The 203k Consultant's role is to:
Review the contractor's estimates to determine if they are within market norms
Ensure that all required repairs are completed.
Ensure that the work scope includes all FHA/HUD requirements
Help determine if the clients wish list is within budget
perform an initial property inspection. (If the homeowner is unfamiliar with repairs required by FHA guidelines, they should involve the Consultant as soon as possible.)
obtaining signed Lien Waivers during draw inspections,
Consultant will request that the contractor correct any issue prior to payment.
To verify consultant status (Click Here)
Teaming up with a FHA 203k Consultant
With the amount of moving parts involved in successfully closing a 203k loan on time, the designated 203k Loan Consultant is a key player on your Rehab Loan Team. Client should enter into a formal consultant agreement as soon as possible. The agreement should detail the roles of all parties and how fees are to be determined.
If you a teacher, firefighter, policeman or other service related field? There is a 203K program designed to allow you to purchase of a home for 50% off the listed price. It's called the Good Neighbor Next Door Program, (GNDP). See this link for details.
Our consultant fees follow the HUD guidelines and is based on the renovation budget as follows: