FHA / 203K INSPECTION
The Federal Housing Administration (FHA) has created a loan program that allows a buyer to purchase an existing home or re-finance their current one with a minimum down payment and include funding for improvements and renovations; it’s called an FHA 203k Loan. For those potential buyers, lenders and realtors utilizing the program, the following information will be helpful in understanding the role of the 203k Consultant.
The 203k Consultant is an integral part of a successful 203k loan transaction. The role of the consultant is vital to the timely completion and closure of 203k loan applications. Accurate estimating and rapid turnaround time are qualities that will assist both borrower and lender in achieving their mutual goal of a timely closing.
These are just two of the qualities that define our 203k Consulting service. Our efficient use of state of the art construction estimating software and electronic data transfer allow us to consistently submit work write-ups within 48 hours of the site visit.
Consulting services assure that all HUD minimum standards are met. The consultant incorporates client desired improvements with improvements which the Consultant believes will enhance the home.
Plan review services ensure the completeness of the submitted documents and that they accurately reflect the proposed work, including the repair of all health and safety related items.
Fee inspection services assure that the proposed repairs are made and that the finished structure is substantially the same as that upon which the commitment is based.
The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of single family properties. Basically a home improvement loan.
FHA 203K LOAN -HOW THIS PROGRAM CAN BE USED:
This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:
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