Over the years, Same Day 203k has developed a state of the art process to help our 203k and Home Style clients. We help expedite the 203k process, Same Day 203k currently use's arial drones as part of our 203k Roof inspection.
Here’s a look at the highlights of what a 203(k) consultant does during the home purchase transaction.
Once you decide to buy a fixer-upper, a 203(k) consultant would inspect the property and talk with you about both the repairs that will be required to meet HUD’s Minimum Property Standards and the optional renovations you would like to make beyond the required items.
The consultant then prepares paperwork that the lender uses to determine the loan amount and underwrite the loan. This paperwork typically includes the feasibility report, architectural plans, and a work write-up that reflects specifications on all of the repairs that will be done, including:
- cost of materials and cost of labor for each repair,
- a recommended “contingency funds” amount to be set aside in case there are cost overruns,
Here’s a look at the highlights of what a 203(k) consultant does during the home purchase transaction.
Once you decide to buy a fixer-upper, a 203(k) consultant would inspect the property and talk with you about both the repairs that will be required to meet HUD’s Minimum Property Standards and the optional renovations you would like to make beyond the required items.
The consultant then prepares paperwork that the lender uses to determine the loan amount and underwrite the loan. This paperwork typically includes the feasibility report, architectural plans, and a work write-up that reflects specifications on all of the repairs that will be done, including:
- cost of materials and cost of labor for each repair,
- a recommended “contingency funds” amount to be set aside in case there are cost overruns,
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