(361) 878-5665
HUD Certified FHA 203k Consultant
Serving the greater Corpus Christi & Rio Grande Valley Areas.
Need a 203k Consultant?
A 203k Consultant is required when you apply for Standard 203k loan. This loan is also called a 203k rehab loan. An FHA 203k Consultant can also be called a HUD Consultant or FHA Consultant depending on who you are talking. Note that Castle Home Inspections can also be a consultant for a home-style renovation loan
203k Consultant is basically a project manager for 203k-financed renovations. The Consultant will handle all the paperwork required by the Department of Housing and Urban Development. During the rehab, the Consultant will conduct assessments and inspections of the property, as well as, determine when the loan funds can be dispersed during the rehab project.
The key advantage with this type of loan is that it can be a smart way to pay for your renovations on your next home, refinance, or even a fix-and-flip investment.
They do come with fees, but no worries, you can finance most fees in to your mortgage. And because it is an FHA loan, you even get favorable interest rates, lower down payments, and loan terms
But there is a catch, you can't manage your rehab project yourself. With "Standard" 203k loan, a 203k consultant is needed to handle the rehab effort for you.
If you would like to learn more about our 203k Consultant services, please reach out. We'd be more than happy to answer any questions or concerns that you have about the process.
Call (361) 878-5665 today!
203k Consultant Job Duties
A HUD 203k Consultant has many duties during your rehab loan project. These duties range from conducting the initial feasibility study of the property to performing a final inspection after the scope of work is completed.
Let's take a closer look the job duties of a 203k Consultant:
Feasibility Study
A HUD 203k Consultant inspects the home and determines the necessary repairs needed to comply with HUD standards. During this step, the Consultant will determine if the project is financially feasible before the scope of work can begin with the property.
Inspections
During the rehab process, the Consultant will perform a series of inspections. First, will be an initial inspection to identify any defects or problems in the home. Then, as the project progress, the Consultant will perform draw inspections monthly to pay the contractor. As a final step, the Consultant will perform a final inspection of the property after the rehab scope of work has been completed to ensure that the property now meets the minimum HUD standards.
Architectural Drawings & Exhibits
If the rehab project requires architectural work, the Consultant is required to either generate the appropriate documents or work with a qualified contractor to obtain the required documents.
Project & Cost Estimates:
Consultants generate work plans and cost estimates as a part of their duties to the bank for the 203k rehab loan. This information includes details on all renovations that need to be done, as well as, quantifying all labor, materials, and other expenses that are projected during the rehab and loan process.
Change Orders
In the event that the scope of work changes during the renovation, the Consultant is responsible for creating and managing the change order to reflect the new work and costs.