203k Streamline Process
The 203k Process is approached from the FULL PROCESS or STREAMLINE PROCESS perspective.
- Feasibility Study is an overview of repairs as it relates to FHA/local building department/homeowner requests.
- Ensure project falls within budget
- Study provided by a 203k consultant
- Prior to Close
- Contractor to provide detailed bid
- Approve and sign all documents
- Property Close
- Contact contractor 1-2 weeks prior to close
- Establish construction schedule
- 50% draw from bank (No consultant)
- Construction Process
- Finalize finishes/product selection.
- Provide all warranties.
- Final draw from bank (No consultant).
- Retention payment 4-6 weeks after close.