Get Professional HUD Consulting for Your Home Inspection

SITE VISIT FOR FEASIBILITY STUDY

• 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 Consultant fees.

ONCE THE CONTRACTOR ESTIMATE IS FINAL, WE PREPARE THE SPECIFICATION OF REPAIRS:

• Project specifications
• Construction cost analysis
• HUD required draw request forms
• Preparation of lender packages

CONSULTANT DELIVERS THE REPORT PACKAGE TO:

• Borrower
• Mortgage Lender

SELECTION OF A CONTRACTOR BY THE BORROWER:

• It’s important to choose a contractor that is familiar with the 203k loan process. If not, the contractor needs to be educated on the process so that there are no misunderstandings.
• Mortgage lenders have requirements and vetting processes for contractors. They must be licensed when necessary, have liability & worker’s compensation insurance, and do the appropriate paperwork with the lender.

ONCE THE LOAN CLOSES:

• Repair funds are placed in escrow.
• Remodeling begins.

YOU ARE ALLOWED UP TO 5 DRAWS FOR FUNDS:

• 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.