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I. Site Visit

  • Consultant meets with the borrower at the site.
  • A general examination of the work to be done determines if the project is feasible.
  • If feasible, Client signs Consultant Agreement and pays Consultant a $400 retainer fee

II. Consultant prepares a detailed Work Write-Up which contains:

  • Clear, concise project specifications
  • Construction cost analysis
  • HUD required draw request forms
  • Preparation of contractor bid packages
  • Preparation of lender packages

III. Consultant delivers the Work Write-Up Packages

  • Borrower
  • Lender
  • Contractor

IV. Selection of a Contractor by the Borrower

  • The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never done a 203(k), it is important that they are informed early on about the 203(k) concept as it applies to contractors.

V. Loan Closes

  • Repair funds are placed in escrow.
  • Remodeling begins.

VI. Consultant Performs Draw Request Inspections

  • 1st Draw - Consultant insures permits were issued.
  • 2nd and 3rd Draw - Draw request inspections are performed as work progresses.
  • 4th Draw - A punch list is established.
  • 5th Draw - The project is closed out and warranties and lien releases collected.

203k for everyone

Consulting Services

Consulting services assure that all HUD minimum standards are met. The consultant incorporates client desired improvements with improvements which the Consultant believes will enhance the home.

Plan Review

Plan review services ensure the completeness of the submitted documents and that they accurately reflect the proposed work, including the repair of all health and safety related items.

Fee Inspection

Fee inspection services assure that the proposed repairs are made and that the finished structure is substantially the same as that upon which the commitment is based.

  • Contact us
  • What is a 203k?
  • Why a 203k?

Call today to get the information you need to get started.
You can also use the handy dandy online contact form button below. I hope to hear from you soon.

by phone: 267.575.9204
by fax: 215.525.2732
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CONTACT FORM

The 203k loan is an FHA insured loan designed to get you the money you need to renovate the home buying OR to renovate your existing home.

Because it’s a federal program, the rules are convoluted, confusing and cumbersome (go figure). As a result, the lenders that participate in this program require a Consultant to prepare the stack of construction documents needed to underwrite the loan.
Paul is one the most experienced and reputable 203k Consultants in the Philadelphia area. He has the know-how and work experience to guide you smoothly through the process.

Because it's the cheapest money you'll ever obtain to fix up the house that you're trying to buy or you're already living in.

Mortgage rates are still amazingly low and there are just too many foreclosed and dilapidated properties out there. Those homes simply can't sell unless they will be renovated to some degree. The 203k allows the buyers to get the money they need to put equity back into a dwelling. But wait again. Along with the 'K' comes rules. . . many, many rules.