Reblogger Mike Young
Home Inspector with, covering the USA S0289

Jeff is one of those lenders you can depend on to get it right. There are lots of, so called, 203k lenders that still don't have  a clue or that tell you the consturction is limited to $35,000 because they don't do the full 203k loan program. You can learn from Jeff.

Original content by Jeff Onofrio NMLS #38670




The FHA 203(k) is a great loan, and these steps will provide you with a road-map to understanding the process.


 1)    Buyer works with realtor to find the right property, or owner is ready for renovation on their existing property.


2)    Get pre-approved by lender for the price range and repair estimate.


3)    Go to contract on the house noting that it is FHA 203(k) financing (for a purchase).


4)    Buyer meets with HUD Consultant on site to complete the work write up and estimate of repairs.


5)    Lender orders appraisal of the property. The appraisal must contain the before and after renovation value of the home.


6)    Close on house escrowing the funds for repairs and upgrades.


7)    Contractor starts work and draws down funds for repairs and upgrades.


8)    Move in to your new home or settle in to your new and improved home.



House with couple


The FHA 203(k) inspection, work write-up and cost estimate are essential elements in processing the Section FHA 203(k) insured loan, in addition to the underwriting steps applicable to a regular mortgage. Therefore, when a consultant is used, it is the responsibility of the consultant to assure that the architectural exhibits are properly prepared.  

These steps will help guide you through the FHA 203(k) process and get you into the home of your dreams.


Jeff Onofrio

Director of Renovation Lending / Licensed Mortgage Originator- NMLS #38670

Office 856-505-6717- Mobile 609-217-9409 /

Renovating and Rebuilding America - One Home at a Time

Real Estate Investment & Advice Blogs - BlogCatalog Blog Directory


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Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Sounds like he may be the man. I need to study up on this program.

Jul 22, 2012 12:26 PM #1
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage


Great spotlight on a lending expert who knows about the 203k program.

Jul 22, 2012 05:55 PM #2
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Your point is well stated, many folks doing or attempting to do 203K's, don't have a clue and cause a lot of grief.

Around us, most of the banks and credit unions, refer all that business to us, for exactly that reason.

Jul 22, 2012 10:09 PM #3
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good choice for a re-blog.  The FHA 203(k) financing is outstanding when purchasing a fix-up property.

Jul 22, 2012 10:46 PM #4
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Mike Young

FHA 203k Consultant 916-758-1809
Want to close your 203k loans faster?
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