23k consultant | As 203k consultants, we are often asked by the applicants as to which type of 203k loan they should opt for. To help them make a better decision, we should analyze their individual requirements and tailor an application accordingly. It’s not about which option is better — it’s about which option suits our clientele.
The Extent of Repairs
First factor that helps a 203k consultant make a recommendation revolves around the extent of repairs.
A limited 203k loan allows you to make repairs that cannot exceed a total sum of $35,000. This includes repair or replacement of existing systems to improve their functionality, minor remodeling of kitchen and bathrooms, paint jobs, septic system replacement etc.
Regular or standard 203k loan is ideal for projects that involve heavy repairs, exceeding the sum of $35000. Structural repairs, landscaping and repair work that requires more than 6 months of time for completion.
Habitable or Non-Habitable
Second difference that influences the decision is the current state of the property. A limited 203k loan requires that the property must remain habitable during the period of renovation. With standard 203k loans there is no such limitation. A 203k consultant would visit your home and evaluate its habitability status to help you decide between the two.
Confused Between the Two?
We at Beryl Engineering and Inspection completely understand and strive hard to provide you with the best possible solution. Seek for our consultancy here and, our 203k consultants at work will make sure that Tampa becomes your dream residency. Call us today at 813-616-3301 to discuss your 203k needs.