Love MY Renovation Project, June 3, 2018

Love MY Renovation Project with Mike Young
Show Headline: 
Love MY Renovation Project
Show Sub Headline: 
with Mike Young and guest Tom Huntley, the last 10 minutes

Love MY Renovation Project with Mike Young and guest Tom Huntley

Tom Huntley | Regional Renovation Manager,  Mortgage Loan Originator | HomeBridge Financial Services,
NMLS #251159

About Tom Huntley

As a licensed HomeBridge Mortgage Loan Originator in California (NMLS #251159), Tom Huntley can assist you with your home loan needs, including:

  • First-Time Purchase
  • Second-Home Purchase
  • Refinance
  • FHA and VA
  • Conventional
  • 203(k) Renovation
  • Jumbo

Tom welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. Tom has the expertise and knowledge, and will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

Contact Tom Huntley Anytime

Feel free to contact Tom anytime by phone or email for personalized service and expert advice. Tom Huntley will extend the same professional service to your friends, family members, work colleagues or neighbors who need help.

Tom Huntley is 203(k) Renovation Lending Certified

Tom is certified in 203(k) Renovation Lending, a program particularly well suited for buyers of fixer-uppers and REOs in need of repair. Homebuyers can finance both the purchase and future repairs on their new home with one loan.

The Renovation Loan offers some great features. The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of your home after improvements are made1. Also, because renovation costs are spread throughout the entire term of the loan, monthly payments are often lower than other financing options. With the loan, there is also no need to delay improvements. You can start in immediately after closing. Another great feature is the loan's simplicity - one application, one set of fees and closing costs, one closing to attend and one payment each month. The interest on the cost of your improvements, included in your mortgage, may be tax deductible2 as well.

Tom Huntley values your business and will provide you with the best professional service and mortgage solutions that make most sense for you and your unique financial situation and real estate goals.

Please contact Tom by phone, email or filling out the pre-approval form on the right to get more information about our Renovation Loan, or any other mortgage financing solution. I look forward to working with you!

Tom Huntley | Mortgage Loan Originator | HomeBridge Financial Services

Love MY Renovation Project

Love MY Renovation Project with Mike Young
Show Host: 
Mike Young

Mike is one of the largest 203k consultants and trainers in the country, licensed in every state, and a real estate and home design consultant. Mike's mission is to teach people how to become financially successful in the real-estate industry. Mike has changed the lives of too many people to count, and during this program, Mike will share with his listeners, a lifetime of experience and knowledge, something that others pay dearly for, which will open your mind to the very real possibility of obtaining financial freedom. 

What does an FHA 203k Consultant do?

  • Meets with clients and “consults” explaining the program
  • Reviews the contracts and procedures so there are no problems during the course of construction
  • Makes the FHA 203k compliance inspection to determine what it will take to bring the structure up to the MPS (Minimum Property Standards). This includes mandatory repairs such as ceiling insulation, caulking, weatherization, grading, etc.
  • Recommends contractors and lenders if they client does not already have them selected

What is the difference between an FHA Consultant and a Home Inspector?

home inspector and a 203k consultant can be, and quite often are, the same person. There is really no difference in the home inspection and the consultant’s 203k compliance inspection.

The inspections can be the same inspection. The home inspector quite often creates a “deficiency report” that can be the basis of a 203k report as well.

A typical home inspection might take 3-4 hours and a typical 203k compliance inspection might take 1-2 hours. During that time the home inspector will find deficiencies and suggest further inspections by the appropriate trades persons and rarely is allowed by state licensing to “price the work”.

On the other hand the consultant does just that, they determine the issue, determine the repair, create a “scope of work” or “scope of renovation” and provides typical costs to repair those items. This is in direct violation of most state licensing “standards of practice” for home inspectors thus the difference between a consultant and a home inspector.

Mike Young can help any buyer in any state, in any city or town. Mike is licensed by HUD to be an FHA 203 Consultant in all states.

We Specialize in home Remodeling and Renovation bids for Room Additions, Bathroom and kitchen remodeling, garages and new construction. 203k Consultant construction bids.

WHAT IS A 203 (k) LOAN? The 203(k) loan is a fully disbursed loan, which allows a borrower to purchase or refinance a property and finance the cost of rehabilitation with one loan. Because it is fully disbursed at closing, HUD can insure the 203(k) loan as soon as the loan closes. The mortgage amount for these loans is based on the projected value of the property with the work completed, taking into account the cost of the work. HUD has taken a strong position to encourage this program and the loan is now easier to originate and close than ever before. Use a consultant.

203(k) Advantages

  • Up-front MIP can be financed
  • Non-profit organizations are eligible with only 5% down payment and can buy multiple properties once approved
  • Finance up to 6 months mortgage payments [during construction]
  • Special HUD down payment programs available - $100 & $500
  • Most closing costs can be financed
  • An FHA loan is assumable
  • Gain 10% on the appraised value for qualifying
  • Limited 203k has no minimum loan amount but the $35,000 max includes costs and fees as well as 10-20% contingency in many cases, check with your lender. Real life max is about $28,000 for construction.
  • No construction cost limit other than the maximum loan amount in your county. We have done them up to $544,000 construction amount
Weekly Show
Station 1
1:00 pm PT
1:55 pm PT