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The
FHA 203(k) loan provides funds to purchase and renovate a home all in
one loan. 203(k) loans are for borrowers of all income levels for owner-occupied
homes with one to four units.
This loan has to meet certain FHA guidelines and inspections. The 203(k) consultant inspects the property, estimates repair costs, and provides a written report of FHA-required repairs and any improvements desired by the buyer. After rehab begins, the consultant inspects the work and approves draws from the mortgage loan funds.
House Remedies works as part of a team with the home buyer and lender to make the program work efficiently. During construction, we are available to answer questions and help if problems arise.
Feasibility Studies
and Work Write-ups
Home buyers
can order either a feasibility study or a complete work write-up. The
feasibility study is a home inspection with a verbal estimate of repairs
to help the buyer decide whether to proceed.
The complete work write-up provides both the home inspection and a written report with detailed repair lists, cost estimates, contractor bid forms, and other documents needed for loan processing.
Fees
Consultant fees
for 203(k) inspections are set by HUD and are paid at the time of the
inspection. The fee includes the inspection, the work write-up, and follow-up
consultation. Fees are based on the amount of rehab work.
| Rehab Amount | Fee |
| $5,000 - 7,500 | $400 |
| $7,501 - 15,000 | $500 |
| $15,001 - 30,000 | $600 |
| $30,001 - 50,000 | $700 |
| $50,001 - 75,000 | $800 |
| $75,001 - 100,000 | $900 |
| over $100,000 | $1,000 |
The feasibility study fee is $200. This fee is reduced to $100 when a work write-up is ordered.
Credit cards are accepted: VISA, Mastercard and Discover