203K Consultant Services

The 203k Consultant’s Role

The 203k Consultant’s role is to:

  • Review the contractor’s estimates to determine if they are within market norms
  • Ensure that all required repairs are completed.
  • Ensure that the work scope includes all FHA/HUD requirements
  • Help determine if the clients wish list is within budget
  • perform an initial property inspection. (If the homeowner is unfamiliar with repairs required by FHA guidelines, they should involve the Consultant as soon as possible.)
  • obtaining signed Lien Waivers during draw inspections,
  • Consultant will request that the contractor correct any issue prior to payment.
  • To verify consultant status (Click Here)
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Teaming up with a FHA 203k Consultant

With the amount of moving parts involved in successfully closing a 203k loan on time, the designated 203k Loan Consultant is a key player on your Rehab Loan Team. Client should enter into a formal consultant agreement as soon as possible. The agreement should detail the roles of all parties and how fees are to be determined.

If you a teacher, firefighter, policeman or other service related field? There is a 203K program designed to allow you to purchase of a home for 50% off the listed price. It’s called the Good Neighbor Next Door Program, (GNDP). See this link for details.

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Consultant Fees

Our consultant fees follow the HUD guidelines and is based on the renovation budget as follows:

  • $400 for the repairs between $5,000 to $7,500.
  • $500 for the repairs between $7,501 to $15,000
  • $600 for the repairs between $15,001 to $30,000
  • $700 for the repairs between $30,001 to $50,000,
  • $800 for the repairs between 50,001 to $75,000.
  • $900 for work costs between $75,001 to $100,000
  • $1,000 where the renovation work to be undertaken exceeds $100,000

The above mentioned FHA 203k consultant fees are for single family residential homes. For multi-family homes, the fee charged may be higher. Typically, it would be an additional $50 for each unit beyond the 1st one. A $300 deposit (to be applied to the final invoice) is required on all 203K consultant contracts.

203k services in Naples, Ft. Myers, Estero, Marco Island, Cape Coral and surrounding areas!