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NEW FHA203K PROCESS
Client Interested
Determine Max Loan Amount
Create Your Dream Home on Paper
Locate Property
Submit Offer
Purchase Contract Accepted
Engage 203K Consultant/HUD Inspector - Week 1
Engage Contractor - Week 2
Everyone Signs Off On Work - We Now Have A Loan Amount - Week 3
Close The Loan - Week 4
Client Interested
- Register for next workshop
Determine Max Loan Amount
- Get a VERY ROUGH IDEA and Pre-qualify yourself or get Fully Pre-Approved based on
Property Taxes in your Target Area
Create Your Dream Home on Paper
- Determine where you would like to live
- Details of the property you would like to live in (Remember you can fix up to your liking)
- Other criteria that's important to you
Locate Property
- Determine Budget
- Buyer Confirms Will Purchase if Within Budget
- If no idea about Renovation - Contact HBR - We will connect you with a Contractor
- Bring in 203K Consultant for Feasibility Study (approximately $300)
Submit Offer
Purchase Contract Accepted
Engage 203K Consultant/HUD Inspector - Week 1
- Meet with Home Buyer Property
- Determine what property needs to bring up to PAR plus incorporates your wish list
- Determine if Streamline or Full K
- Generate Specification of Repairs (SOR) / Contractors Bid Paperwork
Engage Contractor - Week 2
- Meet with Home Buyer at Property
- Go through 203K Consultants Report (SOR)
- May make some adjustments with their bid
Everyone Signs Off On Work - We Now Have A Loan Amount - Week 3
- All verifications, grant paperwork and missing documentation etc., completed in week 1 & 2
- Loan Application generated & Appraisal Ordered - Loan process Near Complete
Close The Loan - Week 4
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| FIND IT FIX IT MOVE IN |
| Made EZ |