web analytics

Speak to a Renovation Specialist Today!

Who Are the Key Players for the FHA 203k?

Borrower or Homebuyer

It all begins with the borrower. The borrower or homebuyer dictates much of the process. They must be willing to spend the time to build the home of their dreams. When the borrower is on top of their game the FHA 203k process can run very smoothly.


Mortgage Lender

The mortgage lender qualifies the borrower making sure their income and assets are acceptable. Acts as the FHA 203k quarterback. They select the HUD consultant and verifies that the contractor that was selected by the homeowner is both capable and willing to work within the confines of the 203k process.


203k Consultant or HUD Consultant

The 203k consultant, or HUD consultant, is in charge of inspecting the property and creating a Specification of Repairs. This report is necessary in order to understand what a project will cost and what work is being called for and completed. The information provided by the 203k consultant is used by the next key player.



The appraiser’s job is to take the Specification of Repairs  from the 203k consultant and create a property appraisal with the future renovations in mind. The FHA 203k loan is predicated off the future value of the home.


203k Project Manager

The 203k Project Manager is in charge of making sure the project runs smoothly. It is their job to handle Feasibility Studies, Specification of Repairs (SOR), and all other relevant paperwork. They must stay on top of the contractors and 203k consultants throughout the entire process and handles the draws.



The contractor is responsible for renovating the property and creating the dream home. They will be spending weeks if not months in the borrower’s home making sure that everything is completed perfectly. They play a huge part in the process. For these reasons, it is very important that you take the time to choose the right contractor.

Leave a Comment