Contact a 203k Lender and get pre-qualified. We can assist you in finding a lender in your area that we've worked with to insure that you'll get the best service.

Hire a real estate professional to assist in finding a suitable property. Always choose one that understands 203k. (If you're refinancing an existing loan with a 203k, a real estate professional is not needed).

Set an appointment with us as your 203k Consultants. As your consultant, I will meet you at your site and review copies of the contracts and agreements required for the 203k loan given to you by your lender. After our meeting and the HUD/FHA Inspection that I will provide, I will create a "Job Specification and Bid Request", which is a list of the FHA-required repair items. I will also gather information from you on repairs and upgrades/modifications that you may want to add to the project (i.e. new cabinets and flooring, windows, etc.) I will also forward copies of the various reports to your lender to assist you in the loan process.

Get contractor bids by using the "Job Specification & Bid Request" prepared by me as your consultant.

Choose a contractor. As your consultant, I can assist you in the process and verify contractor compliance to the specifications. The lender will hire an appraiser and once the appraisal report is done, in most cases, your lender can close the loan.

Schedule the contractor to begin the work. Once the work begins the contractor will require continuing inspections called "Draw Requests" to get progress payments for the work as it's completed. As your consultant I will inspect the project and prepare these documents and repeat the procedure until the project is complete.

*Although the 203K Limited (formally known as Streamlined K) program does not require a Consultant by FHA Standards, if the work to be done is valued over $15,000 and under $35,000, it would be recommended that you use the Consultant to prepare the "Job Specification & Bid Request" and to act as a "Plan Reviewer" to verify compliance with the specifications and perform a "Final Draw Inspection".