What is a 203K feasibility study? (Philadelphia)

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Home Inspector with Reading, Pottstown, Norristown, Philadelphia

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

 

 

banker

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.

 

Posted by

david the home inspectorDavid Artigliere, owner of ARTI Home Inspections LLC, is a home inspector in Pottstown, Reading, Norristown, Royersford and surrounding areas. 

He is available 7 days a week and can be reached at 610-220-1907.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Dan Edward Phillips 11/06/2011 09:25 PM
  2. Dan Edward Phillips 11/27/2011 07:07 PM
Topic:
Lending / Financial
Location:
Pennsylvania Philadelphia County
Groups:
Realtors®
New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
Dedicated Bloggers
Pennsylvania Realtors
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Tags:
203k feasibility study
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Rainer
20,179
Carol Babington
Carol Babington Associates - Las Cruces, NM
CRB, CRS, CIPS

 This information is invaluable since buyers want to know how to fix up properties. Thanks for the post.

Nov 04, 2011 04:58 AM #1
Rainmaker
99,638
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

This make those not-so-desirable homes a lot more desirable to buyers who don't mind a little project!

Nov 04, 2011 05:12 AM #2
Rainmaker
4,166,075
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

David, this is such a great program for those home needing repairs to allow an FHA loan!     I have used this for a few buyers and worked fabulously!

Nov 06, 2011 01:03 PM #3
Rainmaker
615,936
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Sounds like you have a good understanding of what it takes to close these loans David, Keep up the good fight.

Jul 22, 2012 08:41 AM #4
Rainmaker
99,638
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

The 203K program is still as active as ever and has helped close a lot of real estate deals around my areas of Pottstown, Reading and Allentown.

Aug 28, 2012 08:02 AM #5
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Rainmaker
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David Artigliere

ARTI Home Inspections, ASHI Certified Home Inspect
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