203 (k) HUD Licensed Consultant Inspector

The role of the 203k Consultant is vital to the success of a FHA full 203k loan. The consultant is responsible for the onsite visit and the HUD work write up and is responsible for staying on during the project to facilitate draws and inspections.

The overall objective/responsibility of the 203k HUD Consultant will be to insure HUD’s minimum property standards are met. In the work write up the consultant will cover the required repairs that will need to be done to the property. Also, the consultant will make any recommendations for work that should be done. Then finally it will include desired work that the borrower would like to include.

The report will also stipulate if the home is habitable or not, the number of draws that will be allowed and the amount of contingency that will be required.
Let us break this apart since this last statement covers a lot. First, if the home is not habitable you will have an option to finance up to 6 mortgage payments into the repair escrow amount. Of course, the number is determined by the scope of the work and how quickly the home will become habitable.
Next let us look at the draws. The 203k Consultant will determine, based on the scope of the work, the number of draws allowed. The max is 5 and usually there is a fee of $250-$350 for each draw inspection so it is always best to take as few as possible. This fee is financed but if your contractor can complete in 3 versus 5 that is always best!
During the draw/inspection process the consultant will inspect the property to ensure that all work up to that point has been completed before any funds are released.

Working with a 203 (K) consultant can make all the difference

I often get asked what role does the 203k Consultant play in the FHA Full 203k loan. This is a great question and one we will explore further in this article.

The role of the 203k Consultant is vital to the success of an FHA full 203k loan. The consultant is responsible for the onsite visit and the HUD work write up and is responsible for staying on during the project to facilitate draws and inspections. I like to think of this person as your own mini “project manager” and it adds a nice layer of comfort to the project. It is especially important that you and your consultant always have excellent communication. Let us break down the responsibilities of the consultant in detail:

Responsibility of the consultant:

Contractor selection is handled by Borrower:

The 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 criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you are considering a contractor which has not yet been approved by your lender or has never done an FHA 203k project, it is important that they are informed early on about the FHA 203k concept as it applies to contractors.

Generally speaking the general contractor is required to maintain $1 million in general liability insurance coverage, have 3 references within the last 12 months, show that they are in good standing with all of their creditors and be able to provide a detailed bid broken down into labor and materials.

Loan closes

Consultant Performs Draw Request Inspections


Ensure Your Home Holds No Secrets By Turning To Our Inspectors When You Buy A New Home.


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