John Adams's (fl203k) Blog

203k Draw Process Selecting your contract would be simple for your FHA 203k or Homepath renovation product right? There are a lot of certification programs available for contractors to go through to be “203k certified”. This may not mean they have completed one or have the experience but surely s...

I have recently received a lot of unique questions and misconstrued notions of what happens with rate as it pertains to FHA 203k Loans ... Homestyle and Homepath renovation. These answers pertain to all of these programs. It is true that on average the rate for a 203k or other renovation product ...

I got a call from a customer today who decided they would use one of their "buddies" that had a small outfit to do a big 203k project. There is nothing wrong with using a friend to be your contractor but you may want to do some homework on their experience level and look at some past projects. St...

FNMA Fannie Mae Homestyle® loan  This loan product was invented shortly after FHA 203k as the conventional way to help renovate the homes that had property conditions that made them ineligible for financing. These property conditions can be any health, hazard or safety concern or just about any l...

Federal Housing Authority FHA 203k Standard (Consultant K) This popular renovation loan was created in the late 1970s to help renovate the homes that had property conditions that made them ineligible for financing. These property conditions can be any health, hazard or safety concern or just abou...

Federal Housing Authority FHA 203k Streamline This popular renovation loan was created in the late 1970s to help renovate the homes that had property conditions that made them ineligible for financing. These property conditions can be any health, hazard or safety concern or just about any livabil...

I had a customer call yesterday with a nightmare scenario. She had successfully closed a renovation loan with her friend at ( we will call them mortgage company X to avoid colleague bashing). Her friend actually did a great job and closed her mortgage on time but the loan officer or her were not ...

FNMA Fannie Mae Homepath® loan Ever wanted to buy a home using FNMA (Fannie Mae) Homepath financing? Many lenders offer Homepath which differs from the renovation version of this product. These homes are REO (Real Estate Owned) from FNMA foreclosures and have special financing just for their list...

FNMA Fannie Mae Homepath® Renovation loan Ever wanted to buy a home using FNMA (Fannie Mae) Homepath Renovation financing? Many lenders offer regular Homepath loan but not a lot of lenders offer the renovation version of this product. These homes are REO (Real Estate Owned) from FNMA foreclosure...