Streamline | Responsibilities
| 203k Fees| The Contractor
Responsibilities of the 203k and FannieMae Homestyle
We are not acting on behalf or at the descretion of HUD/FHA or
Fannie Mae or the Federal government
We are an INDEPENDANT
THE FHA203K REHAB LOAN PROGRAM and the FannieMae HomePath
I. Site Visit
general examination of the work to be done determines if the
project is feasible.
feasible, Client signs Consultant Agreement and pays the
II. Consultant prepares a
detailed Work Write-Up which contains:
draw request forms
of contractor bid
Consultant delivers the Work
IV. Selection of a Contractor by
selects a contractor. Borrowers should be aware that many
lenders may have contractor qualification criteria. Some
lenders maintain a list of contractors that have met their
qualification criteria. Discuss contractor selection with your
lender to learn about their contractor requirements. If you’re
considering a contractor which has not yet been approved by
your lender or has never done a 203(k), it is important that
they are informed early on about the 203(k) concept as it
applies to contractors.
V. Loan Closes
VI. Consultant Performs Draw
- Consultant insures permits were issued.
3rd Draw - Draw request inspections are performed as work
- A punch list is established.
- The project is closed out and warranties and lien releases