gary@garynsmith.net
Mississippi
601-691-1496

FHA 203(k)

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

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

203(k) Consultant 
Fee Schedule
REPAIR AMOUNT
CONSULTANT FEE
$5,000-7,500
$400
$7,501-15,000
$500
$15,001-30,000
$600
$30,001-50,000
$700
$50,001-75,000
$800
$75,001 -100,000
$900
$100,000 and up
$1,000

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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