203k Consultants - Business Background
203k consultants derive their name from Rehabilitation Mortgage Insurance, section 203k of the National Housing Act under which FHA loans are insured. Section 203k enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. The mortgage is funded by a HUD-approved lender and insured by HUD/FHA.

Part of the 203k insurance endorsement process requires the borrower to provide architectural exhibits to the lender who, in turn, submits the paperwork to HUD. To streamline the process for borrowers and lenders, HUD/FHA-approved 203k consultants assist the borrower and DE lender by preparing exhibits and providing other assistance. 203k consultants are trained by HUD on 203k requirements and procedures.

The 203k consultant roster is a listing of HUD/FHA-approved consultants. The list includes the consultant's full name, consultant ID, address, and phone number.  HUD Homeownership Center (HOC) staff maintain the 203k roster and have the ability to add and update 203k consultant information. Authorized lenders can view a version of the roster which includes consultant status and eligibility information. In addition, the entire list of 203k consultants can be downloaded as a Microsoft® Excel® file. 203k Consultants can be accessed through the following sequence of FHA Connection links: Single Family FHA, Single Family Origination, FHA Approval Lists, and 203k Consultants.

Note: The 203k consultant roster without status and eligibility information is also available to borrowers interested in hiring a consultant.

See Also

203k Consultants - Processing

203k Consultants - Field Descriptions

203k Consultants List - Field Descriptions

203k Consultants Update - Field Descriptions

203k Consultants Results - Field Descriptions

 

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Last revised: October 31, 2006