FHA 203k CONSULTANT

Home buyers planning on securing FHA 203k financing must work closely with 203k consultants to coordinate the various steps involved through out the process.

If the residential property being considered for purchase by the buyer is in need of repairs and the scope of the work to be done exceeds beyond the 203k streamline guidelines, then the following essential steps involves the involvement of a HUD-accepted 203k consultant.

HUD-Accepted/FHA 203k Consultant #D1116

Why a 203k Consultant?

An approved 203k consultant is needed on all standard 203k loans to handle the tasks related to work write-up, draws and inspections. A 203k consultant is like a football team’s offensive coordinator – a point guard that runs plays on basketball court and a star infielder – all in one. Seem like an exaggeration? When it comes to 203(k) consultants the comparison is accurate: we really can be the most valuable member of the team that helps out when you buy a home and make major repairs with a standard FHA 203k renovation loan – also called a Consultant K* loan. Think of us as your own mini "project manager" to add a peace of mind to the project.

The Process:

SITE VISIT

  • GreenWorks' 203k Consultant meets with the borrower at the site

  • Our Consultant will do a walk trough of the property to determine if the project is feasible

  • If feasible, the client will sign the Consultant Agreement and pay the HUD Consultant fee:

    • The fee charged by a 203k consultant is about the same anywhere in the country based on HUD's Fee Schedule. The fee amount varies depending on the amount of repair work involved.​

WORK WRITE UP

  • GreenWorks' 203k Consultant prepares a detailed Work Write that contains:

    • clear, concise project specifications

    • construction cost analysis

    • HUD required draw request forms

    • preparation of contractor bid packages

    • preparation of lender packages

  • Our Consultant delivers the Work Write Up Packages to the Borrower, Lender and Contractor

CONTRACTOR SELECTION 

  • This step is handled by the Borrower

  • 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 a FHA 203k project, it is important that they are informed early on about the 203k concept as it applies to contractors.

loan closes

  • Once the loan closes the 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.

draw inspections

  • 1st Draw - Our Consultant insures permits were issued

  • 2nd & 3rd Draw - Inspections are performed as the remodeling work progresses

  • 4th Draw - A punch list is established

  • 5th Draw - The project is closed out and warranties and lien releases collected

ASK

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Austin Office:

106 E. 6th St. Suite 900

Austin, TX 78701

Ft. Worth Office:

201 Main St. Suite 600-36

Ft. Worth, TX 76102

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CONTACT

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Office: 855-349-6757

Text: 817-840-7737

Support@GreenWorksServiceCo.com

Monday - Sunday: 8:00am - 8:00pm

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1910 Pacific Ave. Suite 16800

Dallas, TX 75201

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FHA 203(k) Consultant #D1116

schedule

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7 Days a Week

Same Day and Next Day

Inspections Available

Frisco Office:

2770 Main St. Suite 256

Frisco, TX 75033

Houston Office:

5100 Westheimer Rd. Suite 200

Houston, TX 77056

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