What is a 203k Consultant and why you should hire one.

What does a 203k consultant do?

The 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.

For more information, speak with one of our 203k Consultant experts (888)-820-5889

To be designated, the consultant has met the experience requirements for HUD approval and has been trained in the Work Write-Up format of the 203(k) program. By using an approved consultant, there is no need for a Plan Reviewer to check the Work Write-Up.

Below is an outline of how a consultant can help  you with a successful project.

I. Site Visit:

• 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 a retainer fee.

II. 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. Consultant delivers the Report Package:

• Borrower
• Lender
• Contractor

IV. Selection of a Contractor by the Borrower:

• The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never done a 203(k), it is important that they are informed early on about the 203(k) concept as it applies to contractors.

V. Loan Closes:

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

VI. 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.

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