Tuesday, September 22, 2015
Become Part Of A 203k Team
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. T his 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 get their first draw inspection 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
PMB 168, 5055 Business Center Drive, Ste 108. Fairfield, CA 94533
Cell phone 1.704.451.1599
Be part of our network of consultant partners, maybe we should talk about it.
We look forward to helping you build your 203k business.
Know that this is much more than just 203k, you will be trained in all renovation loan products that you can also consult on.
You will have access to our marketing materials and power point presentations to increase your "Referral Partner" Base too.
We have referral partners that provide a considerable amount of work for us in the FHA 203k loan program.
We'll show you a way to finance 80% of the pool repairs or even add a swimming pool to a home that doesn't have one.
Posted by 203konline