Listing all posts with label foundation with a 203k. Show all posts.
  1. I hear people asking me all the time "why should we use a 203k or HomeStyle Renovation Mortgage over a standard construction loan? I received an email today and this is what it had for their construction loan

    RATES AND FEES
    • 7 to 14% to Borrower
    • Servicing Fee: 1%
    • Broker Points: Starts at 3.0
    • Referral Fees: 2 Points Maximum
    Look at that high interest rate versus the FHA and FNMA products which are currently between 4-4.5% typically. Servicing fee, what is that? How about the Broker points which quite often are "ZERO" with FHA. Plus 2 points referral fee. That in a nutshell is 7-14% interest for the borrower and 6 points up front. Not even close for our "borrower friendly" loans. If you are an investor,you should use the HomeStyle Renovation Mortgage and get a 30-year fixed rate that you are not under the gun to refinance while you look for your buyer to clear you out.

    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

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  2. Can you repair a foundation with the FHA 203k program?

    Yes, of course. this home had a basement but no perimeter foundation



    The photo to the left is day one, our initial inspection. The home has no perimeter foundation but it does have a small basement. Note the front
    entry door right in the middle of the front of
    the home yet no walk from the street to the
    front porch. Everyone enters this home by going up the driveway and entering from the rear.

    The photo to the right is after the weigth was taken off the home to allow the foundation to be installed.





    This is the home after it was set back
    down on it's new foundation. The front
    entry door is no longer in the front
    the front porch has been removed and
    the handrail has been extended to close
    that opening. The new ownder created 
    this to match the existing handrail.




    The rear of the home as it was at the time of my inspection.



    The scene to the right shows the rear of the home with the little bump out that had a low ceiling now removed and a new rear covered porch installed all the way across the rear of the home and you can see the new foundation.

    Notice you can see under the home in the left photo.


    The result after the rear porch was complete and handrail installed. The home now has
    some character and is likely worth a whole lot more than the original home.

    Some of our clients just seem to have a knack for creating value with their improvements. In this case they did a wonderful job of restoring an old home and updating it. They took out some walls at the interior and reconfigured the home to make it so much more functional than the old farm house had been.

    Oh, you want to see what some of the interior looks like? Okay, here are a few interior scenes.
     












                                   

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