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: