Mike's 203k Blog

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Home Inspector - 203kOnLine.com, covering the USA - S0289
203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.
RECENT BLOG POSTS
Can I take an 8-unit building & convert it to 4 units with a 203k?This is one of the unique aspects of a 203k loan. You can take 5, 6, 7, and 8 unit buildings which are considered "Commercial" buildings and convert them to one to four residential units under this program.Years ago we had such a p...
03/01/2015
Buying a home with the FHA 203k in Fort Pierce FL or anywhere else for that matter can be smooth or a nightmare. It is mostly attitude. The attitude of the borrower. Nightmares typically happen when they try to do it themselves. I'm referring to the buyer again. The buyer wants to cut the cost to...
03/01/2015
 I had just arrived at a 203k project in San Juan Bautista, CA when I noticed these chickens walking down the sidewalk toward the intersection. Then the rooster stopped and the hens stopped behind him, he seemed to look both ways and turn to cross the street in the crosswalk.   Unbelievable.     ...
02/23/2015
What is the maximum number of draws on a 203k project?I have had a major lender turn down a loan when our contractor requested 10 draws @$30,000 for a $300,000 construction amount.I set in on a Denver HOC web-cast as I thought we would get some new input or incite. Sadly they were merely reading ...
02/19/2015
How do I choose a consultant for my 203k project? Believe it or not, it astounds me to see the criteria people use to make that choice. #1. The lender is responsible for choosing the consultant. Even though we work for the borrower it is the lender's responsibility to choose the consultant.  #2. ...
02/18/2015
We were completing a 203k project a while back and the contingency reserve hadn't been used at all. The contractor stayed on budget... that is a first, just kidding.  The home owner called me and said the contractor had agreed to paing the entire exterior of the home for the money left in the con...
02/17/2015
Fireplace safety - You might think that anyone would like to live in a home that is safe and secure but apparently some just don't understand why we have professionals in the business to insure their safety.  What would you think if you saw soot coming from under the chimney stack and out onto yo...
02/17/2015
Meet Pete Campbell our guy in Fort Pierce FLWe are highlighting Pete this month as he is a "go getter" and has taken to the FHA 203k consulting like a duck takes to water. I have trained allot of consultants all over the country and not all of the get it like Pete does. He is also personable and ...
02/12/2015
Fastest way to a close on an FHA 203k is using a TEAM I received a call from a home buyer the other day. She asked for some assistance on her 203k loan in process. Turns out the lender was doing their first 203k and chose a consultant who was just getting started and had no clue as to what he was...
02/01/2015
Ft Pierce FL 203k renovation loans for refinanceI just purchased a home two months ago and there is more work than we expected to get it livable. What options do we have, if any, to get money to do the necessary work?Actually you are in very good shape to get the money to do the work on your home...
01/31/2015