Mike's 203k Blog

What is your consultation fee?That is nearly always a question that gets asked. Well, it is on our order form to make it easy for you to fill out your GFE - Good Faith Estimate of fees and charges. We have attempted to make it so easy and efficient. If you are a lender placing the order and you h...

Sure we can. In fact this week we added another four or five.. All of them went something like this -  I get a call and they ask to be on our list, I tell them to send me an email with all of their contact information and they all must hear something I didn't say as they ALL sent  Name Company na...

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...

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...

 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.       ...

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 ...

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 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 ...