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What our customers are saying about us

Our services

203k consultants, HomeStyle® Renovation Mortgage, and VA Renovation consultants. We help the client determine a "Scope of Work" that will allow contractors to bid the same project scope. Lastly the consultant will provide a bid so the borrower has a reasonable expectation of the cost of their project. This is empowering for the borrower.

Testimonials

1) Hi Mike, you helped us out with our first home purchase in Felton. We are looking at another property just down the street... I'd love it if you could come look at it and give me some advice. Thanks, JP - Borrower


2) David, Mike is the most prolific HUD Consultant in US and has over 30 years of experience. His job is to look at house and help you create a scope of work cover realistic costs needed to have a successful renovation. TH - Lender


3) Thank You Mike ! As usual your help is so appreciated and the information you provide for issues that are new to me is invaluable. RV - 203k Consultant


4) Mike has been great pleasure to work with. This is the second time we have work with him on a 203k. He has always looked after us and does his best to answer in a timely professional manner. He is detailed oriented, he knows his work really good and always on the customers side to protect us from unscrupulous contractor. I will highly recommend him. GA - Borrower


5) Hi Mike, Just want to let you know, that I closed a full 203k with your program, It is great !! It was a $52k renovation, with architectural plans, and all the trades involved on it; every time that I do 203k with your program, I gain more experience, and feel more confident to do the next one; this one was complicated at beginning to put together but I was able to close the deal. Anyways thank you for your great program and your support. YG - 203k Consultant


6) Thank you so much mike! You have been a great help through this whole process! We just can't wait to finally move in!! J - Borrower


7) I agree with you 110% Mike! I always recommend using you, I appreciate your time and information Mike. You are the Best! All the Best - George - Lender


8) You did a great job!  Again thank you for being a part of helping us make this happen.  God Bless you Mike! Danielle - Borrower


9) Thanks Mike. You are the best. My decision to do my training through you was the right one. DL - 203k Consultant


10) P... and I are thrilled to be working with you on this process of making (address) our home and feel extremely fortunate to have you on our team. Cheers, D... and P...


11) Mike thank you for your help on 44 (address).  I know that 203K loans are few and far between for me, but I appreciated your help and professionalism.  I hope we can work together in the future. PS - Lender


12) Mike,   Your comment alone makes accomplishing this project a reward enough. You put a lot of time in this as well and I know the (client's name) felt a lot of confidence with you and your company.    I’m just glad after all these years and months for these poor folks , the nightmare comes to an end…lol…they won’t really appreciate it or breath a sigh of relief until that first night, first bbq, or celebration. Thanks again Mike for your confidence in me. Jerry - Contractor


13) Thank you Mike . You're the best.  CR - Contractor


14) Mike, Since I have taken your on line 203k course I just want to let you know how valuable of a tool your book is. I refer back to it many times for clarification and realize how organized and complete your package is. Thanks for helping my business grow as I continue to add new customers, make presentations with confidence and deliver a professional service. Respectfully, RN - 203k Consultant


15) Mike, I just wanted to share with you a conversation I had with the lender I worked with on my first 203k project. She called me to tell me the information I emailed her was the best she had ever seen and was amazed that I even covered a great deal of her own paperwork and reduced the work she typically has to perform. When I explained that it was the first work write-up I had ever done she was totally blown away and told me that I was her go to consultant now. I just wanted to thank you for putting together such a complete and strong system. I have since booked my second consultation and am receiving calls daily to inquire about the 203k program. Respectfully, MW - 203k Consultant

Renovation Loans

Renovation loans and projects are demanding and may cause tension from time to time, If you realize that going in you may find that you get through those troubled spots easier. Some issues just can't be resolved and the owner and contractor cannot continue to work together. In that case you may need to talk to someone that isn't involved in your specific project... try 203k911.com

You may have earned a discount

While we haven't had an increase in our consultation fees since 1994 we don't typically discount our services. However if you are a prior client and paid for your original consultation and now you are doing another renovation loan, we do offer you a $100 credit towards your new project consultation.

Share the big news

Most recently we have expanded our Los Angeles CA location, added a new office in Las Vegas, NV and another in Columbia SC.

FAQs

1. Can I make repairs to a retaining wall with my FHA 203k loan?

The short answer is Yes, you can. You can complete most repairs utilizing the FHA 203k loan guarantee program. 

· Retaining walls, 

· Foundation repairs or replacement,

· Update kitchens and bathrooms,

· replace or repair a roof,

· Interior and/or exterior paint, 

· Lead paint abatement or removal,

· Asbestos abatement or removal,

· Room additions, 

· Repairs after a fire to include rebuilding a home from the foundation up if needed,

· Repairs after a hurricane or tornado,

· Repairs to manufactured homes built after June 30, 1976

· Adding additional units where zoning allows,

· Commercial mixed use buildings... we can finance with 3.5% down payment and include renovation of the residential portions of the property –[Not all lenders will loan on mixed use buildings]

· Add a well and/or septic tank – This work, if included must be the first work started. Without water or sewer functioning properly there is no need to put any more work or money into this project. 

Remember that if you only have 3.5% down the FHA 203k loan product may be your best choice. If your credit score is 580-620 the FHA 203k loan product may be your best choice... call me for your best choice of a lender for this program.

IF, on the other hand you have a better credit score, good payment history, and 10-20% down payment you might be better served by a FannieMae HomeStyle Renovation loan product as there is NO MORTGAGE INSURANCE PREMIUM (MIP) which can save you a few hundred dollars per month or more depending on your loan amount. 

Recently FannieMae came out with a 3% down payment 


2. I'm a high school teacher and heard about a HUD special discount on homes for teachers, is that true?


How teachers can gain access to homes with 50% discount off the appraised value.

The good neighbor next door program and more specifically the Teacher Next Door program was designed to help teachers in targeted neighborhoods to purchase HUD foreclosed homes at a discount. There are a number of "low down payment" properties and other fixers that are HUD owned and they all have appraisals on them to identify the "as is" value for the properties. This is typically for full time teachers K-12 years. I would imagine college teachers as well.

Beware of bidding too high for a HUD foreclosed home. Example: If the home appraised for $250,000 and you think that you are going to get it for a large discount so you bid it up to $300,000 to be sure to get it... oops, not, for every dollar you bid over the appraised value you will have to add that difference to your down payment. Instead of coming in with 3.5% you have to pay $50,000 + 3.5% down payment. Therefore "DON'T DO IT". What I would suggest is that you do bid over the asking price but with pocket change. $10, $50, $100, something that won't break you and still puts you above most buyers. 

Good neighbor programs also include the “Officer Next Door” program that works just like the Teacher Next Door program but is for those who wear a badge to work, Police officers, EMT, Firemen, and this group.

Where do you find these properties? First you merely find a Realtor who deals with HUD properties and knows their way around that end of it to make your offer. It must come from an Agent or Broker. The original idea was that these homes had to be in targeted areas, Community Redevelopment Identified Areas. Be sure the property you are looking at qualifies for the Teacher Next Door program. Your local lender can tell you more about this program and likely provide you with a Realtor who can help you with your offer. If you have a problem finding one try Tom Huntley at HomeBridge Financial in Santa Rosa.

Agents selling these loans should build your commission in on the buyers side as these home don't get seller paid commissions from what I hear.

Oh, these are also for the FHA 203k properties so you can get the money to fix them up too. That part isn't discounted however.


3. Can I use the 203k to fix up my manufactured home?

Yes with some restrictions. Upgrading a manufactured or factory built home is possible not just stick built homes. 

Keep it in mind They must be built on or after July 1st 1976. Keep the foundation intact and you should be fine. Many of these homes are on permanent foundations but either way they can be upgraded and updated.

This opens up a great many more homes for rehab and the 203k. Keep thinking outside the box.

How about a stick-built home that is partially finished but 18 months old? Never been lived in? Does it fit the guideline for the 203k... NO because it hasn't had a certificate of occupancy.

Now, can you do it? Yes, likely. There is a procedure to get these done. If you have some properties like this let me know and I'll walk you through the process. Now, is there any other way to get them done outside the FHA 203k, absolutely if you use the Fannie Mae Sister product to the 203k, this is the HomeStyle® Renovation loan which allows the completion of a home that was never finished but it must be "dried in". It also allows a swimming pool to be built.