HUD 203(k) Consultant Services
HUD-Approved 203(k) Consulting for FHA Renovation Loans
Timothy Thrasher is a HUD-approved 203(k) consultant. We prepare the consultant documents your lender needs for a Standard 203(k) loan.
A HUD 203(k) loan is an FHA-insured mortgage that combines the purchase or refinance of a home with the cost of repairs and improvements. A Standard 203(k) loan requires a HUD-approved 203(k) consultant, and Timothy Thrasher of Centsable Inspections INC holds that approval. We perform the property inspection, prepare the work write-up and cost estimate your lender requires, and complete draw inspections as the work progresses.
Centsable Inspections INC's inspection team includes Timothy Thrasher and Neal Thrasher, both CCMI-certified inspectors serving Central and North Alabama. Your inspection will be performed by a qualified member of the Centsable team.
Serving Central and North Alabama. Customers are served at the property being inspected. About our team and credentials.
Who This Is For
- •Buyers purchasing a home that needs repairs with a Standard 203(k) loan
- •Owners refinancing with a 203(k) loan to fund renovations
- •Lenders and agents who need a HUD-approved consultant for a 203(k) transaction
What Is Not Included
- •Loan approval, underwriting or funding decisions
- •Performing or managing the repairs
- •Contractor selection or construction contracts
- •Guarantees of renovation cost, timeline or loan eligibility
- •Engineering evaluation
- •Municipal code-enforcement review
What Is Included
Feasibility Review
An initial look at the property to help you judge whether the repairs you want fit a 203(k) loan before you commit to the full process.
Property Inspection
An inspection of the visible and accessible condition of the home to identify required repairs and the improvements you want to include.
Work Write-Up
The itemized scope of work HUD and your lender require, listing each repair and improvement by category.
Cost Estimate
The consultant's cost estimate for the work write-up, used by the lender to set the renovation escrow.
Contractor Bid Review
Review of contractor bids against the work write-up to confirm the scope matches.
Draw Inspections
Site inspections during the renovation to confirm completed work before each release of escrow funds.
Change Orders
Documentation of changes to the approved scope during the project, as the loan rules require.
Final Inspection
Confirmation that the approved work is complete so the lender can release the final draw.
A Required Role, Done by an Approved Consultant
For a Standard 203(k) loan, HUD requires the consultant to be on its approved roster. The consultant's work write-up and cost estimate determine how the renovation escrow is set and how funds are released. Talk to your lender about your loan type and timeline, then call us. We do not perform the repairs and do not approve the loan; the consultant role is separate from both the contractor and the lender.
What to Expect
Confirm Your Loan Type
Ask your lender whether you have a Standard 203(k) loan, which requires a consultant, or a Limited 203(k), which may not.
Feasibility and Inspection
Timothy Thrasher inspects the property and reviews your renovation goals.
Work Write-Up and Estimate
You and your lender receive the itemized work write-up and cost estimate.
Bids and Closing
Contractor bids are reviewed against the write-up so the lender can close the loan.
Draw Inspections
As work is completed, we inspect and report so escrow funds can be released, through the final inspection.
Standards and Limits
Residential inspections follow the applicable residential inspection standard. The inspection documents visible and accessible conditions and is not municipal code enforcement, an engineering evaluation, or a guarantee of future performance.
Last reviewed by Timothy Thrasher, CCMI, Centsable Inspections INC.
Sources: HUD: 203(k) Rehabilitation Mortgage Insurance; HUD: 203(k) Consultant Roster.
Frequently Asked Questions
Is Centsable a HUD-approved 203(k) consultant?
Yes. Timothy Thrasher is a HUD-approved 203(k) consultant and performs the consultant role on 203(k) transactions across Central and North Alabama.
When is a 203(k) consultant required?
HUD requires a consultant for a Standard 203(k) loan. A Limited 203(k) generally does not require one. Your lender can tell you which loan you have.
What does the consultant produce?
An inspection of the property, the work write-up and cost estimate your lender requires, review of contractor bids, and draw inspections through final completion.
Who pays the consultant fee?
The borrower pays the consultant fee. HUD sets limits based on the repair cost, and the fee can often be included in the loan. Your lender can confirm how it is handled.
Do you also do a regular home inspection?
The 203(k) property inspection serves the loan. If you want a full home inspection as well, ask when you schedule.
What areas do you serve?
Centsable Inspections INC serves Central and North Alabama, including the Birmingham, Hoover, Jasper, Cullman and Tuscaloosa areas.
More answers on our FAQ page.
Related Services
Home Inspections
Residential inspection of the visible and accessible systems and components of a home.
Buyer Inspections
Pre-purchase inspection to help buyers understand a home's condition before closing.
Pre-Listing Inspections
Inspection for sellers who want to know what a buyer's inspector may find.
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