The overall objective/responsibility of the 203k HUD consultant will be to ensure that minimum property standards are met by HUD. In the work, the advisor will write the necessary repairs that must be made to the property. The advisor will also make recommendations for the work that should be done. Finally, it will contain the desired work that the borrower wishes to include. The role of the 203k consultant is essential to the success of a 203k loan from the FHA. The advisor is responsible for the on-site visit and the work of HUD writes and is responsible for the stay during the project to facilitate draws and inspections. I like to think of this person as your mini-“project manager” and add a nice level of comfort to the project. It is very important that you and your advisor have excellent communication at all times. Let`s go into more detail about the consultant`s responsibilities: now that we`ve come up with the question of the role of consultant 203k in the FHA Full 203k loan, we`re looking at the components more closely. Then we`ll look at the raffles. The 203k advisor determines the number of draws allowed based on the extent of the work. The maximum is 5 and, in general, there is a fee of 250-350 dollars for each draw inspection, so it is always best to take as little as possible. This tax is funded, but if your contractor can finish in 3 against 5, it`s always the best! I am often asked what the role of the 203k consultant is in the full loan 203k FHA.
This is a big question that we will look at further in this article. During the drawing/inspection process, the advisor will check the property to ensure that all work is completed before the funds are released. I hope this will help answer your questions about the 203k advisor`s role with respect to full 203k FHA loans. Ready for a renovation loan or have questions? If so, call me today. My team and I will be happy to help and if the 203k FHA loan is not for you, we can also explore Fannie Mae HomeStyle or HomePath Renovation loans. The last big point to mention is that the 203k consultant has its price.