Philadelphia 203(k) Specialist
Matrix Company Solutions Corp is a licensed Philadelphia contractor that specializes in FHA 203(k) renovations, from the first walkthrough and lender-ready bid to the final inspection.
- Licensed #43984
- 203(k) & HomeStyle loans
- Philadelphia & South Jersey
Why work with a 203(k) specialist
Matrix Company Solutions Corp. is a licensed 203(k) specialist. We have over 25 years of 203(k) contractor experience renovating and restoring properties in the Philadelphia area using 203(k) construction loans.
Purchasing a property that requires repairs as well as structural repairs, requires expertise and knowledge in areas such as construction, architecture, and building codes. Most homebuyers do not have the experience or skills necessary to manage such a large project. These projects require the services of a qualified 203(k) specialist.
How the 203(k) loan process works
Once you decide to purchase a home that needs renovations or restoration, a 203(k) consultant will inspect the property and talk to you about any required repairs. Required repairs meet HUD’s (US Department of Housing and Urban Development) Minimum Property Standards. The consultant will also talk to you about any other modifications you would like done to the property.
Next the 203(k) consultant provides paperwork to the lender that helps them determine the loan amount and allows them to start the underwriting process. Included in this paperwork are architectural designs and a write up that provides details on the renovations being done, the cost of materials, and the cost of labor.
As an experienced 203(k) specialist, Matrix Construction, provides valuable insight and support during your home renovation or restoration.
When you should consider using a 203(k) loan and consultant.
If your home renovations are expected to exceed $75,000 or include structural work, you should consider a 203(k) loan. With a 203(k) loan you can combine the purchase price of the house and the renovation costs into a single loan. Here are a few times a homeowner would benefit from using a 203(k) loan:
- If you own your home and are considering a renovation you will need a home inspection. The home inspector’s report may reveal repairs needed to bring parts of the house up to current code. These are typically repairs you did not anticipate, leaving you with a much smaller renovation budget. Refinancing with a 203(k) loan allows you to increase your renovation budget to cover necessary repairs as well as desired modifications.
- If you are purchasing a house that needs some minor repairs but is outdated, you may want to do all the renovation work at the same time. A 203(k) loan allows you to purchase the house and have extra money available to complete the needed repairs as well as desired modifications.
As 203(k) specialists, our team at Matrix Construction can help plan your renovation project using a 203(k) loan.
What is the difference between a Home Inspector and a 203(k) Consultant?
A home inspector analyses the state of the property, pointing out any current or potential problems. The inspector gives their impartial opinion about the house and writes an inspection report that summarizes safety issues and flaws that will cost the homeowner money to repair.
A 203(k) consultant reviews the property where a 203(k) loan will be used for renovation work and determines what is required to meet HUD’s Minimum Property Standards. A 203(k) consultant is mandatory if you are using a 203(k) loan to renovate or restore your property.
Need more information about 203(k) construction loans?
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About this Process
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Talk to a 203(k) specialist
Tell us about the house you are buying or refinancing and we will call you about your 203(k) project.