203K Inspection | What Should I Expect From a 203K Inspection?
203K Inspection | A 203K Inspection is the best way to ensure that your Limited 203K Loan allows you the proper funds to purchase your home and make the repairs you desire. Without a proper Limited 203K Inspection from a certified inspector, you could be closing the deal and still need to reach into your pocket to pay for some of the home repairs.
You may think you can save some money by just accepting a free quote from a contractor.
However, this may or may not include everything that you need. Often contractors write a low initial estimate to get your business. Then once work begins more costs are found. At this point your loan is already complete and you are left to come up with these funds on your own.
Purpose of a Limited 203K Loan
The primary purpose of the Streamlined 203K loan is to allow the home buyer to borrow enough money to purchase the home and pay for the repairs that need to be completed. A 203K Loan mortgage is offered as an adjustable rate or a fixed rate and the total loan amount can exceed the purchase price of the entire property. The Streamlined 203K loan allows you to only take out one loan at the same time you purchase the house. No longer do you have to purchase the house and then hope you get approved for a second loan to make repairs.
203K Inspection Should Include
A Limited 203 Inspector should be giving you all the information you need including pricing to make the repairs to your home. The Limited 203K loan typically allows for simple and cosmetic repairs. The 203K Inspection should include these repairs and pricing so that you can get an accurate loan to cover the costs. Some of the items that will be inspected include: roofs, gutters, plumbing, HVAC, flooring, paint, decks, patios, basement completion, energy efficient improvements and windows.
If you are in the Tampa area you should consider uses Beryl’s Limited 203K inspectors. They will provide you with a detailed Performance Specifications and Scope of Work Package. This package includes pricing and gives the contractor a breakdown of everything that needs to be done including labor and materials. Beryl is also there to help you select the contractor that best suits your needs. They will help you every step of the way to offer you the tools you need to succeed. Give Beryl a call today – 813-616-3301