When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.

If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.

Here a sample of what you should be looking for when receiving a Bid from Contractor.

FHA 203K Sample Cost Break down

Cost Consultant 203K Work Write Up

The work write up is summary of all the work to be done. You may have more than one contractor working on a different project so the write up will include all the work provided by each contractor as well as the cost of each project.

Here is a sample of a Work Write Up:

FHA 203K SAMPLE Work Write Up

For more detailed information about  Work Write ups & Cost Breakdown check out the FHA 203K Web Cast: Interview with  an FHA Cost Consultant and Sign up to listen to whole series. ( Part 3 of the interview goes into detail about Write ups and Breakdowns )

Related posts:

1. Interview with an FHA 203K Cost Consultant
2. 203K Contractors and Cost Consultants
3. Rehab Loan Options for Homeowners

The 203K Cost Consultant plays a significant part of the 203K and is required on all 203K Standard loans.
In this interview I talk to a Hud Certified Cost Consultant. This 7 part series will cover:

The role of the 203K Cost Consultant	What to expect at the inspections
How to avoid mistakes	How to prepare for the 203k process
As well as other insider tips to help you get your loan closed with less stress

Part One:  What is a 203K Cost Consultant?

Topics discussed:

• The role of the Cost Consultant
• What a home buyer/owner can expect from the Cost Consultant
• The First Inspection and what to expect|

Sign up here to listen to the entire 7 part series

203K Mortgage Lender Webcast Series Part 1 of 7: FHA 203K Cost Consultant Interview Duration 7:09 minutes

Don’t forget to Sign Up for the rest of the series!

Here is an Outline of all the Topics Covered:

Part Two: The First Meeting and What to Expect
Topics discussed:

• Things to consider when buying a home with the 203K
• Selecting Contractors
• Bids and Write-ups

Part Three: Work write-ups and Breakdowns
Topics discussed:

• More about work write-ups in detail
• More about Contractors, tips on how to select one
• Cost Breakdowns in detail

Part Four: Contingency Reserves

Topics discussed:

• Why it’s necessary
• How much is needed

Part Five: Common Mistakes
Topics discussed:

• Avoiding common mistakes
• Preferred order of process

Part Six: Disbursement Process

Topics Discussed:

• Payment of Contractor
• Draws
• Extensions

Part Seven: Consultant Fees

Topics Discussed:

• Improvement budget
• Cost Consultant fees
• Streamline 203K

Don’t forget to Sign Up for the rest of the series!

Share and Enjoy:

Related posts:

1. FHA 203K Tips – Contractors Bid and Work Write Ups
2. 203K Contractors and Cost Consultants
3. FHA 203K Loan Information

FHA 203K loan limits differ from County to County.  So knowing what the Maximum loan amount FHA offers in your area will help you determine the price range of your purchase.    This document comes directly from the HUD website.

Related posts:

1. FHA 203K Loan Information
2. Beware! No Termite License Can Be a Terminator!
3. Fixer-Upper Financing: 203k Program Provides Buyers with Renovation Funds