Alderwood, WA Real Estate News

By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Can you move a home from another site using the FHA 203k loan?I've always found it interesting to see a home going down the street on it's way to another site, just waiting for someone to throw out some dish water out the back door... lol , not reallyIn the case of moving a home from one site to another several things must be present to qualify for a 203k loan.1) The house being move must be on it's original foundation. It cannot have been moved already to a storage sit while awaiting a lot to move it to.2) HUD engineering must observe the home on the present site prior to the move and at the new location once sit & bolted on the new foundation.3) The mover's insurance must cover the home during the move. Looking at the contract this mover has it suggests the borrower is responsible for...
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By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
How long should it take to close a renovation loan?That is a great question. I guess it depends on who you talk to. There are allot of lenders out there that profess to do 203k loans and they likely can... BUT that doesn't mean they can close them fast does it? Nope, you all have been caught up in this at one time or another if you  let the client run the show. I recommend that you do your homework and find out who can actually close these loans on a consistent basis. I know some who can close in 21-30 days on a regular basis, that is the one you want working on your. But wait, there is more. The time doesn't start until you provide your client's loan package with the tax returns, and financial information they need to actually get started. I was talking with Jeff the other day, a natio...
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By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Renovation loans are great but not all contractors are doing their jobDid you ever have a contractor on a 203k project that really impressed you? Everything about them was great. Well funded, great demeanor, just all around a great company to have on your projects. Then something changes, one after another the jobs they are on are falling apart, they no longer satisfy the clients, none of the clients. Not just your clients but all of their clients.We sometimes recommend contractors to clients that have shown responsible behavior in the past, that is no indication that they will continue to do so apparently. I can't believe this is happening to my clients.However, all that said, read carefully the followning 203 (k) Borrower's Acknowledgment• I understand the contractor(s) is responsible...
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