Order 203(k) Inspection | Get A 203(k) Loan
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.
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OK, now that you have a little background on the program, let’s begin to break down the process. It’s actually fairly simple.
Normally a short term loan, (AKA “construction loan”), is needed for home improvements. However, the 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. That’s huge!
203(k) Training!
OMG!! This photo is … well, you take a look! What about their eyes?? FHA203(k) Training – http://t.co/14u0wLgkPN pic.twitter.com/I7o5RyEYeX
— Gary Smith (@MSHomeInspector) March 21, 2014
203(k) Consultant: What is a 203K Consultant and Why Do I Need One?
First and foremost the consultant is an integral part of your 5 member team. The consultant is responsible for organizing the lines of communication between the team members. And they’ll diffuse the complexity of the project by helping you with:
- The homeowners wish list – See Video at Right >>>
- HUD’s 35 category repair lists
- Can guide you through rehab process and time line
Attributes to look for in a Consultant:
- Internet “savvy” and current software availability
- Experience in construction estimating
- “Hands-on” field experience
- Home Inspector background
- Ability to write reports
- Knowledgeable in energy and building science
- Versed on code requirements
- Knowledge of hazardous building materials and regulations ( ie: Lead Paint, Asbestos)
Search HUD Data Base for 203K Lenders Nationwide
203(k)Loan VS HomeStyle Loan
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203(k) Consultant
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203(k) Calculator
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Streamlined (k)
For less extensive repairs/improvements, see Streamlined 203(k). The “Streamline (K)” Limited Repair Program permits home buyers or current home owners to finance an additional $35,000 into their current or new mortgage and 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 or call me for more info: 601-691-1496
List of homes we have worked through the 203k Loan Program.
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203(k) Sample Reports
Specification of Repairs | Draw Request | Draw Request | SummaryWork Write Up | SummaryChange Order | Change Order Summary | Consultant’s Fee Agreement | Property Information | Contractor’s Bid Package
Contact Me to set up a feasibility study or consult TODAY!
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