FHA 203K Consulting in NH & ME
NH Home Inspector LLC is a 203K Consultant (ID P1963) for NH & ME!
What is a 203K Loan Consultant?
Home purchases, major renovations, and home improvements can be completed with just one loan. An FHA approved 203K loan will take care of the purchase of a home as well as the work that is needed to renovate the home to your liking! NH Home Inspector LLC is a Certified HUD Consultant for these loans. There are some stipulations with these loans, so having a consultant at your side is REQUIRED for the 203K Standard and makes the best use of your time and your money! We are familiar with how the whole process works. Get in touch with us today and we will answer all of your questions!
HUD Consultant | NH Home Buyers with 203K Loans
There is a good chance you are looking to perform some renovations on your new home purchase. You may have a short time frame to complete your renovations. That is where we come in. You need a professional who knows what those renovations will entail & how much they cost. A 203K loan is your home loan, plus the cost of rennovations. This means you’re dealing with ONE payment to the bank, and ONE loan to cover both your home and the work needed. You may need the assistance of all sorts of professionals, from construction to architecture, those who know building codes inside and out, and so on. We are licensed through the Department of Housing and Urban Development and if your using a 203K Standard Loan then you are required to use a 203K Consultant. We help to make the process run smoothly and efficiently for you and the Lender. We work with you at the beginning of your project so that in the end, your home is ready for you to settle into.
Our Role
We perform a Feasibility Analysis – determining the likelihood of the success of your project as well as give an estimation of the cost to bring the home up to HUD’s Minimum Property Standards. This is important to determine the overall, end result. As a HUD consultant, we help both the borrower and the lender and ensure a successfully managed project, as well as other tasks:
- Property Inspection Report (Not a Home Inspection) & Work Write-up These are necessary for all 203K Projects. We provide the lender with the Specification of Repairs, Cost Estimates, and other various paper work required.
- Inspect the job for every one of the contractor’s draws to be sure all work has been completed for that stage of the project before they can get paid by the lender.
203K Services and Inspection Pricing
-Feasibility Analysis- $350 (Plus Travel- This can be upgraded for a fee to provide more project detail for renovation items above and beyond HUDS Minimum Property Standards. You can also upgrade to a full Home Inspection Report as provided for use during real estate transactions.)
-203K Consultation- Includes MPS Inspection and Work Write Up (SOR)- $400 to $1000+ (Based on HUD guideline for the size of the project )
-Draw Inspections- $350 (Plus Travel Expense for non local projects)
-Change Orders- $100 (If done during a Draw Inspection otherwise $350 plus Travel)
203K Consultation Pricing
$400 for repairs less than $7,500
$500 for repairs between $7,501 and $15,000
$600 for repairs between $15,001 and $30,000
$700 for repairs between $30,001 and $50,000
$800 for repairs between $50,001 and $75,000
$900 for repairs between $75,001 and $100,000
$1,000 or no more than 1% for repairs over $100,000