If you have read any of my other blogs you will have seen that I write about all the interested parties in the FHA 203k process. Today I want to highlight one of the most important and sometimes over looked parties. That is the FHA 203k Consultant. In NJ, PA and DE I use a few different people and please remember that it is the responsibility of the lender to select the consultant. That is a little known part of the process but a very important one.
The FHA 203k Consultant plays an integral part in the FHA 203k process- he helps to bridge the gap between the contractor, customer and lender. His job is to make sure that the property is being brought up to FHA minimum property standards but that is truly only a small part of what he does in the actual transaction.
In NJ FHA 203k mortgages our consultants visit the property up front to do his SOR (specification of repairs) and then returns to the property each time the customer or contractor requests a draw. His job is to inspect the work completed and then submit to us a request to have a check cut.
FHA 203k mortgages, whether in NJ, PA, DE, CT or any other state that we are licensed in, require the same key elements for success- a knowledgeable lender, who plays the "FHA 203k Mortgage Quarterback" and a FHA 203k consultant with experience!
So if you are considering looking into purchasing a home using a FHA 203k rehab mortgage or looking to refinance an existing home that you currently live in make sure your FHA 203k consultant comes recommended.