Understanding the 203k loan process

203K Process

At Dun-Rite, we walk you through the 203K process, step by step. Should you elect for Dun-Rite to complete the 203k repairs on the property the $350 fee will be credited back to you when all repairs are completed and the final draw payment is paid.

Dun-Rite’s Good Faith Consulting/Estimating fee of $350.00 will include:

• Physical site survey assessment of interior & exterior of home with the Home Purchaser(s), HUD Inspector, and/or Consultant. (approximately 1-2 hours). Allowing us to meet with the HUD Inspector, Home Inspector and/or HUD Consultant at the time of their inspection will allow for an easier transaction.
• Take all necessary on site photographs of property for remodel, repairs, upgrades & damage.
• Take measurements of all necessary rooms & areas to complete estimate.
• Write ONE detailed bid estimate based off mandatory work & desired work requested from Homebuyer, HUD Inspector & Consultant.
• Consult with 203k lending institution. Provide them with all necessary paperwork to include: Contractors 203k Certification Certificate, 203k Bid Worksheet write-up, Homeowner/Contractor Agreement, Renovation Contractor Statement (with References), Contractors current W-9, Contractors Workers Compensation coverage, Credit line coverage, Any documentation for Subcontractors, Lien release form stating any subcontractors were paid, Permit release form, Any other forms required by the buyers lending institution.
• Provide Home Purchaser with a 6 page packet on 203K guidelines & information
• Provide Home Purchaser with a detailed checklist for kitchen remodel (if needed)
• Provide Home Purchaser with a detailed checklist for Bathroom remodel (if needed)

 Other services available upon request (additional fee may be applied)

• Layout design, floor plan drawings and design changes
• Consultations with Architects, Designers & Vendors
• Consulting or Meetings with Inspectors, banking affiliates & Realtors
• Consulting with homeowners associations, and/or planning & zoning

Home purchaser to provide:

• Lenders information
• Realtors information
• HUD Inspector/Consultant’s information
• A copy of the HUD Inspector/Consultants Feasibility Study/Bid on Repairs Worksheet to include all Mandatory & Home Owner desired repairs detailing labor & material breakdown.
• Blueprints (if necessary)
• Make, model, price & vendor for all appliances, fixtures & materials specifically requested by home purchaser.

Consulting fee to be paid before or at first meeting of the property. All payments will be made to Dun-Rite Contractors. Any additional invoicing, if necessary, will be billed on a weekly basis. Payment is due upon receipt. Credit card payments will be charged an additional 3.75%.

*ALL LABOR & MATERIALS INCLUDED IN THE 203K BID WORKSHEET ESTIMATE WILL BE PURCHASED & INSTALLED BY DUN-RITE CONTRACTORS.

All materials/pricing  supplied are available from local vendors & are code compliant.

Please contact your bank representative or contact us and we will give you names of local lenders offering this program.