203K CONSULTANT CERTIFIED
WHAT IS A 203K CONSULTANT?
Think of a 203K Consultant as your personal mentor. We're the eyes and ears for the buyer and the bank when it comes to things like health and safety and FHA Standards.
Having a 203K Consultant on your team can become vital when the project becomes complicated!
Now that you know a little bit about the 203k loan, let's explore why you might want a 203k consultant to help during the process. First, is you're going with the Full 203k, a consultant is required. This person will help you with a feasibility study, as well as running the process with you. A 203k consultant will be licensed by HUD and should have experience with the 203k loan. They're often home inspectors or contractors with years of experience in the housing market.
So while a 203k consultant may not always be needed, especially if you're using the 203k Streamline loan, they're often a huge addition to your expert team. Having your team led by an expert who sees this day in, day out will help you really make the process run smoothly.
PROJECTS COVERED BY THE FHA 203K
From repairs to renovations and upgrades to improvements, the FHA 203k covers a ton of work. Here's a list covering a few examples:
- Roof repair
- Mold / water damage
- Lead-based paint removal/repair
- Deck construction
- Disability access
- New paint
- New flooring
- Add a bathroom
- Kitchen remodeling (including appliances)
- Missing furnace
Some of the few things NOT covered would be luxury items like tennis courts, new pool construction (although filling in a pool can be covered) or a hot tub. The benefit is the affordable financing: for every $1,000 worth of work, you'll only pay about $6 a month more on your mortgage payment. The financing is part of your mortgage, so it's also part of your tax write-offs.
Kenneth Dolin - I.D# A1118