We Provide Mortgage Acquisition and Rehabilitation Services:
Choosing a HUD 203k Consultant prior to making an offer on a property is a great idea. Your HUD Approved 203K Consultant can help you make an informed decision before you buy.
The FHA 203k Consultant will make an onsite visit and provide an idea of potential rehab costs and FHA requirements, which may allow you to negotiate a better purchase price.
203(k) Consultant Fee Schedule
What People asked about 203k Consulting Services
Here's what people are asking about 203k consultants.
Q: What is the FHA 203k loan program?
A: The Federal Housing Authority's 203k loan program is HUD's primary program for the rehabilitation and repair of single-family properties. By offering funds to both purchase and rehabilitate properties, it is an important tool for community and neighborhood revitalization efforts and for expanding homeownership opportunities.
A: The 203k is a Federal Housing Administration (FHA) mortgage insurance program, which enables homebuyers and homeowners to finance both the purchase (or refinance) of a house and the cost of its rehabilitation through a single mortgage, or to finance the rehabilitation of their existing home. The minimum amount that can be borrowed is $5,000.
A: The FHA Streamline(k) Limited Repair Program allows borrowers to finance upgrades and improvements up to $35,000 in mortgage funds. There is no minimum threshold. Rehab funds are held in escrow by the lender and disbursed as work is completed. General contractors and consultants are not required. The lender is responsible for the feasibility study. All standard FHA guidelines apply. The property must be 100% complete and at least one year old.
A: The consultant meets with the borrower at the site to determine if the project is feasible. If the client and consultant sign an agreement to go forward, the consultant will prepare a detailed report that includes project specifications, a construction cost analysis and HUD-required draw request forms. The consultant will then prepare contractor bid packages and lender packages. After the loan has been approved, a rehabilitation escrow account is created. Funds are dispersed after HUD-approved inspections are complete.
A: When a property is located, the homebuyer and real estate professional (agent, broker or 203k consultant) should determine:
A: While prices may vary slightly, HUD has established a general fee schedule for 203k consultants based on the following ranges for repair costs.
Following is a list of eligible repairs:
A: Following is a list of non-eligible repairs:
*New constructions including room additions
A: Construction can begin after the loan closes and a rehab escrow account has been set up. The homeowner has up to six months to complete the work. Some lenders may require less than six months.
Funds are released after the work has been inspected by a HUD-approved inspector. A maximum of four draw inspections, plus a final inspection are allowed.
A: Yes. After the closing, the borrower must make mortgage payments on the entire principal amount of the mortgage, which includes the amount in the escrow account that has not yet been disbursed.
A: Your lender must use those funds to prepay the mortgage principal. There is no cash back to the borrower.
A: Some lenders have a preferred list of contractors that meet their criteria. Be sure to ask your lender about their contractor criteria before hiring a contractor.
A:Yes. With a streamline loan, the unit must be owner-occupied. Rehab is limited to the interior
Q: What Services Do I Expect to Receive by Hiring you?
A: You will receive the following services under 203 K Consultancy:
While HUD does not guarantee the quality of work an FHA 203k consultant provides, we have stood the test of time by being a HUD Approved 203k Consultant. As you know purchasing a home is one of the most important investments you will ever make. When only the best will do.
FHA 203K Streamline Feasibility Study
I. We Conduct A Site Visit
II. We prepares a detailed Work Write-Up which contains:
III. We delivers the Work Write-Up Packages
IV. Selection of a Contractor by the Borrower
V. Loan Closes
VI. We as your 203K Consultant Perform Draw Request Inspections
Home Status Report
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