Masters of Home Renovations
Serving Valued Clients in Palm Beach County
This page is a dedication to the huge help we received working with Mike Odum of Odum Construction on a recent 203K loan that we closed. A 203K loan is a FHA rehab loan where certain repairs are done to the house after closing. Those repairs or renovations are financed at 96.5% of the after improvement value of the home.
Mike Odum has 33 years experience with both residential and commercial renovations and construction in Florida, North Carolina and even Alaska. His company completely championed the entire process dealing with my client, Ginny Berdan. They gave my customer, absolute red carpet treatment when it came to a relatively small job that we did on her 203K Loan. The job was only $23,000 for everything but we really appreciate not only the work involved but the timeliness of responses we received during the loan process that allowed us to finish our loan processing sooner rather than later. Very professional!
I strongly recommend giving Odum Construction a call, (561) 841-9877, if you are in need of a general contractor of any type. From what I understand home renovations are in many cases more difficult and complicated than the initial construction. This is why you really need to qualify your renovation specialist before the first nail is struck.
Once again Odum Construction are masters of renovations and new construction serving the Palm Beach county area, specifically Boca Raton, Boynton Beach, West Palm Beach, Delray Beach and Palm Beach Gardens. Also they have completed a lot of higher end work on Jupiter Island, Manalapan, Ballen Isles and Lost Tree Village. Also larger commercial projects on Worth Avenue in Palm Beach and Ibis golf and country club in Palm Beach Gardens.
If you explore the portfolio of Odum Construction, Mike and his brother will show you some very interesting projects that they have performed for their clients over the years.
To learn more about the 203K loan visit my page on this site.
Also here is an article written by Marc Jablon, the Realtor on this deal, providing a few more comments on the 203K loan.
Many Boca Raton home buyers with mortgages find that the homes that fit into their price ranges have a few problems. For example, they need to have the bathrooms redone. Or the tile flooring is cracked and must be replaced. Most Boca buyers would walk away in discouragement, because they do not have the extra funds to make these repairs after they make their purchase. However, if you want a more constructive purchase there is an loan backed by the Federal Housing Administration (FHA) called the 203K, that can help to alleviate this difficulty.
This useful loan, relatively unknown Most buyers in Boca Raton are unaware of these loans, according to Preston Ware, a Palm Beach County mortgage banker who helps clients to obtain them on a regular basis. Across the U.S, more than 21,000 home of these loans were written last year. Not only can the 203K help new Boca Raton home owners, it can also be used by homeowners whose insurance might not fully cover the cost of repairs due to hurricane damage.
Although banks typically do not lend against a home that has damage, a 203K loan is based on the value of the house after the repairs or improvements are made. Having worked with buyers who needed a 203K loan to purchase a new home, I can attest that a 203K takes longer than a standard home loan because there is far more paperwork involved. Whereas a standard mortgage loan for a home in Boca Raton may take from 30-40 days, expect your 203K to drag on for at least another 20, with a few bumps in the road along the way. The bumps are standard; they are just the bank’s way to checking and double checking to make sure that every item on the extensive check list is covered: for example, if there is a legitimate estimate from a licensed contractor. 203K pays a contractor in stagesAfter the 203K loan is granted, the contractor is paid in stages; but not until the consultant from the Department of Housing and Urban Development (HID) inspects the contractor’s work. For homeowners, who may be wary of the construction process, 203K procedures provide a large measure of oversight over work and payments. While there are many contractors who are uncomfortable this kind of payment schedule, there are sufficient numbers of contractors who have some experience with the 203K system and will be pleased to work with you.
The Jablon TeamRE/MAX Complete Solutions