203k Consultant | When you use an FHA 203k renovation loan, you need a HUD designated 203k consultant to complete the work write-up and cost estimate. Our job is to ensure that construction estimates are accurate and that all FHA minimum standards are being met before the contractors are paid.<\/p>\n
Before Loan Closes<\/p>\n
Your 203k consultant will meet with you at the site. We\u2019ll conduct an inspection and a feasibility study. We\u2019ll discuss with you the mandatory repairs and any additional work you\u2019d like to have done. We\u2019ll put together a \u201cSpecification of Repairs\u201d report and \u201cScope of Work\u201d packages, including detailed project specifications and construction cost analysis. We\u2019ll complete lender required paperwork to move the loan process forward.<\/p>\n
Then, you’ll get bids from contractors who meet your lender\u2019s qualification criteria. We can make recommendations. Once you choose a contractor, we\u2019ll send the completed renovation plan to your lender.<\/p>\n
After Closing<\/p>\n
The FHA requires that all 203k projects be completed in six months or less, so construction should begin immediately. Our job focus shifts from planning to making sure the work is done right. Repair funds will be placed in escrow. Your consultant will complete five draw requests so the general contractor can be paid as the work progresses.<\/p>\n
We\u2019ll make the first draw request immediately after determining the contractor has obtained the necessary construction permits. Once work begins, we\u2019ll perform inspections before issuing the second and third draw requests. At the fourth draw, we\u2019ll work with you and the contractor to establish a written, detailed punch list of all items still needing attention.<\/p>\n
When Work is Done<\/p>\n
When the project is completed, we’ll inspect your home to make sure all items on the punch list have been addressed. Only then will we make the final draw request a<\/p>\n","protected":false},"excerpt":{"rendered":"
203k Consultant 203k Consultant | When you use an FHA 203k renovation loan, you need a HUD designated 203k consultant […]<\/p>\n","protected":false},"author":1,"featured_media":279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","footnotes":""},"categories":[1065],"tags":[],"class_list":["post-917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-203k-consultant"],"yoast_head":"\n