FHA 203k

[DRMORALES]

what are the proper forms to use when performing an FHA 203k report. i went to the HUD website, and it was not very helpful. will someone who has performed these please let me know!!!!!!! thanks!!!!!!!

 

[CJ1234]

Report will require AS IS Value, and AS rehabed value

Are you working with someone who has done these before?

 

[DRMORALES]

No I Am Not!!!!! This Got Thrown Upon Me And Now I Am Learning/ Becoming Competent!!!!!!!! I Have Both Values, I Am Just Unclear On Which Forms To Report It On!!!!!!! Thanks For Your Help

 

[Mr Rex]

Same form for the property type as a typical FHA assignment. And stop shouting!!!!!

 

[caoba]

First 203K

My first FHA 203K - I understand the two estimated values - as is and as repaired. Does FHA require two separate URAR's? I am getting conflicting information on this. Some people have told me two separate reports, others say only one report. Any guidance would be greatly appreciated.

 

[Mr Rex]

My first FHA 203K - I understand the two estimated values - as is and as repaired. Does FHA require two separate URAR's? I am getting conflicting information on this. Some people have told me two separate reports, others say only one report. Any guidance would be greatly appreciated.

Ask your client. I have done it both ways.

 

[Riick]

I thought there had to be a specialist involved in a 203k, or is that person involved in monitoring the work as it is completed.

 

[Thomas Fiehler]

Riick-That person is the one who meets with the buyers/owners and works up the list of repairs and their costs. I believe that is what you are thinking about.

 

[hglenbetts]

Riick-That person is the one who meets with the buyers/owners and works up the list of repairs and their costs. I believe that is what you are thinking about.

Forms = your standard reporting form,1004 etc completed to FHA requirements.

The "specialist" is a HUD counselor that assists the home buyer through the process.

Your As repaired value has to be based on the improvements listed on the contractor's quote sheet. Be sure to include a copy with your report.

Just for comment... I've had some where my SOW did not include as is, only as repaired. And, I have never been asked to perform a completion inspection. I think HUD is requiring a third party inspector for that, but not certain.

 

[narizona]

Forms = your standard reporting form,1004 etc completed to FHA requirements.

The "specialist" is a HUD counselor that assists the home buyer through the process.

Your As repaired value has to be based on the improvements listed on the contractor's quote sheet. Be sure to include a copy with your report.

Just for comment... I've had some where my SOW did not include as is, only as repaired. And, I have never been asked to perform a completion inspection. I think HUD is requiring a third party inspector for that, but not certain.

in my humble opion, these FHA 203k, are nothing but a new cash out scheme, and it'll crash down on the FHA in 6 months, when all of these properties haven't been rehabilitated, but the buyers, took the cash and ran. then we'll bail them out again!