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203k - The Process
The Process is Simple...
- Client is qualified with VIP Mortgage Consulting Team Based on Income and Credit
- (See Items Needed List for items to submit with Express Application for same day pre-approval)
- Buyer Selects Property and has an Accepted Offer!
- Feasibility Study and Inspection is Performed by the HUD Certified 203k Consultant/Inspector (No need for a separate Home Inspection)
- Consultant supplies buyer with a Bid on Repairs Sheet
- Client receives Bids from Contractors and notifies Consultant of Contractor/Bid choice
- Work Write-up is Prepared by 203k Consultant
- Appraisal is Performed based on "as-repaired" project
- Loan is Submitted to Underwriter for Approval
- Approved Loan is sent to Closing Department to prepare and send Closing Documents to Title Company for Closing
- Loan Closes, Rehab Account is Created
- Funds are Disbursed to Contractor as Work is Completed and Inspected
- Rehab is Complete
- Enjoy your new home!
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