Mike's 203k Blog

FHA 203k Consultants, it's time to recertify Every two years consultants are required to re-certify, it is that time of the year again. I understand it is hard to believe that two years have passed since the first re-certification. vi. Biennial Recertification To retain placement on the FHA 203(k...

Low interest renovation financing available for investorsYes, yes, yes. Notice it isn't a question, but if it were the answer would be yes. If you are an investor and  have been using hard money to get your renovations completed. You have been paying to much.We have low interest renovation loans ...

On FHA projects closing on or after 27 January 2017 relief is on its way. Looks like the new rate is .55% versus the old .85%. That means if you were paying $500 per month as an example your client now will pay only about $324, so they will have an additional $176 to use for the actual house paym...

Received a message on my phone about a 203k loan draw inspection needed on Christmas Day in Modesto... no address, no name, just "this is the contractor on the job in Modesto, need an inspection at 3 pm today, I know it is Christmas Day but I really need the cash flow."I was mystified and was lau...

I have a rock foundation, will FHA guarantee the loan?If the foundation is still in tact and has not failed, it is very likely you can get FHA Guaranteed financing with the FHA 203b or the FHA 203k programs. Yes is the short answer.I had one of these years ago that we were appraising, the challen...

I hope you all have great things planned this weekend and Monday. Tomorrow, Saturday we will have fireworks over the lake in Graeagle, CA, Sunday is a parade to celebrate the 4th of July, and everyone relaxes at home on the 4th with their families. Happy 4th of JulyGraeagle is located about 45 mi...

Construction & Demolition waste management FEE Concord, CAThe Building Department of Concord, CA requires a refundable C&D waste management deposit of $2,400. on a project we are doing there which requires 50% of construction or demolition materials have to be kept out of the landfill. Isn't that...

The guideline allows a consultant to charge what is common and typical for that service area.There seems to be some confusion on this issue as when the "new guideline" and that is all it is, a guideline, came out it hadn't fully addressed our draw inspection fees. There are several other issues t...

I find it arrogant when a lender requests demands an invoice for each draw inspection. We point out the guideline to them only to have them say something like "if you want to get paid, you will fill out an invoice". It is an extra step, they add to the process. If they actually read that guidelin...

Freddie Mac and Fannie Mae, we were fooled again.The bailout was just a bunch of crap. It was never intended to go back to the shareholders, It was and is just another power grab for government control.  Read the entire article Can you believe this... of course you can, with the current administr...