If you are purchasing a home in Brandon, Madison, Jackson, Clinton, Flowood or Ridgeland Mississippi with a 203K loan you will be required to have a 203k inspection by a 203k Consultant. Charlie is certified as a 203k Consultant.
The following is a list of the basic steps to a 203k loan. for more information visit HUD’s 203k loan page
A general examination of the work to be done determines if the project is feasible.
If feasible, Client signs Consultant Agreement and pays Consultant fee (see fee chart below).
Step #2 Consultant prepares Work Write-Up
Clear, concise project specifications
Construction cost analysis
HUD required draw request forms
Preparation of contractor bid packages
Preparation of lender packages
Step #3 Consultant delivers the Work Write-Up
Step #4 Selection of a Contractor by the Borrower
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
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.