyone can see what the results are and how they were derived. If you have a representative there that representative should NOT be asking questions about items NOT on the draw request. We are there to look at the items requested and nothing more. 

    We are not there as a quiz, to be be questioned on issues that are between you and your contractor. If that needs to be done then send and email with the issues clearly spelled out and the desired result you are looking to achieve. Then we will see if we can ease the situation for you. Don't surprise us when we think we are doing a draw inspection and arrive to find you and the contractor ready to exhange blows. It just isn't appropriate. Lets get the a resolution long before that.

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

    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

  2. Why do they say I can't refinance before 6 months is up?

    You just purchased a home. Now you wish that you would have used a renovation loan as your home isn't quite the way you wanted it but you needed to close the loan quickly, or so everyone told you. Now you can't really enjoy it till you get it fixed up and everyone is now telling you that you need to let this loan mature at least six months before you can refinance. Well, it just isn't true. In fact, it would be to YOUR benefit to refinance immediately with regards to getting the money to fix it up.

    BAH HUMBUG !

    FHA 203k loans have a little known feature for those who need to fix up a property they just purchased and likely should have purchased under the 203k program in the first place. It is simply that you can refi immediately and as long as you close the new loan within six months of the original loan closing YOU get to count all that money you put down as money you have in the new transaction. This is huge because you can 

    This is huge because otherwise you would have to show equity on a home you just purchased and may have to come up with more money to close the new loan. The drawback is that the original lender may loose their commission on the first loan. Not typically an issue if you let them do the new 203k loan. If they don't do the FHA 203k then they just loose their commission. Sometimes $%^* just happens. In many cases they can do the 203k for you and recapture the commission.

    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. Can I build a detached garage with the 203k program?

    Yes, and No
    Yes, you can if there is no other garage on the site. If you do have a garage on site, then the new garage may be considered a luxury item and thus not be allowed.
    If you have a home that just needs a garage to be complete, build one with the FHA 203k, no problem. If you have a two car garage and want to build a new detached garage too, No Can Do. You can build a detached garage if you want to providing there is no living area over or attached to that garage structure.  If there is to bre an in-law unit above the garage or in any way attached to that garage, the new garage must share a wall with the existing structure. In 1994 we were taught that we could attached with breezeway but that is no longer the case. The guideline is being interpreted and misinterpreted to meet the current regime. Why do I say misinterpreted? Simply because they still think "only 5 draw inspections can be financed into the loan" which other lenders interpret means no more than five draws are allowed. 
    That part of the guideline actually states "On a project of $10,000 no more than five draws are allowed". They all quote the last half of that sentence but clearly by any rational person's interpretation on a project of $250,000 in construction maybe there could be a few more.

    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

  4. Create inventory to meet your clients needs.Single story home

    What I love about this business is that we see a different house or two every day and watch it as it transforms to meet the buyer's expectation.

    Yep, that is my Chrysler 300 in the driveway. 

    into a two story home

    This is the "after" scene of the same house. Nice neighborhood but there were no homes in that neighborhood that fit this family's needs. So they added SF to the home to get the home they wanted and in the neighborhood they wanted.

    When inventory gets low this is a viable solution to many home buyers. 

    This can make the difference in an average Realtor and an exceptional Realtor. Providing your client with the home they are looking for, even when it isn't readily available. 

    You have to be looking at your inventory differently than you may have ever looked at it before. This is why I enjoy working with "Rookies" as they aren't "set in their ways" where they can't see the potential. 

    In all cases the work happens after the close of escrow. The Realtor gets paid, and goes to the next buyer. The construction starts and we stay with the buyer to the end of the process. We are happy to copy you on the progress photos if you like so you can stay in tune with the progress and create a portfolio of before and after photos. If you want to do that now to help you get started feel free to request photos for that purpose. We have thousands of archieved photos for you of homes we have completed. 

    REO Realtors, provide us with addresses of your hardest to sell properties and we'll give you some marketing ideas to help you sell those unwanted properties. We can even do manufactured homes with some minor stipulations. Even if they were built prior to 1976? That is the question isn't it?

    POSTED BY

    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 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
    T
    his is a reprint of my ActiveRain blog post earlier this date 9-8-2015


  5. There are "renovation loans like the 203k". The FHA 203k isn't always the best choice for the buyer. Many times the alternatives have better terms or better rates as they are intended for people who have better credit.
    Even if all other things are equal there is no private mortgage insurance (PMI) which saves 0.85% on the initial down payment and many hundreds each month. Yes, I'm afraid you have to have very good credit for the alternative loans but the cost is well worth the effort. This would be the Fannie Mae HomeStyle® Renovation Mortgage.
    It is always a good idea to look at all your options because the obvious solution may not be the best solution. Not all lenders offer all these different products.
    What else is on the horizon? How about the High Balance Renovation Loan product up to $3MM loan amount? This is now available as of today. If you are looking for a home in a high end area you now have a product to help finance the renovation and make the purchase or refinance up to $3,000,000 loan amount. This is fantastic. Call for more information.
    I had to laugh when a client called today and asked if we had anything for his $1.5MM project. Yes,  when we say up to $3 Million in loan amount that would include a whole lot of homes from $625,500 to $3 Million and everything in between. 
    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. 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

  7. Can you add my contractor to your list?


    Sure we can. In fact this week we added another four or five.. All of them went something like this - 

    I get a call and they ask to be on our list, I tell them to send me an email with all of their contact information and they all must hear something I didn't say as they ALL sent 

    Name

    Company name

    Phone number, and of course I do have their email address.

    Possibly a web address, I guess that is so I can look it up more easily. 

    And that is all. Yep, that is what they think all of their contact information consists of. Yet when I input it into a report the lender expects a "license number", full address, not a PO Box, email address, name, company name, etc. 

    I must be saying it incorrectly as they all did it. What is so hard about 

    Name

    Company name,

    Full physical address

    PO Box if you have one

    Phone number

    License number

    I hope they know  that we need this so we can mail checks, visit their site to see they are really there, email paperwork to them, call them if needed. Did I say all them have been in business from ten to twenty years and still can't get it right?

    If you want your contractor on any list, make as easy as possible by providing all of the necessary information at one time on one piece of paper. One of them sent a second email and failed to reply to that one so I had the first bit of info, I had to find that other email to get him into the system. Ya gotta love 'em.

  8. 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

  9. 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

  10. 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

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