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203kPro.Com
Welcome to Renovation Consultant 203kPro.com and the world of Renovations. In this video, we will explore the benefits and process of obtaining a 203k Rehab Loan.
Our services
Feasibility Study
When the homebuyer is unsure of repair needs and costs, our 203(k) Consultant can perform an optional feasibility study to identify FHA-required repairs and assess the financial feasibility of the project at the borrower or lender's request.
Work Write-Up
We prepare or procure necessary architectural exhibits like septic certifications and engineering reports from a qualified subcontractor. We also develop a work write-up based on these exhibits and the homeowner's project proposal, addressing items on the 35-Point Checklist.
Cost Estimate
Our write-up has a region-specific cost estimate, itemizing labor and material costs. The Cost Estimate includes work as per the project proposal, prioritizing health and safety issues before other items on the 35-Point Checklist.
Why Hire Us?
Discover the top reasons why our satisfied customers continue to choose us as ther 203k Consultant.
203k Concultant
Expert Certified 203k Consultants
7-days a week
Flexible schedule to meet your projects time line.
FHA’s 35 Point Checklist
Optional Feasibility Study
Work Write-Up & Cost Estimate
We Can Help You, Contact Us Today!
203k Mortgage Process
Rehab Options
The borrower, who owns or wants to purchase a house that needs rehabilitation, discusses with a lender about integrating the rehabilitation cost into the mortgage.
Hire Consultant
Optional for limited cases, the lender chooses a Consultant from their roster, who is tasked with inspecting the home, preparing a work write-up, and developing a cost estimate.
Close Loan
Afterward, the borrower successfully secures a 203(k) mortgage from the lender, allowing the rehabilitation work to commence.
Getting it Done
The Consultant not only supervises the progress of the work, but also acts as a liaison between the lender and the borrower, ensuring that the work is completed efficiently and allows the borrower to move back into the home.
How much does a 203k Consultant charge?
The consultant's fee for services, as per HUD (the U.S. Department of Housing and Urban Development), is typically based on the total dollar amount of the repairs to be done. The HUD sets a sliding fee scale based on the size of the project. As of my knowledge cutoff in September 2021, for example, a renovation cost of up to $7,500 would incur a fee of $400, while a project costing between $7,501 to $15,000 would have a fee of $500. For larger projects, the fee increases incrementally.
These fees cover the initial feasibility study, plan review, initial site visit, and up to two draw inspections to ensure the renovation work is being completed as agreed upon. Additional draw inspections beyond the initial two may come with additional fees.
The 203k consultant's role is critical in navigating the complex 203k loan process, as they help ensure compliance with all HUD/FHA regulations and requirements. They work closely with borrowers, contractors, and lenders to ensure the renovation is completed correctly and in a timely manner, which ultimately protects the borrower's investment.
*Please note that fees can vary and you should check with HUD for the most current fee schedule.
Repair Amount Consultant Fee
* Feasibility Study $150 to $200.00
Hud Fee Schedule
($5000- $35000) $400.00($35,000- 50,000) $500.00($50,001- 75,000) $800.00($75,001- 100,000) $900.00($100,001- $125,000) $1000.00($125,001- $149,999) $1200.00($150,000- $174,999) $1200.00($175,000- $199,999) $1200.00
Take Our Customers
Word For It
★★★★★
"I had an excellent experience. Nelson guided me through the entire process of the rehab loan and provided valuable information that helped me make informed decisions. Thanks to his expertise, my renovation project went smoothly, and I'm thrilled with the results."
Connor Gonzalez
★★★★★
"Thanks to Nelson's and his team the rehab loan was a game-changer for my project.
Jose Martinez
★★★★★
"I highly recommend Nelson for anyone considering a rehab loan. The process was smooth and easy. We finished on time and under budget.
Aaron Diaz