203(k) Consulting & Inspections
Robbie Mahallati is a HUD-approved FHA 203(k) Consultant who has been helping homeowners with home renovation projects for over 25 years. He can help guide anyone buying and renovating a house through the complicated 203(k) process. His ultimate goal is to help you understand the 203(k) process so you can renovate your house, making it into the home of your dreams!
(215) 278-5854
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203(k) Consultation
We have the Experience, Knowledge, and Skills to make your project successful.
If you have ever been through a 203(k) home renovation project, you know that the process can be stressful and time-consuming. Correctly managing the project will significantly help make the process easier. A 203(k) consultant will do this for you and can help when you want to buy a house and do renovations using a FHA 203(k) loan.
The Mahallati Team can help you with the 203(k) consultation process in the Philadelphia and New Jersey area. We are skilled and experienced. As a 203(k) Consultant, we help you determine whether your home renovation project will meet the requirements of this program. If yes, we will accompany you during your 203(k) project.
A 203(k) loan is a mortgage supported by the Federal Housing Administration (FHA) that finances the purchase and renovations of a house in one loan. Homebuyers can take out this mortgage to buy a house and renovate it simultaneously. Homeowners can also use a 203(k) loan to renovate their home, making it a better place to live and increasing the property’s value. In the 203(k) loan process, three or four parties are involved: the homeowner, the lender, the contractor, and the consultant. A consultant is not always necessary for a 203(k) project. In what follows, we elaborate more on the role of a 203(k) consultant.
Why Choose Mahallati Team as a Philadelphia 203(k) Consultant?
Reduced Headaches
Eliminate the stress of dealing with bureaucracy.
Save Time & Money
Avoid costly delays and wasted resources.
Expert Guidance
Benefit from our in-depth knowledge of Philadelphia’s 203(k) procedures.
One-Stop Shop
We handle everything and will give you professional advices
Call us Now!
(215) 278-5854
FAQs
Who is the 203(k) Consultant?
A 203(k) consultant, an expert approved by the U.S. Department of Housing and Urban Development (HUD), is the guide through the challenging 203(k) process. This consultant works on behalf of both the borrower and the mortgage lender, ensuring that all aspects of the contract meet HUD guidelines.
The Role of the 203(k) Consultant
203(k) consultants handle the paperwork to ensure you can get a 203(k) loan. They educate home buyers about their 203(k) options and guide them through the process. They also inform homeowners about their options for home renovations for their existing homes. The most important things 203(k) consultants will do are conduct feasibility studies, review architectural plans, cost estimating, and complete draw inspections.
The Role of the 203(k) Contractor
For the 203(k) renovation process, you will need to hire a licensed contractor to do the renovation. The contractor should prepare a detailed work write-up and contract that includes labor charges and lists the repairs and improvements. Also, the contractor will schedule different subcontractors to do their jobs in a particular order. Moreover, the contractor collaborates with the consultant on various parts of the project. It is vital to find a contractor who is an expert and has a lot of experience with 203(k) projects. Since the 203(k) loan has requirements that can complicate it, an experienced contractor will save you time, money, and headaches.
Why Do You Need a 203(k) Consultant?
A 203(K) consultant can offer invaluable advice and insight on your home renovation project. A 203(k) consultant is worth paying for, even if your project does not require one. The additional small fee helps you clearly understand the project from the beginning. A consultant can potentially identify unforeseen issues that may cause a problem in the future. Hiring a consultant will help you to save time, money, and effort.
When is a 203(k) Consultant Required?
As you may know, there are two types of FHA 203(k) renovation loans: Streamline and Standard. Streamline covers non-structural renovation projects under $35,000. A Streamline 203(k) is perfect for minor renovations such as new HVAC systems, roof replacements, and interior upgrades. Standard is for major renovation projects, including structural repairs above $35,000. The FHA 203(k) renovation loan guidelines require you to hire a consultant for Standard 203(k) loans because these projects require professional experience and knowledge in construction. However, even for a Streamline loan, hiring a consultant can bring significant benefits, ensuring that the renovation project progresses smoothly and with minimal challenges.
How to Choose the Right 203(k) Consultant?
You can find the list of 203(k) consultants for your city in the FHA’s approved list of consultants. The consultant has an essential role in the success of a standard 203(k) loan. So, you must pay close attention when choosing a consultant for your renovation project. First and foremost, ask about their experience and the number of renovation projects they have done. Also, inquire about the number of inspections they have conducted. An experienced consultant will offer better consultation services. Additionally, research the 203(k) consultant you plan to work with and verify that the consultant has never been suspended from the HUD list.
Working with Us in Philadelphia & New Jersey
With our team’s years of experience in 203(k) consultations, we bring a wealth of knowledge. But more than that, our passion lies in helping homeowners enhance their quality of life. This passion drives us to provide the best possible service to our clients. Our services not only increase your chances of loan approval but also ensure favorable terms and conditions. When you entrust your Philadelphia & New Jersey 203(k) renovation consultation to us, you can be confident that your home renovation project will progress smoothly, bringing you closer to your dream home!
