GET THE ASSISTANCE YOU NEED FOR 203k HUD Loan
We’ll help you understand the process and ensure all paperwork is in order to navigate the 203k HUD loan. Our expert team of 203k Consultants in Houston will guide you through the entire 203k HUD loan process and ensure that all requirements are met to qualify. We’ll take the hassle out of navigating this complex system, so you can rest assured the process will be smooth.
I am your premier 203k Consultant in Houston, Austin, New Orleans, and Baton Rouge. Allow my expertise to guide you through the 203k process.
Why Choose Irving and Associates, LLC
Timely & Efficient Site Visit
Detailed Project Scope
Comprehensive package required for loan closing
Fast turnaround on Draw Inspections
We get you to the closing table fast
Licensed in Texas and Louisiana
WHAT IS A 203k LOAN?
The costs estimated for the renovations will be held in an escrow account. Funds are released to the contractor as the renovation progresses.
WHAT IS A 203k CONSULTANT?
As a 203k Consultant in Houston, I prepare all required HUD and lender documentation supporting the 203k loan process.
HOW DOES THE 203k PROCESS WORK?
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Eligible Home Improvements
The Section 203k loan covers a range of home improvements. These include, but are not limited to, the following:
The extent of the rehabilitation covered by Section 203k insurance may range from relatively minor (though exceeding $5000 in cost) to virtual reconstruction: a home that has been demolished or will be raised as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place. The types of improvements that borrowers may make using Section 203k financing include:
Structural alterations and reconstruction
Modernization and improvements to the home's function
Elimination of health and safety hazards
Changes that improve appearance and eliminate obsolescence
reconditioning or replacing plumbing; installing a well and/or septic system
adding or replacing roofing, gutters, and downspouts
adding or replacing floors and/or floor treatments
major landscape work and site improvements
enhancing accessibility for a disabled person
making energy conservation improvements
FAQ
ARE MY 203k LOAN OFFICER AND 203k CONSULTANT THE SAME PERSON?
No. A 203k Consultant is an independent advisor who guarantees the required paperwork is filled out and filed correctly so that homeowners can obtain a 203k loan. This documentation is submitted to the loan team for processing of your 203k loan. The loan team is responsible for processing your loan and getting you to the closing table.
DOES THE 203k CONSULTANT HAVE A LIST OF HUD APPROVED CONTRACTORS?
How often will I receive construction draw payments?
The 1st draw will be processed once the 203k Consultant determines that all the necessary permits have been issued from the local authorities. Depending on the completion of the work identified in work write-up as per determined schedule, the consultant will make subsequent inspection visits and issue the 2nd and 3rd draw amounts.
After the 4th draw request, a punch list containing any unfinished, outstanding tasks is submitted by the 203k Consultant to the contractor. The 5th draw, held as a retainage, is issued after the final inspection. At this point, the project will be successfully completed with no unfinished tasks. A 203k lien release form that absolves both the borrower and the lender is entered between the buyer and the contractor. If necessary, certain warranties regarding the completed work may also be entered between both parties.
WHERE WOULD I FIND A LIST OF HUD APPROVED 203k CONSULTANTS?
https://entp.hud.gov/idapp/html/f17cnsltdata.cfm