HUD/FHA 203k Consultant

The 203k loan program was created by HUD in 1961 as a way to refinance or purchase a home and secure funds to complete necessary repairs to single through four unit buildings. The program wasn't being used to it's fullest ability and around 1994 "consultants" were introduced in an effort to take some of the mystery out of the program.

James (Drew) Levy of Homespect LLC is a HUD approved 203k loan consultant. Homespect LLC will help to make your 203k loan application process as easy as possible. Homespect LLC services HUD 203k clients throughout all of southern NJ, including Atlantic, Burlington, Camden and Gloucester counties in NJ, We also serve Southeastern PA, in Philadelphia and Bucks County.

The Role Of The Consultant

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 Work Write-Up 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 Work Write-Up Packages

    * 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.

HUD APPROVED CONSULTING FEES

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