Surfside, CA Real Estate News

By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
A common FHA 203k mistakeI can't tell you how many times I see this mistake in judgment happen.1st Scenario - Borrower wants to make his job as low as possible, to keep the loan amount down. They tell us scope #1 with a very small scope in comparison to what they really want to do. The are putting 3.5% down. Now they keep this a secret but they are planning to do a much greater project scope with their own money after it closes escrow.The contractor starts working on the project and calls for his first draw inspection. Nice, and the demo is complete... oops, there is more demo than we called for, which calls for a question. Why did you tear out these additional walls and the bathroom that had nothing in our scope of work? Then we get the answer "the borrower is having me do a much great...
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