Monday, December 15, 2014

First time buyer: Meeting HUD consultant for FHA 203k loans

Our clients are interested in purchasing a house that needs renovations.  They'd like to use an FHA 203k renovation loan and sought the services of a 203k consultant.

Sorry, this has got to go!
 Last week we met at the prospective house with Dominic Valenti an FHA HUD Consultant & 203k certified contractor.  The consultant felt the scope of the renovation needed and the construction budget the buyers could borrow using the FHA 203k loan were compatible. He helps the client manage the process of working with a certified contractor and the FHA lender (preparing the required documentation to each party and process involved).

 My role was to basically gauge what renovations would make sense for this particular market considering their budget.  The first time home buyers have a very realistic view of what would be in store should they move ahead with a purchasing the home using a 203k renovation loan.

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