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Listing all posts with label 203k loan Santa Barbara. Show all posts.
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I need more money for my renovation project than the FHA loan limits. Is there a higher balance loan available for my project?
Yes indeed, there is. There is another product out there than is available up to three million ($3,000,000) loan amount. Is it 3.5% down, of course not but typically when someone is looking at houses in that realm they quite often pay cash so a 65% LTV is fine.
Just because that is the limit doesn't mean you have to borrower that entire amount. You can borrow up to that amount and the down payment is variable, the more you borrower, the higher the LTV. Make sense?
We had a job the other day that had a purchase price of $745,000 and just over $115,000 in renovation, this program would fit this scenario. How about another where the purchase price was $1.5MM and it needed $300,000 in renovation.. on the surface it would work however it turned out to have 14 structures on the site and part of the construction would be to remove all but three of the structures and keep the log cabin and renovate it... NOT going to happen with this loan product as it specifically states "no log cabins". They must have seen that one coming.
If you have a possible project please call us and we'll send you to the right people to get it funded for you. Remember that your consultant should be the first one on the job to help you with the scope of work and to help you find that "contractor" fit for your project.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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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
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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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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