The overall objective/responsibility of the 203k HUD Consultant will be to insure HUD’s minimum property standards are met. Our job includes but is not limited to:
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:
Who needs the work write up:
Consultant Performs Draw Request Inspections
Our company follows the 203k Fee schedule set by HUD
The fee is based on the cost of the renovation:
|$5,000 to $7,500||$450|
|$7,501 to $15,000||$550|
|$15,001 to $30,000||$650|
|$30,001 to $45,000||$750|
|$45,001 to $60,000||$800|
|$60,001 to $75,000||$850|
|$75,001 to 100,00||$950|
|$100,001 to 125,000||$1000|
*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.