Mike's 203k Blog

I have been doing renovation loan consulting for 30 years now and it baffles me how many Realtors don't have a clue. We made an offer on a home and they want to know how you are going to finance it... none of their business, but they all seem to ask. I told them we'll be putting $100,000 down and...

I am looking for as many fixers as we can find. I think I have a way to help market those properties that need a little TLC or a major overhaul. In any case you can PM me or post here as a comment.Provide the link to your listing that needs work, regardless of how much work it might need. Renovat...

New Orleans is a hot bed for renovation loansActually every city in America is a treasure trove for renovation lending. Peggy and I just got back from New Orleans where we had a ball. This is the French Quarter nears where we stayed. Look closely at the gutters then those two pipes, one on each s...

Higher interest rates can help your businessWhat happens when the interest starts climbing? Fewer buyers in the market make fixers that much more attractive. The  FHA still has a lower downpayment than most other loan programs. If you are doing business where there are a lot of older homes, or ho...

How many 203k's were closed in my area last year?I get asked this question regularly, so I posted it on my website and still get asked so here is the link.Click hereNow that you know that information who cares? It really doesn't matter how many were done last year in your area. I can go into any ...

After all these years... we still see our name on products in the field. We were sheet metal manufacturers many moons ago, My father was quite the innovator.I saw this on a roof the other day and it was one of his designs from about 1975 that we manufactured and sold to our retail distributors fo...

Increased 203k Loan Limits for 2022Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2020-41, 2021 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured Title II forward mortgages. These new loan limits are effective for case numbe...

The secret to get your FHA 203k project closed FASTERMy favorite story about closing fast 203k deals has always been with Donna Nix when she closed her first full 203k in 21 days. She and others get it that nothing happens until the paperwork is complete and the clock doesn't start ticking until ...

are the FHA 203k loans as strong as they ever were?What can we say about that? Yes, and No is the right answer. Why is that? Originally the 203k was intended for borrower's that were credit challenged. That is no longer the case, many and I do mean many, borrowers these days just want to have som...

Need a lender for a non-profit for a 203k I need a lender for Non-profits all over the USA, if you are open to discussing it let me hear from you.