203K CONSULTANT SERVICES
Use a FHA 203k loan to tackle new home purchases and the cost of any repairs all in one mortgage.
Team up with your renovation consultant.
If you are buying a home under the FHA 203K program, you will need a renovation consultant to review the contractor proposal before signing, and to supervise the renovation and approve contractor payments.
The Consultant's
Role
1. Review contractor estimates
2. Ensure completion of required repairs
3. Ensure scope of work includes FHA/HUD requirements
4. Assist with budgeting
5. Perform initial property inspection
6. Obtain signed lein waivers
7. Request corrections from contractor
Teaming Up with a 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.
The Consultant's Main Responsibilities
1. Initial Consultation
2. Initial Property Inspection/Visit
3. FHA 203(k) Lender Write-Up
4. Prepare Contractor Bid Packages
5. Work Write Up
6. Facilitate Contractor Relationships
​7. Consultant Fees
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