What repairs are eligible under the FHA Streamline 203k?
Repair/Replacement of roofs, gutters, and downspouts
Repair/Replacement/Upgrade of existing heating, ventilation, and air conditioning systems
Repair/Replacement of plumbing and electrical systems
Repair/Replacement of flooring
Minor remodeling that does not involve structural repairs, such as kitchens
Exterior and interior painting
Weatherization, including storm windows and doors, insulation, and weather stripping
Purchase and installation of appliances, including free-standing ranges, refrigerators, washers and dryers, dishwashers, and microwaves
Improvements for accessibility for persons with disabilities
Lead-based paint stabilization or abatement of lead-based paint hazards
Repair/Replacement/Addition of exterior decks, patios, porches
Basement finishing and remodeling that does not involve structural repairs
Replacement of windows and doors and exterior wall re-siding
1) Streamlined 203K is less than $35,000 worth of renovation work, this does not require a consultant
2) Full K which is more than $35,000 worth of renovation work, this will require a consultant and then the consultant will have to be a consultant on the list of licensed 203K consultants which is found on HUD's website. They will then be able to let you know if you need a architect when completing the renovation. Typically an architect is only needed when you are repairing or renovating something within the structure.
Diamond Residential Mortgage Corporation
Architect could be required if there are major structural modification.
You are best to check with a well qualified HUD approved FHA 203k Consultant and then select your Certified 203k Contractor.
The lender will provide you with a list of contractors to choose from. they need to be certified, licensed and bonded. If you'll need an architect they will provide you with those resources also.
The "queen" of 203k loans is Christine DePaepe @ Guaranteed Rate if you would like some expert advise. firstname.lastname@example.org. Let her know I referred you, no obligation at all for the free advise!
The answer is yes, you would need both if you plan on adding an addition of any type or make structural changes. There is no such thing as a HUD approved contractor so you can choose any contractor you wish, the contractor will need to supply license and insurance info to the lender, and they will have to be willing to abide by the draw system of payments.
The architect will only need his state license which is listed in his drawings he will provide you.
You need to know that buying a home with a contingency of a 203(K) approval takes a lot of time especially if you are adding an addition of any type. A construction project is a deeply involved process and realistically is takes about 2-3 months for all of the inspections and architectural drawings to be created, you will have to sit down with the architect and decide on the design of the house along with any finishes you want, so try to be realistic about how much time you need.
A rehab of a pre-existing structure without additions or structure alterations will take less time.
The construction money comes from the assumed equity of the property that is based on several appraisals, so be realistic about the amount of money youâ€™ll need for the project. Adding an addition that needs a foundation will be a lot more money than just building upward. If the addition needs a foundation and it will be a two-story for example, then start at $200,000 (usually more), then add the money for the cabinets, counter tops, carpet, tiling, plumbing fixtures, light fixtures, wall finishesâ€¦etc.
If the addition is a dormer or second story atop a pre-existing than it is less, Iâ€™ve written jobs anywhere from $60,000 to $150,000, yours may be more of course.
There is so much more to say but if you want more info you can call me or the other fine proâ€™s that have left answers for you on this site.
http://www.myprospectmortgage.com/jrose/Jeremy Rose is an experienced, efficient, and courteous loan professional in Chicago
203K Renovation Specialist at Prospect Mortgage, LLC;
to be done and what you want to have done, if on the other hand you are not sure what the rehab
should involve, and what could be done based on construction, and zoning regulations, you may need
an architect to produce a plan, and then the contractor to provide you with a cost estimate, you will
need for the loan anyway...
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
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Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
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I would be happy to help you. I am a qualified HUD 203k Consultant & Contractor. Without additional information it would be difficult to answer part of this question. In general any type of structural work (Removing or installing walls, floors, etc.) requires an architect. All work requires a contractor and in most cases the contractor has to have a license, again depending on the type of work involved. Our company covers all of your needs and have been involved with the program on a on going basis since 1991.
Please feel free to contact me if you would like to discuss your project further.
John G Moustis
President / Owner
SPARTAN CONSTRUCTION & DESIGN, INC.
Phone & Fax: 630-963-6020
Quality building, remodeling & consulting services in the Chicagoland area since 1991
A contractor is required - however you may not need an architect depending on the scope of the work.
My company is one of the best when it comes to 203k lending - I would be happy to discuss this further if you are interested
Senior VP of Mortgage Lending
773 290 0455
I would love to help you with your search. Please shoot me an email or give me a call if you would like more information. Best of luck!