203k Loan and Inspection Process

The 203k Program is the Department of Housing and Urban Development’s (HUD) primary program for rehabbing and repairing single family residences. If you’re looking for an explanation of the loan process and how a 203k inspection factors in, we have what you need.

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203K Home Repair Inspection

Benefits of the 203k Program

  • The 203k Program allows the buyer to obtain one loan for both the acquisition and cost of repairs of a house.
  • The 203k Program also allows homebuyers to comfortably expand their search for homes beyond ones that are “move-in” ready.
  • The 203k Program makes it easier for anyone to purchase a “fixer-upper” and turn it into a dream home.

The Loan and Inspection Process

  1. The home buyer qualifies for a loan with a 203k lender.
  2. The buyer finds a house and determines if the purchase price plus the cost of repairs is less than (or equal to) the appraised value (after repairs). A 203k consultant can complete a feasibility analysis to help with this.
  3. The buyer executes a sales contract contingent upon meeting 203k program and lender requirements.
  4. The 203k consultant completes a proposal of the necessary and desired repairs so the buyer’s contractor can determine the cost.
  5. An appraisal is completed, the loan is processed and, assuming all lender requirements are met, the loan closes.
  6. Mortgage payments and renovations begin.
 

Schedule a 203K Inspection

It's quick and easy to schedule your 203K home mold inspection! Follow the link and get started today!

Schedule 203K Inspection