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What is a 203K feasibility study? (Philadelphia)

Reblogger
Real Estate Agent with Dan Edward Phillips

This is an excellent post for clients considering a 203K FHA Home Loan.  Thank you to David Artigliere of Collegeville, PA for the great post and input!  Please leave comments on David's original post by clicking on the link below.

Original content by David Artigliere

What is a 203K Feasibility study? (Philadelphia)

 

 

house on hillIf you are just starting to look into the FHA 203K program around Philadelphia, PA, you might ask "What is a 203K Feasibility study?" 

First you need to find a qualified 203K Consultant for your area.  That consultant, or inspector, performs an initial inspection.  


 

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This initial inspection, also called a 203K feasibility study, determines the FHA required repairs for the property.  It also includes any recommendations kitchenthat the 203K consultant might have and any items that the buyer would like to add that aren't required or recommended.  The report also includes cost estimates for all the items included in the study

 

 

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The 203K feasibility study is sent to the bank and to you, the client.  It is used as a tool to determine if the 203K program is right for this property. 

 

 

It typically costs around $150 + mileage fees for this initial step in the 203K process.If the bank approves the numbers and the client wants to proceed, then the 203K consultant will complete the entire work write-up which is all the paperwork required by the bank required for closing.  This paperwork includes things like the fee schedule, summary of work, and other items required by the bank that is usually done behind the scenes and doesn't involve the client.  The work write-up can cost around $500, but depends on the amount of work being done to the property.


You can find out more about the FHA 203K Program by visiting www.203kpa.com or visiting HUD's website.   You can also click on Benefits of the 203K Program to learn why this might be the right program for you!

 

203k inspectorDavid Artigliere with ARTI Home Inspections LLC is a HUD-approved 203K Consultant in Southeastern PA including Philadelphia, Pottstown, Allentown, Reading, Lancaster & surrounding.  He is available for home inspections and 203K consulting 7 days a week!  He can be reached at (610) 220-1907.

 

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