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Borrower's Guide
to the FHA

203k Basics
203k
Procedure
203k Consultant Training
Course
203k Software
Streamline 203k
Helpful links
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includes retail & wholesale lenders you might use.
Mike's
203k Blog
- Join in the discussion.
Have a question or comment about the 203k - express it here.
FREE SERVICE-
this is a seminar we bring to you to bring your office up to date on the
203k & show you the possibilities.
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How to
become a 203k Consultant
If you are
wondering what you could do to enhance your existing home inspection or
contracting business or start one from
scratch, this may be just what the
doctor ordered. Home Inspectors, contractors, and architects are already there.
You already have the knowledge base in your arsenal. We fill in the gaps by
offering you 203k consultant training. You may have the construction background
to qualify even if you don't have one of these credentials.
Our 203k
training package takes you to the next level. While we are one of three 'for
profit' companies that were listed on the HUD website for training consultants,
we trained the other two. We have offered a few students who took one of the
other courses offered, a full refund if they our course didn't fit their
expectations, after they already paid for and took our competitors training
course. Non have ever said they wanted a refund. In fact they were pleased to
see that we actually take a 'hands on approach' and guide you through the maze
to show step by step just how a consultation takes place, and what your part is
along the way. 203k consultant training is more than just a home inspection.
We show you
how to make the bid specifications so all the contractors who may bid on your
project are bidding apples to apples. A poorly written specification results in
a lot of headaches during the process. While a well written specification takes
the drudgery out of it and makes it easy to provide the draw inspections. We
have completed over 2,500 projects and our software for consultants is designed
to keep you out of trouble.
The
contracts we provide are HUD recommended and come as part of our 203k software
or 203k consulting software, whichever you may choose to call it. We typically
call it 203k software as we have designed it to handle several other similar
products as well. If you are doing a Home Style loan by FannieMae you just click
on a button and all the forms will be populated with their name instead of 203k.
Similarly Wells Fargo has their own rehab program, just a click of a button and
your forms are populated with their information. In addition Wells Fargo has a
couple forms unique to them which are added this same easy way... just a click
and you have it.
203k Lenders
will love that you use our 203k software and have take our 203k training as our
software will provide the lender with 100% of everything they need to add to
their 203b paperwork to make it a 203k. This includes a MMW (Maximum Mortgage
Worksheet). While the MMW is a form that is required for the lender to fill out,
all they have to do it take your numbers and insert them on their form and it is
done for them. If you have a lender who takes our "203k training" we will extend
your 203k consulting software to them as well and unlock it on your behalf so
they can take the file electronically and then they can adjust the numbers if
needed before they print the MMW for themselves. We enjoy assisting you as you
take off on this 203k journey and are happy to take your emails and answer any
questions that we can to help make your business more profitable and enjoyable
for you. You can always reach us at
info@203kOnLine.com.
That is correct... Your very own "in house" consultants so you
get to schedule them.
We can provide this
service anywhere in the country, wherever the need exists. We train
investors to create bid specs, and provide them the owner/contractor contract
that will keep them out of court...go to our.203k training course above.
TEAM PLAYERS?
I've always looked at
the 203k as a team sport, even when I first got involved with it. When we put
out our audio tapes we even discussed it. I'm going to dig up those 203k audio
tapes and put them up on the website for those who would rather listen than
read. You are only as good as your 'team' in any case. If your consultant can't
write a good report, the lender won't have much to work with and on the other
hand if the lender can't get the loan closed it doesn't matter how good the 203k
consultant writes the report. This is true of the rest of the team as well. Your
teams each should have a Lender that can close an FHA loan, even a 203b quickly.
Our trained 203k consultants will provide 100% of the 203k portion so the
lenders can take our MMW and use it to help them fill out their form... it is
their responsibility but we try to make it easier for them. If we all do our
part of the project and then pass the baton to the next team member this frees
us up to get the next project started. Example: A 203k loan may begin anywhere
by any one of the team members. We quite often get calls from our websites or
the HUD website from a borrower... we immediately asses the situation and more
than likely we'll send them to a lender to get that process started. They may
already have a property, that is okay, we still need to get that lender take on
the borrower to be sure they are credit worthy. Not wanting to waste time or the
borrower's money we need to verify they have the ability to get the 203k loan
going. If they don't have a property then we suggest a realtor or agent to help
them find one in a neighborhood of their choosing. We may actually start
consulting to determine what type property they might want. There are several
possibilities in this realm. Once they locate a property suitable for their
needs we set up a 203k consultation and inspect the property to create the 203k
bid specifications. Once those 203k specs are complete the borrower should look
them over to be sure everything looks like they want it. Then they go to the
lender. The lender takes the 203k specs and provides that information to the
appraiser and the appraisal is completed with an 'after improved' value. Once we
reach this point the loan should close within a week or so typically.
Once the loan closes
the borrower needs to get that information to the contractor so they can get
that project in their schedule. This is an important step as this is the only
way the contractor has of learning the loan has closed. They have up to 30 days
to start the project but in most cases they will have someone start long before
that. In many cases they will start within a few days of your closing the loan.
Go to the "Procedure
Link" at the left side of this page near the top to see where to go from here.
Mike Young, 203k Consultant
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Need a
203k lender anywhere in the USA?
203k S write up
includes our "Work Write-Up" sheet less the 'home inspection' report and
'bid specs' then include all the contracts for the lender less the "self
help" agreement" as there is no 'self help' on a 203k S. |