Order 203(k) Inspection || Get A 203(k) Loan || Find a 203(k) Approved Contractor/Central Mississippi
Section 203(k) insurance enables homebuyers and homeowners to: 
- Purchase a property and repair/renovate it.
- Purchase a dwelling on another site, move it onto a new foundation and repair/renovate it.
- Refinance existing indebtedness and repair/renovate a property.
- Repair/renovate a presently owned property.
Normally a short term loan, often referred to as a construction loan, is needed for home improvements. However, Section 203(k) offers borrowers and lenders a single, long term, fixed or adjustable rate loan that covers both the purchase and rehabilitation of a property.
This loan saves the borrower time and money while protecting the lender by allowing them to have the loan insured before the condition and value of the property has been established.
See an online brochure for the 203(k) Loan.
Search HUD Data Base for 203K Lenders Nationwide
Streamlined (k)
For less extensive repairs/improvements, see Streamlined 203(k). For housing rehabilitation activities that do not also require buying or refinancing the property, borrowers may also consider HUD’s Title I Home Improvement Loan program.
The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.
FHA 203(k) Allowable Fees
$400 property with repairs less than $7,500;
$500 for repairs between $7,501 and $15,000
$600 for repairs between $ 15,001 and $ 30,000
$700 for repairs between $30,001 and $50,000
$800 for repairs between $50,001 and $75,000
$900 for repairs between $75,001 and $100,000
$1,000 for repairs over $100,000.
Our 203(k) Sample Reports
- Specification of Repairs
- Draw Request
- Draw Request Summary
- Work Write Up Summary
- Change Order
- Change Order Summary
- Consultant’s Fee Agreement
- Property Information
- Contractor’s Bid Package
There are other documents included in the work write up. Please contact us to set up a feasibility study or consultation TODAY!
I know Gary Smith to be an upstanding individual of outstanding character. He is a multifaceted pioneer of the home inspection profession and a good friend.