203K Consultant Services
The 203k Consultant’s Role
The 203k Consultant’s role is to:
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.
Our consultant fees follow the HUD guidelines and is based on the renovation budget as follows:
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.