Watch this informative video as Larry Hay discusses the differences, expectations and misconceptions between a full 203K Hud Loan and the 203K stream line process.

203k hud consultant services

We would like to give you some info about the 203k loan program. A 203k loan program has been around since the 70’s and helps update older properties in need of repairs. It allows for a person to receive a loan to cover the cost of a house and renovations. For example, if you find a house for $75,000 and it needs $50,000 in repairs, you can get financing of $125,000 to cover the purchase and the renovation.

Let’s get some details.

  • Down payments are 3.5% of the total amount loaned.

  • As the buyer, you must hire a contractor (preferably one that is familiar with 203k).

  • The contractor(s) bids must be approved by the lender and a 203k consultant - Larry Hay.

  • The 203k consultant will also list your desired repairs as “Required” and “Wish List”

  • An appraiser must take this information and give an “After Improved Value”

  • You, as the buyer, along with the consultant and the appraiser, select the renovations the contractor will do.

  • The purchase amount is payed to the seller, then the repair costs are set aside until you draw them to pay the contractor.

  • You can add up to 6 months of mortgage payments into the repair costs.

The FHA 203k loan can be a great tool for the people that are looking for purchasing and upgrading a house. It can be used for upgrades on any house. There are no income limits. You can have any renovations that bring up the property value to a comparable homes in the area. Most additions are allowed - including kitchen and bathroom remodels, structural additions, flooring, painting or even energy conservation changes. There are a few additions that are not allowed such as a new pool, new tennis court, or outdoor fire place. You cannot renovate for any commercial use.

For more information check out HUD.GOV and if you decide to look into a 203k loan please remember Larry Hay with Inspectek West has over 18 years as a 203k HUD consultant and can help you with all of your 203k Consultant needs.

asbestos testing

We provide accurate, affordable, quick turnaround asbestos testing for home owners, buyers and sellers, realtors and general contractors in all of Oregon.

Asbestos is a dangerous carcinogen. Asbestos poses the greatest danger when it becomes airborne. Demolishing, repairing, or just disturbing suspect materials may cause the asbestos fibers to dislodge and release into the air. The following are some of the common asbestos containing materials that might be found in your home: acoustic ceilng spray, floor tiles, linoleums, insulations, drywall/joint compounds, exterior stuccos, roofing, etc.

Before you disturb any material you suspect might contain asbestos, it is a good idea to have a sample of that material tested.

FOR WESTERN OREGON - Larry Hay 503-307-9180

FOR CENTRAL & EASTERN OREGON - Sharalyn Hay 541-279-3303

lead-based paint testing

Lead is a toxic metal that can cause serious health problems if it's ingested or if dust containing lead is inhaled. Up until 1978, when federal regulations restricted the use of lead in household paint, lead was a common component in exterior and interior paints.

As long as lead paint is in good condition, and the surface hasn't been broken, the paint doesn't pose a serious health threat. The problem comes when the lead paint starts deteriorating, when lead dust and flakes of lead paint begin accumulating on surfaces such as window sills, counter tops, and floors, as well as on children's toys, clothes, and bedding. It can also contaminate soil around the house.

Not all houses built before 1978 have lead-based paint, but the older the house is, the greater the likelihood is that it contains lead paint somewhere inside or out. If you're planning a renovation, you'll want to know if the paint contains lead so you can take precautions to avoid exposure.

The only way you'll be able to know whether there is lead paint in your home is with an inspection. Contact Larry Hay at 503-307-9180 or at