Benefits Of Collaborating With HUD203k Consultant

Are you planning to buy a home and make major repairs with a standard FHA 203k renovation loan? If so, look no further and hire a professional Certified HUD 203K Consultant for the same.

When you buy a property that needs structural repairs or needs repairs in excess of $ 35,000, you are talking about projects that may need professional expertise and experience in construction, building codes, architecture and more.

Most home buyers do not have the level of knowledge and experience needed to oversee such major responsibility. Here is where the role of HUD 203K comes to play. Most 203K consultants are licensed home inspectors, some are architects and general contractors.

They are required to submit many documents that prove their expertise to the Department of housing and urban development- HUD. The requirements are strict and only HUD approved consultants are listed on the official FHA 203K consultant roster.

Role of 203K consultants during home purchase transactions

If you are planning to buy home and need updates of repairs and renovations, a professional HUD 203K consultant will inspect your property and talk with you about the repairs that will be required to meet HUD’s minimum property standards and the renovations you would like to make beyond required items.

The 203K consultant prepares the paper work for the lender which the later uses to ascertain the amount of loan and underwrite the loan. The paper work includes architectural plans, feasibility report and work write-up that showcases specifications of all the repairs that will be done including cost of labour, cost of materials, contingency funds, and inspection schedule.

Also, if the lender needs additional paper work for termite inspection report or certification that a roof is structurally sound, the consultant and lender work together to coordinate ordering these reports and making any required changes or adjustments to various documents if added repairs are required.

A professional 203K consultant also provides valuable services after Construction Loan closes and repairs begin. They inspect the repairs as they are completed and provided the work is satisfactory and informs the lender to release the funds to pay contractors.

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Created on May 17th 2023 03:25. Viewed 106 times.

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