FHA 203k Rehab Loan California At The Gustan Cho Team
This Article On FHA 203k Rehab Loan California By Greg Kewin Explains The FHA 203k Loan Program
This BLOG On FHA 203k Rehab Loan California was written by Greg Kewin Of The Gustan Cho Team at USA Mortgage
California has one of the highest values in homes. There are many counties in the state of California where it is considered high cost areas.
- The FHA 203k Rehab Loan California is a great mortgage loan product for buying fixer uppers and foreclosures throughout the state of California
- This will be the forth in a series of articles that will attempt to give an honest and transparent assessment of several critical moving parts that make up the FHA 203k Rehab Loan California
- FHA 203k Loans only requires a 3.5% down payment on the after improved value for both the acquisition and construction financing
Types Of FHA 203k Rehab Loan California
There are two types of FHA 203k Rehab Loan California:
- Streamline which has a budget of $35,000
- Full Standard FHA 203k Rehab Loan with no maximum construction loan amount as long as it covers the loan limit of FHA in the particular country and the rehab renovation project will appraise out
FHA 203k Rehab Loan Program
FHA 203k Rehab Loan Program
Ok, you’ve been through the FHA 203k Rehab Loan California process:
- Home Buyers have gotten an executed purchase contract, has chosen a general contractor
- Home Buyer have completed consultant review
- Buyer of the fixer upper has ordered the home appraisal for a FHA 203k Rehab Loan California
- FHA 203k Borrowers have done all their homework
- Borrower has produced the seemingly endless stream of documents
- Mortgage Borrower have closed on their FHA 203k Rehab Loan California
- As soon as home buyer get the keys, call contractor and meet them at the property to go over their strategy and timelines for construction draws
Starting Construction Project
What work will be done first and an estimate of when it will be complete.
- Do this for the entire project
- Write it down.
- In a nice way, it is becoming the squeaky wheel and creating an accountability system
- Contractors will always put their resources where they feel the most heat
- It’s the nature of the construction business that their resources are stretched while doing multiple projects
- Some of their clients will get fast service, some will suffer.
- By creating an accountability system, give yourself the edge over someone who has not been proactive with the contractor
Supervising The FHA 203k Rehab Loan California Contractor
Ask for weekly updates. A simple two minute phone call to check and see if they’re on schedule.
- This is an important step
- If the contractor knows that the homeowner is going to call him every Saturday at 9:30 in the morning for status, you’ve created an accountability system that will last until move in new home
- Contrast that to the client that didn’t meet and calls once a month only to find that the contractor has been spending all his or her time and resources at your house
At the end of the day contractors are good solid construction professionals and do a great job, but a little accountability goes a long way. Spending a
little time now will save you a lot of time and headaches later.
About The Author Of The FHA 203k Rehab Loan: Greg Kewin
Greg Kewin is the branch operations manager of The Gustan Cho Team at USA Mortgage.
- Gregory Kewin is an expert in FHA 203k Loans and is also a senior writer for Gustan Cho Associates Mortgage Information Resource Center and is connected with the top realtors in Los Angeles County, San Diego County, San Francisco, and most counties in California
- Greg also is well connected with many real estate agents throughout the state of Illinois, state of Florida, Ohio, Wisconsin, Texas, Missouri, Arizona, Colorado, Kansas, Alabama, Georgia, New Mexico, Oklahoma, Arkansas, Minnesota, Iowa, Tennessee, Michigan, Kentucky, Minnesota, Indiana
- Greg Kewin is also an expert in the following:
- FHA Loans
- VA Loans
- USDA Loans
- Conventional Loans
- Non-QM Loans
- Jumbo Mortgages
- Bank Statement Loans For Self Employed Borrowers
Greg has a national reputation for being a mortgage loan originator with no lender overlays on government and conventional loans. The Gustan Cho Team at USA Mortgage has no lender overlays on 203k Loans in California. The requirements for FHA 203k Rehab Loans California is the same as a standard FHA Loan. California home buyers who are interested in qualifying for FHA 203k Rehab Loans California can contact The Gustan Cho Team at USA Mortgage at 262-716-8151 or email us at firstname.lastname@example.org. We are available 7 days a week, evenings, weekends, and holidays.