203K Contractors? HUD and the FHA do not have a certification for 203K contractors. Any company can do these 203K rehab jobs if they meet the lender requirements which are: 1. Must be licensed if required by their local goverment. 2. Must be insured to minimum $1,000,000 liability. 3. Must be solvent or they may […]
203k loans in Minneapolis and St Paul
So, what’s the scoop on the 203k? Simply this, You get qualified for your 203k loan. You find a home you want. If it needs work no problem. The purchase price and the repairs are rolled into one loan. The home must appraise favorably when you are done. It goes like this, lets say you […]
Insider Kitchen Design, a book for everyone.
Insider Kitchen design, a new book from Kelly’s Kitchen Sync Kelly Reviewed by The Paul Kitchen design, is it about looks,organization or budget? Or all of the above? What about this book? Lets back up a little and ask a question. Why do we need another kitchen design book? Google kitchen design and you can […]
203K fact and fiction
203k Myth or Fact? by Dustan Shepherd on February 21, 2011 · 0 comments Did you know that the minimum 203k loan is $100,000? Or that only 20 percent of the total 203k loan can be the rehab cost? That’s because neither of those assertions is true. Yet every week I receive calls from borrowers who have received […]
203K Consultant and the Feasibility Study
Why bother? A consultant is trained to help with the 203k loan process. And yes you must pay for this service, but…………………………………………………………., the consultant can help you determine construction costs most likely to be incurred when you decide to buy a home that needs work, a home you will finance with a 203k loan. Feasibility […]
How long does a 203K loan take?
203K loans can close as fast as other loans, but sometimes don’t because the homeowner, contractor and lender haven’t followed the guidelines. The record for a 203K loan is 10 days. Most can be done from start to finish in 30 to 45 days, the average in my area is 60 days to close. With […]