The Department of Housing and Urban Development's (HUD) FHA 203(k) program allows for the rehabilitation and repair of dwellings by enabling home buyers to finance the cost of renovation and repairs with a mortgage on a depressed property. In this way, the FHA 203(k) program is an important aspect of community and neighborhood revitalization.
If you are purchasing a home with the FHA 203(k) program, then you will require an approved FHA 203(k) consultant for an initial site visit, work write-ups and cost estimates, and draw request inspections. National Property Inspections is proud to have home inspectors who also are approved FHA 203(k) consultants.
Initial Site Visits
NPI’s approved FHA 203(k) consultants perform a thorough examination of the property and provide an assessment about the renovation project’s feasibility under the FHA 203(k) loan requirements. If the consultant determines that the project is feasible, then the buyer signs an agreement and pays a retainer to the consultant.
Detailed Work Write-ups and Cost Estimates
NPI’s FHA 203(k) consultants prepare a report based on the initial site visit and the buyer’s input about the renovations planned for the property. This report includes the details for each renovation or repair, and the consultant also prepares reports for the lender and contractor bid.
Draw Request Inspections
Up to five draws may be necessary for an FHA Section 203(k) project. NPI’s FHA 203(k) consultants provide the inspections necessary for each draw and for completion of the project.
Trust NPI for Your FHA 203(k) Project
NPI’s approved FHA 203(k) consultants have undergone rigorous training and are the choice you can trust for your FHA 203(k) project. These inspectors are listed on the FHA 203(k) consultant roster, available on the HUD website.