Mike's 203k Blog

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Home Inspector - 203kOnLine.com, covering California & most other states - S0289
203k loans, the hottest renovation loan product on the market. Offering quick closings on homes that require repairs.
That has been a question for years that keeps cropping up.  This past year I had one lender who kept finding these properties where the foundation is all that remained. In one case there was a barn they people wanted to convert to a living area. Some of these old barns never had a foundation whic...
 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.     ...
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 webcast as I thought we would get some new input or insite. Sadly they were merely reading from the 1994 manual, and mis-reading this portion as ...
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. ...
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...
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...
Meet Pete Campbell our guy in Fort Pierce FL We 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 an...
Can I do the work on my FHA 203k project? Many lenders will let you do the work on your project provided you are a licensed contractor in your state. The real question is "Should you do the work on your FHA 203k project?" and the answer to that is NO. You wouldn't believe how many home owners thi...
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...
Ft Pierce FL 203k renovation loans for refinance I 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 ho...

Mike Young

FHA 203k Consultant 707-812-7668
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