“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Mike Young

Mike Young

Blog_tag

manufactured housing and the 203k

08-29-09
Mike Young
Upgrading a manufactured or factory built home is possible not just stick built homes. Keep it in mind. we are doing two right now and they are coming together rather nicely. Keep the foundation in tact and you should be fine. This opens up a great many more homes for rehab and the 203k. Keep thinking outside the box. How about a home that is partially finished but 18 months old? Never been lived in? Does it fit the guidline for the 203k... NO because it hasn't had a certificate of occupancy. Now, can you do it? likley. 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. M
1 Comment
Blog_tag

EEM - Energy Efficient Mortgage piggyback for 203k

08-21-09
Mike Young
HERS Raters are doing an amazing job... they make a detailed inspection and come up with a report that will tell you all the energy savings you might consider then list them in the "most benefit to you" order. This is essential when you are looking at the "payback" as they give you a good look at just how fast you can expect to recover your expenditure for the EEM items. Wow. I think we all know that dual pane windows have very little energy savings and take a long time to pay for themselves... usually a lot longer than most people stay in a home but many other improvements can and do make lots of sense. Now, though windows may not be high on the "payback" with savings list they are esthetically desirable and as such can be recognized as a viable rehab item while not being that energy efficient. They make the home LOOK more up to date.
0 Comments
Blog_tag

EEM - Energy Efficient Mortgage piggyback for 203k

08-20-09
Mike Young
The EEM is a great program in case you aren't aware of it. We have been playing around with some scenarios with a new friend of mine that is a HERS Rater in Charlotte ... Chris. In batting some things around we discovered that you can SAVE YOUR DEAL that is going south. I've talked about this before but not to this extent. Let's say you have a customer with a down payment of 3.5% on a 203k loan. On a $200,000 house that would be $7,000 down. Now we piggyback the EEM and come up with $7,000 in repairs that qualify... I just had a lender tell us that this would offset the amount of the down payment. If that is true then this just became a zero down deal. Can any of you more familiar with the EEM let us know if this is true please? If it is, we may have a home run for some of your clients... M
11 Comments
Blog_tag

203k lenders

08-19-09
Mike Young

WE are seeing some 203k lenders that we haven't seen in action lately moving into our territory. Freedom Mortgage working hard in FL and Flagstar Bank in NC... I'll put more info about these on my website asap. M

1 Comment
Blog_tag

203k Seminars

08-15-09
Mike Young
Key Source Bank is begining a series of 203k seminars. You can get the schedule from our www.203konline.com website and Don Newman at Key Source Bank. Many of our team members will be there so come out and meet us. Jim Postma, Don, and I will be there for sure. First session is September 10th 2009 7-9 pm at the Key Source Bank office in Durham NC. See you there. You do need a ticket so contact one of the team to get yours. We'll comp you but we have limited room available. If you are going to be there DON'T come alone. Bring some properties that need rehab or fixin', a borrower who is looking to buy a home with or without any money for the downpayment... that is right... or if you have some investors looking to make money in this market we have a way out of the property after it is fixed up. You got it.
3 Comments