What does a 203k consultant in Minnesota do?
The FHA 203(k) consultant is someone who has been designated by a HUD field Office for the purpose of completing the Work Write-Up/Cost Estimate and the required architectural exhibits for the borrower. The FHA 203k consultant is ONLY needed for FULL FHA 203k loans. The Streamline loans (under 35 in renovations and NO structural work) do NOT require a 203k consultant.
Below is an outline of how we guarantee you a successful project.
I. Site Visit:
- 203k Consultant meets with the borrower at the site.
- A general examination of the work to be done determines if the project is feasible.
- If feasible, Client signs Consultant Agreement and pays 203k Consultant a retainer fee.
II. 203k Consultant prepares a detailed Report which contains:
- Clear, concise project specifications
- Construction cost analysis
- HUD required draw request forms
- Preparation of contractor bid packages
- Preparation of lender packages
III. 203k Consultant delivers the Report Package:
- Borrower
- Lender
- Contractor
IV. Selection of a Contractor by the Borrower:
- The Borrower selects a contractor.
- Buyers please note, banks have certain requirements for contractors, find out what they are.
V. Loan Closes:
- Repair funds are placed in escrow.
- Remodeling begins.
VI. 203k Consultant Performs Draw Request Inspections:
- 1st Draw – Consultant insures permits were issued.
- 2nd and 3rd Draw – Draw request inspections are performed as work progresses.
- 4th Draw – A punch list is established.
- 5th Draw – The project is closed out and warranties and lien releases collected.
Contact us today to get your FHA 203k loan started. We are located in Edina, MN and serve ALL of Minnesota with 203k funding. We are experts in the renovation loan.
Ben Coulter | NMLS#383046
612.384.7818
612.677.3100 Fax
UptownFinancial.com
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