203K World

Brent Kluge describes the basics of "How to buy an "As-Is" house".  Learn some of the major items of what to look out for when making an offer on the as is home - writing your contract offer - some mortgage options - renovation loans - basic process of the as is home- pointers for you to look for when buying that fixer upper.

Brent Kluge disclose the REAL WORLD TRUTHS about the Problems & Pain Points with the FHA 203K.  We've all heard about FHA 203k Nightmares... here is an insider's look in 203k's, what to avoid, how to protect yourselves and other insights.

HUD 203k Consultants - FHA renovation loans - Read about insider points for 203K consultants - should you use one, what to look out for, what they do.  Hud Consultants have been called Fee Inspectors - How much does a HUD Consultant cost?  What are their charges?  Do I need a HUD Consultant on my FHA 203k?

Click this link to check the Consultants in your State:

https://entp.hud.gov/idapp/html/f17cnsltdata.cfm

FHA 203k - Refinance-Renovate-Relax...

For those homeowners that have a boatload of equity in their home and would like to capture some of it in order to add an addition on their house, the best situation would be a Home Equity Loan or even a conventional cash-out refinance (with no mortgage insurance).

Fannie Mae HomePath Renovation Loan or FHA 203K?

This is a popular question in the renovation finance world: Am I better off with a Fannie Mae HomePath Renovation Loan or an FHA 203K?

The answer is quite personal. You must take into account your personal finances, the project requirements, and type of home, among other issues. I will highlight here a few of the main items for your consideration.

FHA 203K Refinance - How does it work?

1st - You must pay off your existing debt in the new mortgage.  This means ALL debt that is secured with a lien on the house. In addition, no other liens or encumbrances can exist on the deed. (mechanics liens, back taxes, judgements).  They all must be included in the new loan.

Fannie Mae HomePath Renovation Loan or FHA 203K?

This is a popular question in the renovation finance world: Am I better off with a Fannie Mae HomePath Renovation Loan or an FHA 203K?

The answer is quite personal. You must take into account your personal finances, the project requirements, and type of home, among other issues. I will highlight here a few of the main items for your consideration.

So, you found your way to the FannieMae foreclosure website ( www.homepath.com) and also found the litany of properties in your area.  You go through the properties, just like any home shopper would, checking the bedrooms, baths, what the kitchen looks like and how about that back yard!  THIS seems like the ONE!

Then you see this:

What is HomePath Renovation Mortgage? You click on the HomePath Financing and find that almost EVERY lender can write a HomePath mortgage, but only a very select FEW can do the HomePath Renovation Mortgage.  Some states have only 2 Lenders FOR THE ENTIRE STATE! (Delaware, New Jersey, South Dakota, & New York).  By and large, most states have 3 lenders approved to do this loan.   WOW... I am sure they are busy!

Had it not been for Brent Kluge’s tireless efforts, we believe our dream home would have remained just that, a dream.  Brent went above and beyond to help us secure our 203K loan.  His assistance was invaluable and his dedication to his clients is unparalleled.  From day one, Brent was there to advise, instruct and assist in any way he could and we knew in talking with him, that we were in capable and caring hands.  Brent is committed to providing the best service possible to his clients.   He demonstrated this commitment many times as we went through the loan process.

We experienced many challenges along the way, and Brent guided us over each hurdle, from contract extensions through the construction bid and contractor selection process.  He assisted us in interviewing potential contractors and guided us in the preparation of the final, signed construction contract, ensuring our protection and helping us minimize the likelihood of costly change orders during construction.

Under ideal circumstances, Brent’s work is remarkable.  In our case, Brent worked tirelessly with parties in 4 states, helping us get to closing on schedule and with all requirements met.  A mere thank you seems inadequate for all he did for us.  Today, we have our home, the construction is progressing on schedule and even though Brent’s involvement is completed, he remains in touch, offering any support he can.  Our door will always be open to him and we recommend him without reservation.  With Brent Kluge, you just can’t go wrong.

Catherine M. Hardy and Judy R. Aitchison

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The 203k process is an excellent product when handled by a professional and knowledgeable banker. Brent Kluge is the perfect example of such professional as we have seen him close loans that other banks could not.

We were worried about distance being a factor, but he had more communication with our clients than most local lenders and made each feel very comfortable.  We don't trust our 203k renovation loans clients to anyone else in the industry.

Jorge Figueroa
Real Estate Investments
Keller Williams Advantage Group
Oviedo - Waterford Lakes - Lake Nona
407-490-4143
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