What is an FHA 203k Consultant?
An FHA 203k consultant, also called a HUD consultant or FHA consultant, is essentially a project manager for 203k-financed renovations. Per the FHA handbook, 203k consultants are required on any project being financed by a Standard FHA 203k loan.
How do I get a FHA ID?
Once HUD reviews and approves the request, an FHA Connection user ID is issued. The registration form is processed overnight. An e-mail message is sent to the e-mail address provided on the Appraiser Roster Application form notifying the applicant of the FHA Connection user ID that was issued.
Can you look up an FHA appraisal?
Welcome to FHA’s search for appraisers by location, name or license. You can search to find specific types of appraisers by using the entry fields.
What is an FHA appraiser?
What does the appraiser look for? An FHA appraiser will observe, analyze and report on whether a property meets HUD’s “minimum property requirements” and, in the case of new construction, the property must also meet “minimum property standards.”
How do I get 203K certified?
A minimum of three years of experience as a home inspector, remodeling contractor or general contractor. A state-licensed engineer or state-licensed architect does not need to document three years of experience; State licensing requirements (remodeling or general contractor, home inspector, etc.).
What is a 203K inspection?
If you decide to buy a home and it needs some updates, repairs or renovations, a 203(k) consultant would inspect the property and talk with you about both the repairs that will be required to meet HUD’s Minimum Property Standards and the optional renovations you would like to make beyond the required items.
Do FHA case numbers expire?
The FHA Case Number is good for 6 months and then will be canceled if the loan has not been completed and closed. The Federal Housing Administration (FHA) can choose to change the upfront mortgage insurance and/or the monthly mortgage insurance but releasing a mortgagee letter.
How do I add a user in FHA Connection?
Click the “FHA Connection ID Administration” link from the “ID Maintenance” page. Enter the person’s FHA Connection User ID in the By User ID field and click SEND. Select the correct type of user ID, “Coordinator” or “Standard”, which you will see selections for near the top of the page.
How long does an FHA appraisal take?
In most cases, the appraisal can be completed within a matter of days. But this will depend on the appraiser’s workload, efficiency, and other factors. The property visit itself usually only takes a few hours. But the appraiser has some other research to do as well, such as reviewing comparable sales.
How do I upload an appraisal to an FHA loan?
Access Appraisal Logging after signing on to the FHA Connection by following this menu path: Single Family FHA > Single Family Origination > Case Processing > Appraisal Logging. 2. On the Appraisal Logging page, enter the case number assigned to the mortgage in the FHA Case Number field and click .
Why do sellers hate FHA loans?
There are two major reasons why sellers might not want to accept offers from buyers with FHA loans. The other major reason sellers don’t like FHA loans is that the guidelines require appraisers to look for certain defects that could pose habitability concerns or health, safety, or security risks.
What kind of consultant is needed for FHA 203 K?
Standard 203(k) mortgages and may be used for Limited 203(k) mortgages. Any consultant performing work on a 203(k) must be listed on the FHA 203(k) Consultant Roster. The consultant inspects the property and prepares the architectural exhibits, the work write-up and cost estimate.
What is the HUD 203K consultant ID number?
Each consultant will be provided with only one Consultant ID number. After the number is issued, mortgagees, consultants and others can verify that the consultant has been placed on HUD’s 203 (k) Consultant Roster.
How to find a 203K consultant for your business?
The 203k Consultant window allows users to search for 203k Consultants by name and/or city and state. Detailed help is available online. For comments or other questions, click here .
How often do you have to recertify for FHA 203K?
To retain placement on the FHA 203 (k) Consultant Roster, the consultant must recertify every two years from the date of placement on the roster.