203K Loan Consulting
If you're interested in improving your home and need financing, you might consider the HUD 203k loan program. The program allows homeowners to borrow funds for home improvements and repay the loan over a long-term period. However, the loan process can be complex and overwhelming without the proper guidance.
Mirowski Inspections is here to help you navigate through the process. Our consulting services offer guidance and support to homeowners interested in borrowing funds to make home improvements under the HUD 203k loan program. We specialize in bringing together all the necessary components required to help get your loan funded. Our 203k loan consultant will interface between the homeowner, contractor, and Lender to ensure all requirements specified by FHA are met.
What is a 203k Rehab Loan?
A 203k loan is an FHA Loan that allows you to purchase a home that needs renovations or just some updating and get one loan that includes funds for the purchase AND all rehab costs, inspections fees, and even six months carrying costs. Whether buying a house or refinancing, our 203k loan consultant can help you make the most informed decision possible.
At Mirowski Inspections, we recommend that home buyers take advantage of the various specialty inspections to understand their purchase thoroughly. A HUD 203k consultant inspection will not get into any of these special inspections as they require the expertise of numerous trained people. It is undoubtedly in the homeowner's best interest to understand these differences and what they address so they can make the most informed decision possible.
Are All Properties Eligible for 203k?
Almost all properties are eligible for a 203k loan. You need at least $5,000 in repairs to health & safety, structural, or mechanical items. After that, you can go up to HUD maximum loan limits! If you need less than $35,000 in repairs, you can use the FHA 203k Streamlined program, which does not require a 203k Inspector, but your Lender might require a 203k Feasibility Study or even a full 203k Work Write-up, depending on the nature of the repairs needed.
What Does A 203K Inspection Cover?
The 203K Consultant is responsible for inspecting and overseeing any repairs and identifying if anything else was missed that requires more work than what was accounted for in the loan. A 203K loan inspection does not replace a standard home inspection. The two inspections serve two different purposes. A 203K Inspection helps a particular focus primarily to inspect the property to see if it meets the "Minimum Property Standards" set forth by HUD. In contrast, the report generated for the 203K Loan is mainly used to compile a budget.
At Mirowski Inspections, we are committed to providing our clients with a complete and professional 203k loan consulting experience. Let us help you navigate getting your loan funded and ensure a successful transaction. Contact us today to schedule a consultation.