The fastest way to closing a renovation loan is with a professional "Team" of experts to back you up. Think of us as               

203k Team Seattle office (360) 461-9445

toll-free (877) 207-6565

Greater Seattle, Washington                                                                                           


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203k is getting some major updating at HUD. The "streamlined k" loan soon be called the "Limited 203k" so it is less mistaken with the 203b streamlined refinance.

Top Stories

  • Our new Cost estimator is available                           It is based on the HUD recommended cost estimator HomeTech Publishing and is very accurate. Great for your clients who need a fast, accurate bid to close your renovation loan. Just go to, then click on "Project Estimator", you can have your bid in just a few minutes.
  • FHA 203k 4000.1 Handbook has been updated
    HUD has been taking comments on the new manual and it is now in effect as they continue to update it on a regular basis.
  • If you want lots of stories and updates go to our other blog
    Mike's 203k Blog once you are there we hope you will "subscribe" it's free and loaded with lots of content.
  • We have your back when it comes to remodeling

    That is just what it means to be a 203k consultant or renovation/remodel consultant. Most people don't remodel their home very often and guess who knows it? That is correct, the contractors know it and quite often they capitalize on it. 

    The task was to add a second story to this home and change from a "bungalow style" home to a 2-story "craftsman style" home with a budget of $150,000, well, it couldn't be done but I felt it could be done for $159,000 plus contingency and the borrower agreed that it was still doable so we moved forward.

    It is our job to create the scope of work and give the client a bid on what we think a contractor should be charging for this specific SOR (scope of renovation) as so many lenders call it. If your consultant isn't bidding on this project before you solicit bids from the contractor(s) then your consultant ISN'T doing their job and you are not getting all of the service you are paying for.

    Next step is for us to print out the SOR without prices in it and give it to the borrower to use to solicit bids. We don't like to let this out of our control so we send it to the borrower's contractor selection with a copy to the borrower so they can see our comments to the contractor and that way we maintain control so the lender can close the loan quickly.

    Once we have a "confirmed bid" from a contractor so our bid is "validated" the appraisal is typically ordered. Many will order the appraisal with our bid paperwork as the scope of work doesn't change, only the price may change slightly.

    Now the bids come in. In this example the borrower had a contractor but she made a crucial mistake, she let the contractor know that she was so excited to have them working on her project to take this bungalow home and turn it into a "craftsman" style home. Her contractor bid the job at $298,000 versus my bid of $159,000. Yikes! What do we do now?

    That is easy. We sent it out to another contractor that neither of us had any experience with, no preconceived notions. The second bid came in at $161,000. Just 1/2% higher than my original bid. 

    Conclusion: Rest assured we have your back. When the contractor's know that they will typically bid a bit tighter in the first place.Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. This post is for our St Lucie County office. To learn more about the FHA 203k loan program go to To contact us for a consultation please go to and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process...

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