In 2005 the Streamlined (k) was introduced and few years later the name changed to "Limited 203k" but the program remained the same. I would venture to guess none of our competitors even know there is a software out there to help lenders with this loan guarantee program.
It has always been touted as a loan for minor (non structural) repairs and a loan limit of $35,000 which may be changing very soon to a higher amount... it's on the drawing board at HUD.
It has NEVER been $35,000 because what they don't tell you is that the $35,000 includes costs and fees of about $800 and any contingency reserve the lender calls for.
Our sofware is used by lenders as well as consultant because then they can adjust the contingency to 0% when requested to. If the lender doesn't want a contingency we remove it. This way the contractors bid could be as high as $34,200.00.
203k consultant near me
If you notice on the screen shot we can also input some information that consultants seldom, if ever, see which allows us to print out a MMW (Maximum Mortgage Worksheet) as an aid to the loan officer when they fill out their "required" MMW on line. It will show a LO where our numbers fit into the form.
Over the years I have found that this is a marketing tool. Particularly when you have a new LO (Loan Officer) as the only thing they really have to fill out other than the 203b portion of the papework is the MMW. Our software provides everything else. HUE 203k consultant, 203k loan, where do I find a 203k consultant near me