New Software is now available 8/16/2010 User's Manual for the 203k 2010 version

203k Software & 203k Training

Hire a 203k Consultant

Radio Show Featuring 203k on Sundays

Contractors looking for more work than they currently enjoy should really consider the Full 203k and the Streamlined "k" as it is likely the fastest way to get business you can imagine. The Streamlined "k" pays 50% up front and if you know which lenders pay the fastest it makes it a "no brainer" as to who you want to do business with when getting started.

 

We had one client wait 90 days for his first 50% to get started on a job but another of our customers pays at close of escrow. Which one do you want to do business? I've found another lender who will pay out the first two draws on every 203k prior to selling the loan off in the secondary market. This way the control all aspects of the Streamlined "k" and insure you get paid promptly.

You may find that you would like to become a consultant and that is a smart move as you can then charge a fee for putting the bid together.

 

Contact us:

877-207-6565 P

831-603-9482 F

A Mike Young Team Platinum Member

203k 2010 is now available

Always providing more than you expect

RE agents and Brokers. We can help you move your "fixers" faster by hanging on of our "Perfect for a 203k" riders below your
For Sale Sign. This lets everyone know that this is a fixer. It also provides our web site address to identify you as a team player and give your prospective buyer a place to ask questions prior to filling out the contract.

If you log in and tell us the address we'll see that you get a call whenever anyone calls us on your listing so you know it is getting some action. How much work is necessary? There is no minimum on a Streamlined "k" but most lenders would like to see a minimum of $2,000. I had a Bank of America rep tell me that they just put a $5,000 minimum on a Streamlined "k". The full 203k or original 203k has always had a $5,000 minimum of "must do" work but can go as high as the purchase price plus rehab up to the maximum mortgage for your county. Go to my helpful links page and then about midway down the page to "Handy HUD links" and look for loan limits in your state.

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Mike & Shirley Young serving you since 1994

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Contractor's Guide now available

Contractors can actually get business within a few weeks and lots of it by using the techniques in this eBook. Learn the secrets of getting more 203k work. Most of it is paid 50% up front and the balance upon completion if you concentrate on the Streamlined (k) and if you want larger projects you will work the "Full 203k" program (sorry no upfront money on this one) The last builders group we talked to was shocked to see just how much business was going on around them that they were totally unaware of. Check with me, Your copy may be FREE. This is an eBook. You must read while you have access to the internet in order to utilize all of the links in this one.

How to become a 203k Consultant - HUD

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. We have trained hundreds of 203k consultants nationally since 1995 and continue to do so today. We not only teach you about the 203k but "how to" conduct the consultation.

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 and your lender 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.

203k Consulting Software and Training Combo

...save money

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 in 1998 we even discussed it. 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 or to place an order go to www.my203kconsultant.com or order here

Mike Young, 203k Consultant

1351 Oliver Road, Fairfield, CA 94533

877-207-6565

Cell phone 704-451-1599

 

 

Borrower's Guide

to the FHA 203k

an excellent resource for lenders & consultants

Borrowers can save up to $1,000 with info in this book

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Mike's activerain Blog

If activerain is your venue please visit our Blog and join in the conversation

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Why you should you use a consultant on Streamlined "k"s ?

Simple answer is that you don't always know when it is a Streamlined "k" or a Full. We had a glazier buying a home... he felt that he could repair the broken windows so they had the contractor bid on the roof, carpeting, & new kitchen leaving off the broken windows. The appraiser called the broken windows tripping this into a Full 203k requiring a consultant. Had they merely mentioned this ahead of time this would have been a Streamlined "k".

Another one we just saw appeared to have structural issues but turned out that we were removing the garage which then left it a Streamlined "k". Had they wanted to repair the garage it was a Full 203k.

Having your consultant do the inspection on the property can let you know sooner that is is one or the other, & in some cases save it as a Streamlined "k"