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Ask the Inspector…Question: Someone told me I can’t add a pool using the FHA 203k. Is that true? Are there things I can’t do in my home with the 203k Rehab Loan? Answer: Yes there are limitations to the things you can do with an FHA 203k Renovation Mortgage but they are small when you consider what you CAN do. The FHA 203k loan was designed to rehabilitate a home that has safety and soundness defects such as unsafe electrical wiring or a failed roof. It also allows the homeowner to make many wonderful improvements to the home (renovate an outdated kitchen, install central air conditioning, add a bathroom or even create additional square footage and living space to the property. The 203k loan is able to be used for any property up to a four family dwelling. The loan holder must occupy the property but in the case of the multi-family dwelling, the borrower can use the other units for tenants. The 203k loan will allow you to do improvements to the property up to 10% OVER the after repaired value. This means that if a home in the area in the condition your home will be AFTER it is renovated is worth $100,000- you can have a 203k mortgage that will include the purchase (or refinance) cost plus repairs equal to $110,000! Great, right? With all these advantages it is no wonder more and more people are using the 203k mortgage to get their dream home NOW- truly a win-win proposition!

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  If you have questions about 203k consulting or home inspection, ask me! E-mail your questions to Your Name at youremail.com.

Do It Yourself –Safety Tip 34Power Drill Safety Here are some tips from the National Safety Council on doing it right:* Wear safety glasses.* Use the right bit, one that is only as long as required for the job.* If you guide the drill by hand, use a sleeve that fits over the drill bit to protect your hand. * Never grind down an oversized bit to fit into a smaller drill. Use an adapter.* Check the trigger to see if it works right, and the cord and extension cord for damage. Replace damaged cords, and never pick up a drill by its cord.* If auxiliary handles are part of the tool, install them securely for control.* Grasp the drill firmly by the handle. Hold or it against a stationary object for better control. * Never attempt to free a jammed bit by starting and stopping the drill. * Always unplug it before changing bits or accessories.* Release the trigger if the drill binds in the work. Unplug it and remove the bit from the work piece with plyers or a hammer.

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Why Use 203k In a Box Building Consulants?

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Add a caption for your picture – or a USP telling an agent how you can help her.

Put in a series of reasons in here for why agents should hand out your name.

There should be an odd number of bullet points.

Don’t be afraid to bullet point a USP you used elsewhere in the flyer.

Make sure these are reasons an agent would be better off by using you

Make sure they are also attuned to the buyers needs.

Example- All inspections performed by Certified FHA 203k Consultant

Reason B

What are the advantages to using an FHA 203k Rehabilitation loan?

1. There is a larger pool of properties available to show. 2. There is no need to negotiate for the seller to do repairs. 3. Many homes can be turned into the client’s dream home. 4. You have less liability to a client who wants to buy a “unique fixer upper” 5. Consultants are professionally trained to ensure smooth projects from initial

consultation to final draw. 6. Client can take advantage of energy efficiency improvements that reduce operating

costs with 203k and/or EEM loans. 7. Client can get money/cash rebates and tax incentives for the upgrades that are done. 8. Client gets instant equity once renovation is completed due to increased home value

and can refinance after six months.