A 203K and Homestyle Loan are renovation loans. They can be used on a new home if you are purchasing or a home you're currently on and want to renovate it is included in your existing mortgage so you make one payment every month
STEP 1 Call or Email us to schedule a free 30 min ZOOM Call so we can walk you through the process and provide you with samples of the Paperwork involved . Below is a brief overview of the initial process .We will explain in further detail on our free zoom call
STEP 2 Schedule and Pay for the initial Inspection of the property see fee section for details of cost The consultant will identify any work required to be done to meet minimum health and safety standards as required by HUD and include any allowable work you would like to include as part of the renovation. The Consultant can also do any Envromental testing at the time of inspection at an additional cost (See Fees Section for Details) and can also provide Before and After Floor plans for your renovation that can be turned into a Permit ready set of plans if required . (See Design Section for details)
Step 3 We provide you with the (Specification of Repairs) and the (Bid on Repairs) and a set of Plans . The SOR has all the pricing and fees that we estimate the work to cost . The BOR has the prices removed . You give the BOR to the contractors to fill in there pricing and then negotiate with them to get your best price .
Step 4 Once you ratify a BOR with the contractor of choice all parties sign it and send it to the consultant . We then ratify the SOR to reflect your ratified BOR and send it out for signatures and forward it to the lender who then schedules settlement
Step 5 The contractor has 30 days to begin , 6 months to complete the project and we will perform 5 draw inspections throughout the project to ensure the terms of the contract are being performed and that all required Permit inspection have been done
Step 6 We do a final inspection and release the final funds
STEP 1 Call or Email us to schedule a free 30 min ZOOM Call so we can walk you through the process and provide you with samples of the Paperwork involved . Below is a brief overview of the initial process .We will explain in further detail on our free zoom call
STEP 2 Schedule and Pay for the initial Inspection of the property see fee section for details of cost The consultant will identify any work required to be done to meet minimum health and safety standards as required by HUD and include any allowable work you would like to include as part of the renovation. The Consultant can also do any Envromental testing at the time of inspection at an additional cost (See Fees Section for Details) and can also provide Before and After Floor plans for your renovation that can be turned into a Permit ready set of plans if required . (See Design Section for details)
Step 3 We provide you with the (Specification of Repairs) and the (Bid on Repairs) and a set of Plans . The SOR has all the pricing and fees that we estimate the work to cost . The BOR has the prices removed . You give the BOR to the contractors to fill in there pricing and then negotiate with them to get your best price .
Step 4 Once you ratify a BOR with the contractor of choice all parties sign it and send it to the consultant . We then ratify the SOR to reflect your ratified BOR and send it out for signatures and forward it to the lender who then schedules settlement
Step 5 The contractor has 30 days to begin , 6 months to complete the project and we will perform 5 draw inspections throughout the project to ensure the terms of the contract are being performed and that all required Permit inspection have been done
Step 6 We do a final inspection and release the final funds
