Our consultant is an independent provider who is certified by the Federal Housing Authority. Our goal is to make the 203(k) process as seamless and stress-free as possible for the borrower and the lender.
We are an unbiased advocate for the borrower and the eyes and ears of the lender. We will assist them in determining the feasibility of the renovation on the prospective home (including estimates for the repairs). This includes helping the borrower to identify necessary improvements/upgrades and classifying them as either mandatory, recommended, or desired. This feasibility inspection and report provides the both parties with the information to make an informed decision about proceeding with the application. We complete the necessary work write-ups and other documents, using forms approved by HUD and most lender underwriting departments, throughout the process to save everyone time and energy. Inspections are conducted regularly to ensure the quality and timeliness of renovations. This provides peace of mind to the borrower that the work is getting done and to the lender that funds are being drawn appropriately.
Imagine you want to purchase a home in your dream neighborhood. Stock of available homes is low but there is “that one that needs some work” still for sale. The purchase price is right but you know it needs some serious repairs and upgrades to make it habitable, clean, and safe. You could purchase the home and move in until you can finance the improvements separately OR you could use a 203(k) rehab loan that covers both the initial mortgage amount & the funds you need for repairs.
No way!! If you already own your home but need cash for important updates and improvements, you could refinance your current mortgage with a 203(k) loan and borrow those additional funds to pay for the repairs.
Finding the right home in a great neighborhood can often mean taking on repairs or renovations for that home. That is when you need to hire a rehab consultant in Rochester.
Before you commit to purchasing that home, Central Real Estate Inspections can act as your rehab consultant to provide the kind of targeted inspections that will inform you about the costs of those renovations.
Because of that rehab consulting, you can know the costs to apply for a 203(k) rehab loan. That loan helps you buy the home and finance the upgrades. In addition, an objective 203(k) consultant in Rochester provides the loan company with helpful information needed to close the deal.
That is another benefit of hiring an experienced FHA 203(k) consultant in Rochester. The report from that renovation consultant in Rochester can help you avoid buyer’s remorse.
4000.1: FHA Single Family Housing Policy Handbook
Origination Through Post – Closing/Endorsement
Title II Insured Housing Programs Forward Mortgages
Programs & Products
203(k) Rehabilitation Mortgage Insurance Program
A real estate inspection or home inspection is not an appraisal or a check for compliance with building codes; it’s also not an evaluation of environmental hazards. See the NYS Standards of Practice for more information on the limitations of a home inspection.
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