All Posts in Renovation lending

Understanding the Specification of Repairs (SOR)

February 19, 2012

FHA 203k Work Writeup – Specification of Repairs (SOR) It is imperative for the customer, Realtor and general contractor to understand the importance of the Specification of Repairs.  Unlike the bid itself from the contractor, this document is attached to the appraisal report and presented to the appraiser to assist in determining the value and future [...]

How come more people don’t use FHA 203k loans?

February 14, 2012

Knowledge & Experience Needed! How come more Realtors and customers don’t use FHA 203k loans?  It’s a great question! The answer really lies in the fact that most lenders (in house mortgage companies for the Realtors) don’t do the FHA 203k loan, or just don’t do it well. Secondly, Realtors have fear about the FHA 203k loan because [...]

FHA 203k Mortgage’s and Underwater Properties- Is there hope?

May 3, 2011

One of the best parts of FHA 203k mortgages is that overnight your property can “Poof” have equity! Who would have thought that is possible in this real estate environment – not most people, so let me explain in detail how this works. Current Home Specs and Estimated Value You own a home that is [...]