By and large, Contractors are a tradesmen, some better businessmen then others, but nonetheless, the primary need is for them to be good at what they do, their trade. When we, as comsumers/homeowners, need to find a contractor to do a renovation job for us and we utilize the FHA 203k loan proga
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09/16/2010
What to do with a Kitchen Renovation....??? Hmmm... Most people have this idea in their heads that a 'Complete Kitchen Renovation' costs $25,000.00 minimum and even MORE all the bells, whistles and good stuff! Bollicks! In my experience, both as a lender and builder, you can, EVEN AS A HOMEO
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09/07/2010
Initial inspections by the HUD consultant can sometimes be overwhelming... "Seems like a lot more work than we expected!"... This may be the case... but not always. Remember, this estimate is just that .. AN ESTIMATE! If you find a contractor that has given you a price, OR you take the Con
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09/01/2010
203k Consultants... How are they paid? BIG QUESTION! Here is the long and short of it. Back in September of 1995, HUD came out with Mortgagee Letter 95-40 which outlined the charges an inspector could charge. They were known then as a "Fee Inspector", now more commonly called a HUD Cons
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08/24/2010
So what is the biggest drawback with the FHA 203K ??? They are not widely known and because of this, lenders will stumble their way through them... What happens then? They drag on for 90 or 120 days, if they settle at all... I have closed over 3,500 203K's and have an amazing tea
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08/14/2010
How much money do I need to buy a house with the FHA 203K ??? Ahhh, the age old question. Well, FHA 203K has its advantages. 1. It allows you to buy a house that is in "As-Is" condition and escrows money to make repairs to the house to bring it back into minimum property standards. 2. Only 3.
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08/09/2010
So 203K's are all the buzz!!! Great! We knew this was going to happen. Dinged and dented inventory is UP... Interest Rates and qualification requirements are DOWN! But why is it that only a fraction of these loans actually make it to the settlement table? Well the answer is simple... You w
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08/03/2010
Well Done George... Nice read and some handy perspectives and information. :)Many people dream of becoming a real estate investor, but few actually do. It is a big step with great rewards, but it is a leap for many people. Twice this week I have had conversations with friends who find themselve
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06/21/2010
Okay folks... A 203K quiz... Single Family home on 1.5 acre lot. It has a main house of about 4000 sf and a guest house of about 2000sf. The guest house is detached by definition, however, it attached to the deck of the main house via a covered breezeway.... (hint, hint). IS this eligib
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06/17/2010
When you are doing a 203K loan, it might be a good idea to start with an inspection. HUD has a list of licensed and active 203K Consultants that are trained to look over the project to determine what needs to be done for FHA Minimum Property Standards, as well as whatever else your buyer may wan
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06/13/2010
