You shouldn't be held hostage by your contractor. Why wait for the contractor bid when you can DIY and get it right now. Click here. There is no obligation to use this FREE service. Who uses this service? Home owners, buyers, sellers, lenders to qualify various costs and insure a consultant's numbers or a contractor's bid numbers for a FHA 203k loan project or HomeStyle® Renovation Mortgage project. Many times a lender is doing a Limited 203k loan and the contractors are not providing a bid in a timely manner, no problem, use this handy cost estimator and get your prices in a few minutes.
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You certainly can if you qualify. If you have been a licensed contractor or home inspection for at least 3 years or a combination you may qualify. Architects and engineers are automatically accepted.
Small and mid-sized Contractors should want to become consultants as it puts them first on the job on many projects... they get a big leg up on a project and therefore also get to bid the job first and if they want to do the work, they can easily call for a "plan review" from another consultant and then do the work as the other plan reviewer becomes the draw inspector/consultant.
We will be providing a four hour class in San Diego prior to the ASHI conference. Limited amount of room, if you want to learn how to market your business and how to provide accurate bids on your projects, this could be just what you need. Prerequisite: you must have taken our basic training course. Send us an email to find out where and what time.
1) I'm a home buyer and want to know what do I do first to get my project get started?
2) Is there a list of repairs we can make or avoid when doing an FHA 203k loan?
3) What is the first thing we should do to "FAST TRACK" our 203k loan project?
A very good question. So many lenders are used to doing the Limited 203k project where the contractor is typically the 1st to be called and then try to use that on a Standard of Full FHA 203k loan... Not so fast Pilgrim. When you use or think you will use an FHA 203k consultant on your project you should contact them first. That is correct, they are your guide and if you bring the guide in near the end of the process you may be missing out on some benefits that will cost you $$$ in the long run.
4) Why does it take 45-60 days to close a 203k loan?
It doesn't. We have found over the years that when it takes longer than 35-40 days it is likely because your lender or loan officer is trying to do everyone's job and not just concentrating on their portion of the job. I've always regarded the 203k as a Team Sport and you must let the team function to close them fast, there is no science to it, just let everyone perform their respective task and it closes. We had a new loan officer working on her first 203k, she let the team work and closed in 30 days.