Repair Amount
Consultant Fee
Repair Amount
Consultant Fee
| 203(k) Consultant Fee Schedule (as established byHUD) |
Fee Schedule:
| So, How Much Does a 203(k) Consultant Charge? A base fee of $400 is paid to the Consultant at the initial Site Visit, the balance due (based on the above chart) is paid to the Consultant at closing from escrow. IF YOUR HUD CONSULTANT ASKS FOR THE FULL FEE UP FRONT, DO NOT USE THEM. In order to complete the FHA/HUD package, the Consultant will meet with the Borrower at the residence where the work is to be completed. A walk-through noting life/safety issues will be performed, noting all FHA minimum property standards and required repairs, as well as the Borrowers wish list, modifications, or upgrades desired. The Consultant must also verify that the property meets the $5,000 minimum repair value to be eligible for the HUD/FHA 203(K)program. |
ALL RIGHTS RESERVED 2011
| 400 Lawrence Street Marietta GA 30060 404.680.5773 cc@gravityarchitects.com |
| Christopher Colvin HUD Approved 203(k) Consultant, FLA. & GA. FHA Compliance Inspector |
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Christopher Colvin is a HUD/FHA 203(k) Consultant & Inspector for the State of Georgia and Alabama. Please call 404.680.5773 with any questions or to schedule a Consultation. |
Changing the floor plan and moving walls around? You WILL need a building permit, and you WILL need permit drawings. **Regardless if the loan is Streamline or Full 203(k)** It is strongly advised PERMIT DRAWINGS be prepared by someone other than the Contractor. Please ask Chris about how the fee to prepare these can be rolled into your closing costs to limit your out of pocket expenses. Many of our most dynamic 203(k) projects were consulted, designed and inspected by GRAVITY ARCHITECTS. We are Georgia's foremost 203(k) consult / design firm for 203(k). Please review our "Design" link to see the many projects we have completed, many of which were designed and built within the 203(k) program. |
| Widely recognized for expertise and professionalism within the HUD 203(k) remodeling loan program, Christopher can answer any questions that you have about monitored construction loans. Many of our most successful projects were designed, built and funded using HUD 203(K). |
IMPORTANT:
1) Will I agree to not be paid $400, with the entire fee paid at closing? NO.
2) The Consultant does NOT resolve or mediate disputes between you and your contractor. EVER.
3) Construction Management is offered on a contract basis, and is NOT INCLUDED with the 203(k) loan. Please call for our residential CM rates.
4) If we are called to the property by you or your Agent, for any other reason than to release funds, it will be billed as a "Site Consultation" and
payment is to be made at that time - or online prior.
5) Draw Requests are timed events, if you do not show or if we are required to make a special trip to secure signatures or collect paperwork, you
will be charged an additional fee of $100 + mileage. This is not negotiable.
6) We frequently remove problem contractors from 203(K) projects, this will require a special "EXIT" review of the project, and will be billed as a
"Site Consultation".
7) ALL CONSULTANT FEES PAID TO DATE ARE NON-REFUNDABLE, EVEN IF YOUR LOAN FAILS TO CLOSE.
1) Will I agree to not be paid $400, with the entire fee paid at closing? NO.
2) The Consultant does NOT resolve or mediate disputes between you and your contractor. EVER.
3) Construction Management is offered on a contract basis, and is NOT INCLUDED with the 203(k) loan. Please call for our residential CM rates.
4) If we are called to the property by you or your Agent, for any other reason than to release funds, it will be billed as a "Site Consultation" and
payment is to be made at that time - or online prior.
5) Draw Requests are timed events, if you do not show or if we are required to make a special trip to secure signatures or collect paperwork, you
will be charged an additional fee of $100 + mileage. This is not negotiable.
6) We frequently remove problem contractors from 203(K) projects, this will require a special "EXIT" review of the project, and will be billed as a
"Site Consultation".
7) ALL CONSULTANT FEES PAID TO DATE ARE NON-REFUNDABLE, EVEN IF YOUR LOAN FAILS TO CLOSE.
Before
A recent Atlanta GA 203k we designed & Consulted:
After
