Q&A
Q: What is the role of the 203k Inspector/Consultant?
Asked by
A: We require 203k consultants on full 203k loans. At home inspection, they provide an upfront report called the feasibility study that will give you an expected cost for the project as well as a list of required repairs. This usually costs $250.
The second role of the FHA inspector is to help ensure that your contractor has budgeted the right amount for the project. Not too much, or more importantly, too little. They will help you and your contractor put the bid into the FHA format and get all the FHA required documents signed.
Lastly, the consultant will help during the construction phase of project by completing inspections and draw requests with the homeowner and contractor.
A: We require 203k consultants on full 203k loans. At home inspection, they provide an upfront report called the feasibility study that will give you an expected cost for the project as well as a list of required repairs. This usually costs $250.
The second role of the FHA inspector is to help ensure that your contractor has budgeted the right amount for the project. Not too much, or more importantly, too little. They will help you and your contractor put the bid into the FHA format and get all the FHA required documents signed.
Lastly, the consultant will help during the construction phase of project by completing inspections and draw requests with the homeowner and contractor.
Q: What are the fees associated with the 203k?
Asked by Matt
A: Supplemental Origination Fee pays for back end administration of the repair escrow. It is 1.5% of the total repair escrow or a minimum of $350.
Streamlines have one final inspection and full 203k have up to five at a price of $150 each.
A title update will be completed at time of final disbursement: $50.
Full 203k has a consultant fee ranging from $500 - $1200 depending on the size of repairs.
A: Supplemental Origination Fee pays for back end administration of the repair escrow. It is 1.5% of the total repair escrow or a minimum of $350.
Streamlines have one final inspection and full 203k have up to five at a price of $150 each.
A title update will be completed at time of final disbursement: $50.
Full 203k has a consultant fee ranging from $500 - $1200 depending on the size of repairs.
Q: Can I do the work myself?
Asked by Chris from Littleton
A: Borrowers must demonstrate that they have the ability, experience and time to complete the work. Almost anyone can paint, but only licensed electricians can complete electrical work, in between, there is a lot of grey.
A: Borrowers must demonstrate that they have the ability, experience and time to complete the work. Almost anyone can paint, but only licensed electricians can complete electrical work, in between, there is a lot of grey.
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