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 Using a HUD Consultant

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A HUD consultant is required when any of these following occur:

The total rehabilitation costs exceed $35,000, complications exist, and/or the improvements to the subject property require plans, engineers, and/or architects.

The Consultant evaluates the property to determine what is required to meet FHA minimum property standards while taking into consideration non-FHA required improvements the borrower would like to make.

The Consultant will ensure that the Property meets program guidelines and provides the Work Write-up and Repair Specifications of the work to be done.

The Consultant will have experience as a contractor and be thoroughly educated about FHA requirements, which adds an extra layer of information and protection for all parties involved.

A HUD Consultant can also act as a Plan Reviewer. A Plan Reviewer inspects the property and the plans as well as providing guidance without preparing the architectural exhibits.

Before entering into purchase contract, it is encouraged to use a Plan Reviewer.

Consultants should visit the property before the appraisal is ordered. The appraiser uses the Consultant's report(s) to determine the after-improved value.

Limited 203(k) loans do not require a HUD Consultant; however, all Contractors must be qualified.

Although HUD approves the Consultant, the following documents must be provided to Sun West for review:

  • - Work Write-up
  • - Specification of Repairs
  • - Master Draw Request
  • - Consultant's Identity of Interest
  • - Architectural Exhibits
  • - Consultant Borrower Agreement

 

203(k) Rehab Guide Quick Jump

203(k) Rehab Loan FAQs

 

Sun West Mortgage Company holds over 30 years of lending experience with a reputation of providing excellent customer service.

At Sun West, the complete loan cycle is processed in-house. From origination to underwriting and servicing, Sun West ensures you receive a simpler, faster, more direct borrowing experience with no back and forth intricacies. To see if you are pre-qualified or to obtain more information, call (866) 740 3677.

 
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