A hud 203k consultant can conduct a thorough feasibility analysis upon visiting the property for a fee of about $250. A feasibility analysis report can be used as the basis to know the exact amount needed for necessary repairs to be performed prior to submitting a purchase offer to the seller.
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The maximum 203k consultant fee of $1,000 is charged for rehab work above $100,000. Additional Units. If there is more than one unit under a same FHA case number, the 203k consultant may charge additional fee. For each additional unit, a $25 fee is allowed. The HUD stipulated fee schedule only applies to 203k consultants on standard 203k loans.
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203(K) Consultant Fees. The 203k consultant’s fee varies depending on the cost of the repair work to be financed through a FHA 203k loan. The actual fees may vary from the amounts published by the HUD in its general fee schedule for the consultants performing the feasibility analysis report and other associated tasks.
The Draw Request inspection fees which will be included in the Rehab Cost and will be billed to and paid by the lender’s Draw Request Disbursement Dept. The below fees are paid COD, by the buyer at the time of the initial inspection. 203(k) Consultant Fee Schedule. (pursuant to HUD Guidelines) REPAIR AMOUNT.
A HUD 203k loan allows the buyer to purchase or refinance a home and renovate it with one loan. The house does not need to meet FHA standards to qualify. As a HUD 203k consultant, Jeff has completed hundreds of renovation projects throughout Maine and New Hampshire. Jeff Croft is listed on the Maine Superior Court Section 16-b and CADRES rosters.
The fees consultants can charge are uniform amounts that are set by HUD, and fees are based on the total dollar amount of the repairs that are made. Typically, you will pay for an initial feasibility study, if needed, out of your own pocket, and the lender may allow you to finance any additional fee amounts.
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The approved consultants are placed on the HUD 203(K) consultant roster and can be looked up using the search form on the HUD’s website. 203(K) Consultant Application. The following documents duly filled with relevant information must be submitted by the applicant to their local HUD Home ownership center (hoc) for approval. A placement on the consultant roster of your local HOC is also recognized by all.
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