A 203k inspection in Tampa refers to a specific service for buyers who are using a 203k loan to purchase their home. Perhaps complicating this issue are the multiple names for this type of loan. A 203k loan is also known as an FHA Limited loan. Previously, it was called the FHA Streamline loan.
Even more confusing is the fact that there is another type of 203k loan available which is referred to as an FHA 203k Consultant loan!
Alas, as complicated as these two types of FHA loans sound, they offer a much-needed benefit for today’s homebuyers… the ability to renovate. Both of these 203k loans were designed for homes that require rehab and a need to build that additional cost into the loan. Thus, financing your renovation costs in addition to the home itself. It’s a wonderful opportunity for many homebuyers. So, how do you get started?
The first step is to work with your mortgage and real estate professionals to determine which 203k loan works best with the condition of the home you’d like to purchase. Each loan works a little differently and they are not interchangeable.
Keep in mind that although we can schedule and perform the 203k inspection for your Tampa property quickly, other parts of the 203k process may take longer, depending on which type of loan you choose. Follow the advice of the specialists you’ve entrusted to help you with this major decision.
If you decide to move forward with an FHA Streamline loan, your 203k inspection in Tampa will help you to determine the costs associated with rehabbing a particular property. For this specific loan, the property must meet the minimum property standards outlined by the HUD (housing of urban development). Within your 203k inspection report, rehab costs are categorized as required, recommended, and other.
The repair estimation is much simpler if you choose an FHA Consultant loan. As such, your 203k inspection in Tampawill outline the specifications of the work that must be done. Utilize this informationwhen seeking competitive bids from contractors to complete the rehab work. It’s vital to seek the assistance of contractors who understand how a 203k loan works. This will help to prevent any unnecessary misunderstandings later.
The 203k loan process can be complicated but it’s well worth the effort! When you’re ready to move forward, we’ll be here to assist with your 203k inspection in Tampa.
Are you in need of another type of inspection? Look through our complete list ofinspection services. To schedule a property inspection, please call (813) 839-8416!