WORKING WITH 203K PROJECTS
Easy 203k Professional www.easy203kpro.com allows HUD consultants to create HUD 203(k) loan projects. The process starts with the creation of a list of repairs and fees, or work write-up , which is eventually presented to the lender as the Specification of Repairs report.
Repairs can be added to the project room by room, or repair category by repair category. This list of repairs is sent to contractors as a “Bid Request”. The Bid Request can group to repairs by repair category (ie. Masonry, Siding, etc.), or it can group the repairs by repair location (ie. Master Bedroom, Kitchen, etc) to make it easier for the contractor to bid.
Once bid, the Specification of Repairs is presented to the lender so the lender can review the request and grant a loan to the applicant. Once the loan has been granted, no more changes are allowed to the project, and the user manages the release of the funds until the project is completed.
Easy 203k Professional assigns a Status to the project as it progresses from start to finish. Status are assigned when certain tasks have been completed. Below are the status used by the system, and their associated conditions for assignment.
Once approved, the user enters the Final Acceptance Date in the project General Information page and the project becomes viewable only. No further modifications to are allowed to repairs and fees within the project. If additional repairs/appliances are requested after the loan has been approved, they can be added to a Draw Change Request and the funds will be taken from the Contingency Reserve account.
RULES GOVERNING PROJECT MANAGEMENT
Project management rules are designed to ensure the project is processed correctly. These rules impose restrictions to prevent changes to the project, or allow functionality that was previously restricted. Below is a list of project management rules. The triggering status is on the left, and the associated changes to functionality are on the right.
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HomeBuyers and Real Estate Professionals
- Use our┬áSearch For 203k Consultant┬áfeature to find a 203k Consultant.
- Visit┬áHUD┬á203k Loan Information┬áto learn more about the HUD 203(k) loan program.