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Approved FHA 203(k) Consultant Roster

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 203(K) Calculator

Purchase Price is required and should be a number

Annual taxes are required and should be a number

Annual Hazard Insurance is required and should be a number

An Interest rate is required and should be a number

A Repair Budget is required and should be a number

Inspections are required and should be a number between 2 and 5

A Repair Reserve is required and should be a number between 10 and 20

Enter the purchase price or contract price of the home.
Enter the 12 month total for property taxes.
Enter the 12 month total for property hazard insurance.
Enter the loan interest rate. Contact your 203K Pro for more help.
Will the repairs call for walls to be moved, foundation repairs or extensive wiring, plumbing or heating/cooling repairs? If so, enter YES. What are considered minor repairs? Carpet, painting and appliance replacement, etc are considered minor repairs. Contact your 203K Pro if your not sure about this option. If you answer NO, your contractor will most likely be paid a percentage of the repairs upfront, when the loan closes. Contact your 203K Pro for help.
What is the total cost of the rehab? Contact your 203K Pro for help. Enter the total repair budget in this field.
During the course of the rehab the lender will require progress inspections before the contractor is allowed to be paid. The maximum number of draws allowed is 5 and the minimum number is 2. For Streamlined K Loans, loans without structural repairs, the calculator will default to 2. Otherwise enter the total number of draw inspections needed. If in doubt, ask your 203K Consultant or Loan Officer. Hint: If you feel that the project will last 4 months, enter 4 draws, one per month.
This figure will not be less than 10 percent and will never be greater than 20 percent. The number, set by the loan underwriter, is used to calculate the total funds that are to be used as emergency funds or as a budget for job cost overruns.

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