A 203k HUD Consultant Provides More Bang for Your Buck

HUD’S 203k Renovation loan is an ingenious mortgage product available to purchases or refinances to be incorporated into one loan with construction costs. The 203k Renovation loan is excellent for today’s real estate market with so many foreclosure properties that are in disrepair. Many of these properties do not qualify for traditional financing because of their condition.
Part of the 203k Renovation loan process is that a 203k Consultant needs to inspect the property to determine the scope of repairs required to be addressed in the course of the renovation in order to bring the property into FHA compliance. In a tight economy, buyers are more cautious with their out of pocket expenses, so they may fail to see that their dollar is paying for a lot more than just the 203k Consultant’s inspection and completed report.
A valuable asset of the Consultant is that he acts as the advocate for the buyer to protect their best interests. The average home buyer may not be well versed on the ins and outs of construction; because of the Consultant they have someone to rely on for guidance through the process. Once the loan closes during the course of the renovation, the Consultant will be back to the property for the progress draw inspections. These inspections give the buyer the chance to discuss any concerns with the Consultant as it relates to the construction work and the contractor.
The purchase of a new home can be overwhelming on its own, especially when construction repairs are thrown into the mix. With the support and guidance from the 203k Consultant, buyers are on their way to see their dream of the perfect home come true.