203k is alive and well in Jackson CA

Met an interesting guy at Homestead Mortgage in Jackson CA yesterday after doing a 203k inspection. He specializes in the Steamlined k whie I was doing a "full 203k" for Wells Fargo Home Mortgage - Jacob Warren. Jacob is one of the more knowledgeable renovation lenders in CA.

Lots of people say they do the 203k but not everyone can close them in a timely manner.

This home is a newer home that has been neglected and needs some TLC... no problem for the 203k loan program, why, then is it a "full 203k" and not a streamlined k? Simple due to the amount of work being just too close to that $35,000 threshold.

It is a falicy to thing it is really a $35,000 limit for "non structral repairs". The $35,000 also includes costs and fees. If you go over about $34,200 or if your lender requires a contingency reserve on a streamlined k you will find yourself in the middle of a "Full 203k" loan.