What are the Consulting Fees for 203(k) Loans?

Consulting Fees and the 203(k) Loan Program

If you want to take out a 203k loan, you’ll need to work with a qualified 203k consultant to help guide you through the process. They will charge a fee for their services, typically ranging between $400 and $1,000. This can be rolled into the loan to reduce upfront costs. Specifically, typical 203(k) loan consulting fees are as follows:

  • Renovation work between $7,501 to $15,000: $500

  • Renovation work between $15,001 and $30,000: $600

  • Renovation work between $30,001 to $50,000: $700

What Work Does a 203k Loan Consultant Do?

In addition to initially examining your home to make sure your renovation project is feasible with a 203k loan, your consultant will provide project specifications and important paperwork to you, your lender, and your contractor. This will typically include:

  • Contractor bidding and lender packages

  • A construction cost analysis

  • Draw request forms, as required by HUD

If you’d like to learn more about FHA 203k loans, simply fill out the form below and a friendly FHA home loan specialist will get in touch!