The full 203K is known as the standard 203K and is for amounts over $30,000 and/or for properties that require structural repairs. It has a higher rate and more requirements and much stricter underwriting.
Documents requiring signatures by borrower(s) and contractor(s):
___ Contract Proposal matching Consultant write up
___203K Homeowner/Contractor Agreement (HUD form 2420 Rev 1/5/05)
___ Contractor’s Profile Report(rev 1/28/16)- all reference names/phone numbers must be legible. If a business name is provided make sure a contact name is listed. We must get a verbal reference from every reference listed.
___Notice to Contractor (Contractor Signature only – Rev 1/28/16)
___Current license for Contractor (and all sub contractors). In NH general contractor’s are not currently licensed.
___Contractors liability insurance with minimum coverage of $500,000. Insurance agent must provide a certificate listing borrower(s) name(s) and property address as an additional insurance. (required for all sub contractors as well).
Documents requiring signatures by borrower and HUD Consultant:
___203K Consultant Agreement
___203K Consultant Write Up/Specification of Repairs
___203K Draw Release form – Initial
___203K Consultant Addendum/Statement – not a Home Inspector
___203K Identity of Interest
Documents requiring signatures by borrower(s) only:
___Contractor Selection Form (Rev 1/28/16)
___Borrower Summary (Rev 1/28/16)
___Rehabilitation Loan Permit Certification – All sections completed – signed by borrowers and
municipality. (Rev 12/14/15)
___203K Borrower’s Acknowledgment (box in left hand column must be checked & LO must sign.
HUD Form 92700-A Rev 8/95))
___Addendum to P&S stating borrower is using 203K financing if Sales Contract does not include
All disclosures can be found in this link: Standard 203K packet