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What is a 203 (k) loan?

• A mortgage loan that can be used to buy and fix up handyman specials or improve your existing house and have the repair cost built into the mortgage.
• The one loan covers the purchase and the repair.

What types of improvements are allowed?

• Required repairs or upgrades may be needed to meet the FHA minimum property standards.
• The borrower may choose to replace or upgrade certain "worn" items.
• The borrower may choose to install eligible items.

Why is a consultant needed?

• To complete the Work Write Up, the consultant will meet with the borrower at the subject property to complete a walk through inspection.
• The consultant will note all FHA minimum property standards and required repairs and will find out what additional repairs, renovations, upgrades, etc., the borrower may want.
• The consultant must also make sure the property meets the $5,000 minimum required/eligible repair guidelines.

Who are 203 (k) consultants?

• The 203(k) consultant is someone who has been designated by FHA to act as a consultant to borrowers. To be designated, the consultant has met the experience requirements for HUD approval and has been trained in the Work Write Up and Specification of Repairs format of the 203(k) program.

What does the 203 (k) consultant do?

• The 203(k) consultant completes the Feasibility Study, Work Write Up, the required architectural exhibits and the Specification Of Repairs.
• The quantity and the cost of each item must be shown, as well as a complete description of the work for each item on a room by room basis.

• The consultant may occasionally require engineering, structural, architectural, or other exhibits/inspections that require an outside professional. The cost for such exhibits/inspections is above the regular fee and may be financed on Line B6 of the Maximum Mortgage Worksheet.
• The consultant may also complete a "feasibility study" which is a quick home inspection of the property with "rough estimates." The fee is an additional $125.
• The consultant will also do the follow up inspection for draw approvals.

• APC provides technical consulting services for construction inspections, environmental testing, system performance analysis, and forensic engineering investigation of residential, commercial and industrial properties.
• APC's principals each have over 20 years of experience in engineering, residential and commercial construction inspections, testing and diagnosing of industrial, commercial and residential operating and support systems.
• Our principals are trained engineers, certified energy raters (CER) per the Department of Energy's HERS guidelines and HUD (REAC) certified UPS inspectors.
• APC, with offices in Florida and Maryland, has had inspection projects in ten (10) states for both public and private housing.
• APC specializes in the technical analysis of building systems and components, energy audits and construction evaluations and management using the latest techniques and analysis processes to develop cost effective energy conservation methodology and evaluations.