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203(k) Consulting

Our HUD/FHA Approved 203(k) Consultant can support you with reaching your goals, if you're considering a home in Metro Atlanta that is in need of repairs or rehabilitation.

A 203(k) Consultant is like a project manager who works closely with you to coordinate and complete the many steps involved throughout the process. Your consultant's primary job is to provide the borrower and their lenders and contractors with documentation such as project specifications, scope of work, cost estimates, etc. with an aim towards getting the borrower to fulfill the lender's requirements and gain 203(k) financing.

The following outlines the steps to closing on a 203(k) Loan.

Feasibility Inspection
The first step in the process is an initial site visit when your consultant will perform a Feasibility Inspection (also called a Feasibility Study or Analysis). This entails a thorough evaluation of whether the project meets the HUD Minimum Property Standards. If the consultant determines that the project is feasible, the buyer may enter into a contract to retain the consultant to prepare a Work Write-Up.

Work Write-Up
Based on the initial site visit and client input regarding their rehabilitation goals, the 203(k) Consultant will prepare clear and concise documentation regarding the project's scope and specifications. This will include architectural exhibits; detailed cost breakdown of needed repairs; draw request forms; contractor application and bid forms; and etc.

The 203k consultant will then put together Work Write-Up packages containing all the pre-mentioned items and submit copies to the lender, borrower and the chosen contractor(s). The borrower will then await the lender's loan decision.

Loan Closing
Upon satisfying all the lenders 203(k) financing requirements, the loan will close. The lender will then put the necessary funds into escrow and the selected contractor(s) will start working on the home.

The work of the 203(k) Consultant has now been successfully completed and the contract ends. Due to the consultant's familiarity with the project, the client may further retain them to handle future draw inspections.

Draw Inspections
Prior to draws (payments to contractors), a draw inspection must be conducted to ensure that all work has been completed to an appropriate and acceptable level.

1st Draw - Consultant insures permits were issued.
2nd and 3rd Draw - Draw inspections are performed as work progresses.
4th Draw - A punch list of any unfinished items is established.
5th Draw - The project is closed out and warranties and lien releases collected.

At this point, the entire 203(k) rehabilitation project has been successfully completed.


  Related Service(s):
Draw Inspection
HUD/FHA Compliance Inspection
Mobile Home Foundation Certification

Structural Engineering Report

If you have any questions about our 203(k) Consulting services, please email us or call 404-692-5420.


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