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Making The 203(k) Financing Process Simpler

A HUD FHA 203(k) loan can be a great choice for those in the market for, or looking to finance, a home that needs updates, repairs, or renovations. However, the requirements and process for acquiring FHA 203(k) financing is complicated. You'll need to work closely with a licensed 203(k) consultant to help you navigate the many steps involved.

What Does An FHA 203(k) Consultant Do?

As your 203(k) consultant, I'll provide valuable support throughout the renovation project. I'll inspect the property and discuss with you the repairs that would be required to meet HUD's Minimum Property Standards, as well as any optional renovations. As your 203(k) consultant, I will provide valuable support throughout the renovation project. Responsibilities that I take care of include the following:

• Inspect the property and discuss repairs that would be required to meet HUD's Minimum Property Standards, as well as any optional renovations.
• Make sure that all required paperwork is filled out and filed correctly.
• Prepare paperwork that the lender uses to determine the loan amount:
• Feasibility report
• Architectural plans
• Work write-up with specifications on the repairs to be performed.
• The work write-up includes the following items:
• Cost of materials and labor for each repair.
• Recommended contingency funds in case of budget overruns.
• Recommended inspection schedule.
• Work with the lender for any additional reports they might require.
• Coordinate with the lender to issue payments from the Repair Escrow Account once work has been inspected and deemed satisfactory.