What is the role of an architect in the 203k Full loan process?

Asked by Vera, Bayonne, NJ Wed Mar 21, 2012

Hi, Questions about the 203k Full loan process....
We want to do structural alterations to a 2 family in Hudson County NJ. We spoke with our contractor (licensed and family friend) and he gave us a ballpark estimate of about 80,000. But said he could not give us any exact figures until he had an architect do the plans. In this case how are we suppose to do a work write up and cost estimate without the architect? Who pays the architect and when?

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Mack McCoy, Agent, Seattle, WA
Thu Mar 22, 2012
Well, you pay the architect, and you work out the "when" with them.

Before you start, you need to have a good reason to believe that the finished project will appraise, otherwise, the architect's fee is money down the drain.
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Terry Bell, Agent, Santa Rosa, CA
Wed Mar 21, 2012
Are you talking about buying a house or a re-fi? I wouldn't want to have to pay an architect a lot of money when I didn't know whether I would be definitely getting the loan. You need to talk to your lender about the usual procedures on 203K and see if they will include the architect and "ballpark estimates" in the loan approval process. I'm sure some good lenders will show up here soon!
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Wayne Odenbr…, Agent, Mountain Lakes, NJ
Wed Mar 21, 2012
Sounds like the renovations are extensive. Your Friend/Contractor is smart to get it layed out properly by a professional. This will ease the whole process with the contractor and the bank. Its worth it. In the end, you will pay for the service, of course
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