The FHA 203k loan is going strong in Richmond, CAI get such a kick out Realtors who think they know all about the  FHA 203k only to find they heard from someone years ago who heard from someone else that had a bad experience. Well, we have been doing this since 1994. That is 28 years this year. In 1998 I stopped doing standard home inspections and went 100% with consulting for the FHA 203k and FNMA HomeStyle® Renovation Mortgage. If you are a Realtor and need more volume this could easily be your nitche. How you ask?1. You can sell commercial property for 3.5% down payment while your competition is requiring 35% down.  I've had so many Realtors tell me they just never run into commercial properties. Well, they are in every town and I mean every town. This is just a sample. This one has ... 05/21/2022

Whatever could go wrong, likely will go wrong in Construction?I love this story on how not to do a renovation project. A few years ago one of my best contractors for many years. An easy going guy to say the least. He had an FHA 203k loan project in Lafayette CA, an upscale neighborhood and the borrower found the worst looking property on the entire block. Way to go. He got a good deal, it had a slab foundation with a 4" wide crack running down the middle of the living room. There was obviously no steel in the concrete.They ended up using EagleLift to level the foundation and secure it so it couldn't drift apart again... 20-30 year warranty. When they lifted the footing to level the home the crack mysteriously disappeared. This is an amazing patented product and much better than many of ... 05/17/2022

Floor furnace test... this is a TEST for FHAQuestion is "Which of the following floor furnaces don't require replacement?" Write your answers in the comments below. I'll give you a hint... two don't have to be replaced, the others must be removed or changed to a return air can for safety.JUST FOR FUN1. 2.3. 4.5. Enter your # choices in the comment section below and let's see who is correct and who isn't.  HUD/FHA is all about health and safety. Several of these furnaces are considered safety hazards and under the FHA rules must be dealt with to render them safe. Choose wisely.Sign up for our blog and get more info that can make you way ahead of the compeition. https://203konline.com/?blogcategory=203k+Realtors+and+agentsIt isn't how much your property sells for but how much you are will... 05/16/2022

By Kenny Kim, EA, MD, Ralph Nelson, EA (El Cerrito, California)Did you know that the IRS uses a formula to determine whether to wipe out your IRS debt or not?The formula is called "Reasonable Collection Potential." It is essentially a cash flow analysis calculated by the following: your income minus essential expenses allowed by the IRS. And then, your assets are added to the formula. So if you can show the IRS that you have little to no cash flow and have a minimum amount of assets, you could be a candidate for an Offer-In-Compromise. The Offer-In-Compromise is a way to potentially settle your debt for less than you owe.Sometimes, you do not need to file an Offer-In-Compromise.Example: Your tax debt is about to expire. Your IRS debt has an "expiration date." After your debt is not coll... 04/19/2022

We offer a few mortgage programs that do not require any income! We can leave the employment section of the application completely blank. If you have a buyer that fits one of the program descriptions below we can close the loan fast and easy. No one else in the market is offering this on primary residences and if they are there is a good chance they are brokering it to my bank. I am the direct lender. Community Mortgage (Primary and Second Home) FICO 640+ Loan Amounts to $3MM (Based on FICO & Reserves) No Income / Employment Documentation Req'd No Prepayment Penalty Owner Occupied & Second Home  80%/85% Loan to Value – Purchase / Rate & Term 75% Loan to Value - Cash Out  Investor Program (Investment Properties) FICO 680+  No Income qualifying req'd  Loan amounts to $3.5MM (Based on FICO... 03/23/2022

When you purchase a new home or apply to refinance the current home you have it is not uncommon for a lender to ask you for proof of mortgage insurance and homeowners’ insurance. Although the two sound like the same item, the two are very different items. Both types of insurance are meant to protect items related to your home, but they protect different things.The Difference Between Mortgage Insurance and Home Insurance The biggest difference between mortgage insurance and home insurance is who it protects. Homeowners insurance is protection for the borrower, while mortgage insurance is put in place to protect the lender.More: Factors That Negatively Affect AppraisalsHomeowners’ insurance covers damage to the main structure built on the property and can cover other items on the property... 04/05/2021

Construction issues on your 203k project?This is an actual project that was being completed and the contractor really screwed up and failed to properly read the plan... then kept going. Had he installed the windows correctly in the first place this couldn't have happened.We helped the client put in for a 203k loan in Alamo, CA on this one and the contractor was fired. He threatened to file a lien which he never did. We actually was hoping he would as to get him front of a judge with these photos may have been a blessing to the owners. If he had filed a lien then "perfected it" by getting our client in front of a judge he would have risked having to pay back 100% of the money he had charged for this type of outrageous behavior.The new contractor was able to fix the issue by removing the ... 01/09/2021

Monthly Market Activity for Single Family Homes in El Cerrito The Median Sale Price for homes in El Cerrito during Octoberwas $1,181,250 with thehighest number of units sold in the $1m - $1.299m. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.     11/30/2020

Monthly Market Activity for Single Family Homes in Richmond The Median Sale Price for homes in Richmond during October was $652,000 with thehighest number of units sold in the < $500k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com  You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.    11/30/2020

The secret to get your FHA 203k project closed FASTERMy favorite story about closing fast 203k deals has always been with Donna Nix when she closed her first full 203k in 21 days. She and others get it that nothing happens until the paperwork is complete and the clock doesn't start ticking until you get all the financial paperwork to the lender. Get prequaled. The problem when you have delayed closings is quite often due to the lack of a team or improper use of a team. If any one of the teammates fails to just do their job and decides it is their job to push everyone else you will not have a good closing time. In one case I had a lender loan officer who was so bad and called about eight times per day asking me if I was getting the project done, the fact is that it was distracting at bes... 11/17/2020

Monthly Market Activity for Single Family Homes in El Cerrito The Median Sale Price for homes in El Cerrito during September  was $1,007,500 with thehighest number of units sold in the $1m - $1.299m. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com  You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.  10/20/2020

Monthly Market Activity for Single Family Homes in Richmond The Median Sale Price for homes in Richmond during September  was $640,000 with thehighest number of units sold in the < 500k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.    10/20/2020

The Seven Real Estate Stages of the Pandemic  By now, some of us have lost a loved one, friend or community member to COVID-19.  Though if the cavalier denialism exhibited by some Americans is an indicator, there are still many who have yet to share the magnitude of such a loss.  But even putting one's head in the sand about the medical realities of the coronavirus cannot spare us the social, emotional and economic impacts.  It's accepted as true that though we all grieve a loss, everyone grieves in a unique manner.  One of the most referenced works on the topic was written in 1969 by Swiss-American psychiatrist Elisabeth Kubler-Ross, in her book On Death and Dying. This philosophy is popularly referred to as the "stages of grief," and whether comprised of five emotions or seven, it fee... 10/13/2020

Monthly Market Activity for Single Family Homes in El Cerrito The Median Sale Price for homes in El Cerrito during August was $1,050,000 with thehighest number of units sold in the $1m-$1.299m. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com  You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.   09/04/2020

Monthly Market Activity for Single Family Homes in Richmond The Median Sale Price for homes in Richmond during August  was $615,375 with thehighest number of units sold in the < $500k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.     09/04/2020

Monthly Market Activity for Single Family Homes in El Cerrito The Median Sale Price for homes in El Cerrito during May was $882,500 with thehighest number of units sold in the $900k - $999k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.   06/05/2020

Monthly Market Activity for Single Family Homes in Richmond The Median Sale Price for homes in Richmond during May was $565,000 with thehighest number of units sold in the < $500k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.    06/05/2020

Monthly Market Activity for Single Family Homes in El Cerrito The Median Sale Price for homes in El Cerrito during April was $990,000 with thehighest number of units sold in the $900k-$999k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.     05/07/2020

 Monthly Market Activity for Single Family Homes in Richmond The Median Sale Price for homes in Richmond  during April was $632,000 with thehighest number of units sold in the < $500k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com  You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.     05/07/2020

Monthly Market Activity for Single Family Homes in El Cerrito The Median Sale Price for homes in El Cerrito during March was $964,500 with thehighest number of units sold in the $800k-$899k. The Bay Area continues to be a popular place to call home. If you are ready to search for your next property, or are looking for your home value, visit: www.searchalleastbayhomes.com     You can also call me on my cell at 510-919-5741 for a more personal conversation.I would love the opportunity to earn your business.    04/11/2020