203K Consulting

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203K Consulting

A 203k loan is a renovation loan that allows homebuyers to finance both the purchase of a home and the cost of repairs, into one single mortgage. Homeowners can also finance the rehabilitation of their current home. Limited 203k (formerly known as a streamline) will allow you to repair minor work, such as kitchens and bathrooms.  Standard 203k can finance major renovations, including structural changes, and additions.

What Types of Homes are Eligible?

  • Single-family
  • Multi-family (up to 4 units)
  • Condos (if they’re FHA approved) and only interior repairs are allowed.

What Does the Consultant Do?

  • Evaluate systems of the home and outline safety or structural issues that will be required to be repaired.
  • Review bids from the contractors.
  • Create the initial work write-up and SOR.
  • Provide documentation that repairs are complete so funds can be disbursed.
  • Ensure the repairs are being done on time and professionally.

Examples of Types of Repairs

  • Interior/exterior repairs
  • Mechanical improvements
  • Structural changes
  • Additions
  • Septic improvements
  • Landscaping
  • Site, grading, or drainage improvement
  • Accessibility upgrades