Nice house but the colors are all wrongTo each his own. I see this all the time where the buyer and a complete different idea of what "looks good" on a home. Did you know you can do a streamlined k (soon to be renamed Limited 203k) and just do painting if that is all that it needs?The Limited 203k (we may as well start getting used to it) is great for those small repairs projects or simply changing the floor coverings, or repainting the interior or the exterior or both. When the repairs are non structural and the cost of those repairs doesn't exceed $34,200 it may be a simple solution for your clients. What? Did I hear someone say their clients is putting 20% down and has great credit? In that case use the FannieMae HomeStyle® Renovation Mortgage which works just like the FHA 203k but h... 03/05/2015

My 203k consultant isn't doing a good job of managing the contractor!Well, I don't know how to put this any other way but "it isn't the consultant's job to manage the contractor" so he or she shouldn't be expected to do that.1) The consultant is a consultant when first hired. They will consult with you and help you develop a plan to renovate the property. A "scope of work" or "scope of renovation" so that every contractor you might have bid this job does so with the same list of items to complete.2) Secondly the consultant can assist you in finding a lender or a contractor if you haven't found one. We typically know who can close these loans fast and who only talks a good talk. We can give you our "do not use" list of contractors but only in the event you have chosen one of them. Some c... 08/12/2014

Can I do some of the work on my construction project to save money?A question we get asked all the time. A borrower wants to see if it possible to gain some "Sweat Equity" so they want to do the painting, or they are a sheet metal specialist and want to do the heating and AC work to save money. The HUD Guideline says we, as consultants, must have enough in the construction bids to cover these items regardless of who does them. Therefore if the borrower wants to do the painting and the painting number in the bid specification says $3,000, the borrower thinks he can do it for $2,500 and save $500. That certainly sounds logical but... and this is a big but.... not a big butt. Sorry. In any case they quite often fail to take into account that the contractor has a profit and overhead number ... 07/01/2014