FHA 203k Reno FAQ's - How Long Does It Take?
10/17/2024
This is a bit of a trick question. The answer is SO wide open that it pains me to even make a suggested timeline but here we go anyways. I will lay it out piece by piece and give suggested timelines so that you can get a good idea of what to expect.
We will begin step one with - the house is now under contract.
Step 1 | Step 2 | Step 3 | Step 4 | Step 5 | Step 6 |
4 - 7 Days | 4 - 7 Days | 4 - 60 Days | 5 - 14 Days | 3 - 7 Days | 1 Day |
Get a Home Inspection - Home Inspections are necessary on all new home purchases. You need to know what under, above, in, and around the entire home. Home inspectors use tools and equipment to check every nook, cranny, and device to see what issues there may be. All Makeover Consultants are Home Inspectors so we can help with that too. | Get a HUD Consultant - A HUD Consultant will help you decide on the scope of work for your project. They will let you know what you HAVE to do per FHA Minimum Property Standards and you will let them know what else you'd like to do. Your HUD Consultant will provide a Scope of work and can provide an estimate as well for what your project should cost. | Get a Contractor Bid - Meet with as many or as few contractors as you'd like and get a bid for your project. This part will take the longest amount of time. You need a complete bid that tackles all items on the HUD's report, is in the proper format, and fits your budget. | Appraiser - The ARV will determine how much your new home will be worth and will be the basis for how much money you get to borrow. | Underwriting - Your lender and underwriter will work together to make sure you, the house, your insurance, the contractor, and the bid all qualify to borrow the money and close on the loan. | Close - Sign the paperwork that grants you the keys to the home and money for your contractor to get started! |
As you can see - the contractor will take the most time in almost every situation. If you are able to make quick decisions and can find a good experienced contractor they can take you from a 70 day process to a 30 days process.