203K Home Renovations Atlanta, GA
203K Consultant Work
The overall objective/responsibility of the 203k HUD Consultant will be to ensure HUD’s minimum property standards are met. Our job includes but is not limited to:
- To work with you discussing your renovation needs
- To prepare a Work Write-up and any required architectural and/other exhibits
- To do Draw Inspections, Change Orders and Final Inspection
- To be a liaison between you, the lender, and your contractor
- To ensure that work is completed in a timely and professional manner
- To watch over the monies spent on behalf of you and your lender
On-Site Visit of Property
- 203k HUD Consultant meets with the borrower at the property
- Discuss the 35 Point HUD Safety and Soundness Requirements
Contractor Selection is handled by Borrower:
- The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never done an FHA 203k project, it is important that they are informed early on about the FHA 203k concept as it applies to contractors.
- Generally speaking, the general contractor is required to maintain $1 million in general liability insurance coverage, have 3 references within the last 12 months, show that they are in good standing with all of their creditors, and be able to provide a detailed bid broken down into labor and materials.
HUD Consultant does the detailed Work Write Up that Includes:
- Project specifications
- Construction cost overview
- Preparation of lender packages
Who needs the work write up:
- Repair funds are placed in escrow.
- Remodeling begins with an anticipated completion date of 180 days from the start date but of course, earlier completion is always appreciated.
Consultant Performs Draw Request Inspections
- 1st Draw – Consultant ensures permits were issued.
- 2nd, 3rd, and 4th Draw – Draw requests are performed as work progresses
- Final Draw- All work has been completed by the contractor and all monies are paid to the contractor by the mortgage company.
203K CONSULTANT FEES
Our company follows the 203k Fee schedule set by HUD
The fee is based on the cost of the renovation:
*Renovation work that exceeds $100,000, the fee will be $1,000.
A Minimum Fee of $450 will be due at the time of the initial consultation.
We are certified 203(k) consultants and will work closely with the buyer, contractor, and mortgage professional to help ensure requirements are met to secure the loan and to make sure the contractor is completing the work. Services include feasibility inspections, work write-ups, draw inspections and overall guidance for buyers using the HUD/FHA 203(k) program to purchase and remodel their homes.
What are 203k Inspections?
Unlike other kinds of home inspections, 203k inspections are designed to specifically target those who intend to apply for a 203k loan for property repair and rehab. When other inspections focus more on improving the immediate value of property concerning aesthetic appeal, features, and decorative remodeling, 203k HUD inspections concentrate more on determining the extent of damages on a given property including what requires to be done to renovate and restore it to ideal conditions. It also provides evidence that the property is indeed in bad shape and could benefit significantly from the loan.
Advantages of Atlanta’s 203k Inspections
- Atlanta’s 203k Inspections are quite evident and straightforward. These inspections are a requirement to prove eligibility for a 203k loan for your property. Without sufficient evidence, it is challenging to get a 203k loan, but this is not the only benefit.
- The inspection service also details the cost estimates covering all the main and minor aspects so you can apply for a loan that will facilitate your projected outcome. In simple terms, a 203k inspection will convince the lender to award the loan and also make sure the amount granted covers the entire repair and remodeling costs.
- These inspections bring safety, security, and peace of mind to the borrower. It is also advisable to work with 203k consultants so that the legal aspects are not left out. It is most important, especially since there are various activities to repair an old property, which is more likely in bad condition.
Someone who qualifies for a 203(K) inspection is a person who has been designated by someone in the HUD field office. They have also completed the Work Write-Up/Cost Estimate. Lastly, the person should show the architectural exhibits to the borrower.
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As Atlanta’s top-ranked home inspection firm, our reputation is built on honesty, integrity, and professionalism. We have served thousands of clients since 2006. If you are looking to buy or sell in Atlanta, GA, and the neighboring areas, we can help!