Home Buying in 60624>Question Details

Kenneth, Home Buyer in Chicago, IL

I'm in the process of signing agreements with a FHA consultant regarding fees charged for an FHA203k contractor draws.

Asked by Kenneth, Chicago, IL Sat Dec 1, 2012

The FHA consultant wants $250 each for five draws.Is this a reasonable fee for this service?

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7
Edward Mendelson’s answer
Hi Kenneth, HUD has a pay scale in their hand books however it's really out of date. $1250 for reinspections may include mileage but keep in mind you are paying for a specialty service which includes government requirements.
And, every construction project has its problems which always adds time and hassle including the paperwork.
Considering travel time in Chicago, dealing with arguements between owners and contractors, and government paperwork $250 is reasonable.
Ed
Home inspector/HUD consultant
1 vote Thank Flag Link Sun Dec 2, 2012
Please contact our Guaranteed Rate 203k Reha department - they are experts in anwering questions regarding this FHA program
Aimee Renkes
Vice President of Mortgage Lending
203k Rehabilitation Loan Specialist
P: (312) 379-3529
C: (312) 399-3191
F: (773) 516-6026 aimee.renkes@guaranteedrate.com
http://www.guaranteedrate.com/aimeerenkes
NMLS: 755968
320 W. Ohio St Ste 410 • Chicago, IL • 60654

NMLS ID 2611 | NMLS Consumer Access
Licensing Information: https://www.guaranteedrate.com/licensing
0 votes Thank Flag Link Fri Feb 15, 2013
that is a fair price and if you get it done a grand is nothing in the big picture
0 votes Thank Flag Link Sun Dec 2, 2012
You can look up information at http://www.hud.gov. There is information about lenders and loan programs etc.
0 votes Thank Flag Link Sun Dec 2, 2012
That sounds pretty typical. These usually cost money to do, so I am not surprised.
0 votes Thank Flag Link Sun Dec 2, 2012
0 votes Thank Flag Link Sun Dec 2, 2012
This is not unusual, and you are going to have to pay for this service if ou are doing major work with a 203k.
You can shop this, ask your loan officer for a list of approved consultants and request their fee schedules.
0 votes Thank Flag Link Sat Dec 1, 2012
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