203(k) Related Documents and Forms March 2015
Stage Application
203(k) Related Documents and Forms
March 2015
Form Title Purchase Contract
Form Purpose
The contract needs to identify that the Borrower has applied for 203(k) financing.
Rehabilitation (Self- Help) Agreement Contains Sample language
Homeowner/Contractor Agreement Feasibility Study
Borrower acknowledges they have the ability, experience, and tools required to complete the improvements/repairs. Enforceable legal agreement between Homeowner and Contractor that establishes the work to be performed, materials costs, labor costs and time period for project completion. To determine if the project is financially feasible
Processing Closing
203(k) Borrower's Acknowledgement Form HUD 92700-A
Consultant's Certification ? Identity of Interest
Borrower's Certification ? Identity of Interest
Work Write-Up Cost Estimate Draw Schedule
Provides an overview of the program and discloses the borrower's responsibilities. Contains HUD required language. Consultant must execute after preparing/reviewing the Work Write up and Cost Estimate that they do not have a personal interest in the transaction and they have carefully inspected the property for compliance with the general acceptability requirements in HUD's MPRs and MPSs. Contains HUD required language.
Borrower must certify that they do not have an Identity-OfInterest with the 203(k) Consultant or a Conflict-of-Interest with any other party to the transaction. Consultant provides scope of work to be completed on the project and provides results of 35 areas which require inspection. Consultant provides. Must state the nature and type of repair and cost for each work item, broken down by labor and materials. Consultant may provide proposed draw schedule for DE review.
Consultant Borrower Agreement Contractor Bids
Written agreement between the Consultant and the Borrower that fully explains the services to be performed and the fess to be charged for each service provided. Borrower provides to assist in repair cost establishment
Architectural Exhibits
Must obtain and review all required architectural exhibits included in the Consultant's Work Write-up.
Rehabilitation Loan Agreement
Model Document Consultant provides. Must state the nature and type of repair and cost for each work item, broken down by labor and materials.
Rehabilitation Loan Rider
Model Document
This is not an official HUD document. This list may not be all-inclusive. Mortgagees must consult HUD Handbook 4000.1 for detailed guidance on 203(k) loan
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203(k) Related Documents and Forms
March 2015
Stage
Form Title
Post -
Draw Request and Rehabilitation
Closing/Rehab Inspection Report
ilitation
Change Order Request
Form Purpose
Legally recorded document to enforce the provisions of the program.
Form HUD 9746-A
Acknowledgments that work as proposed per Work Write-up are completed and acceptable by the Consultant and Homeowner. Form HUD 95277
Contingency Release Letter
Request for a change in the scope of the work. Contains HUD sample language
Lien Waivers Mortgagor's Letter of Completion
Approval or rejection of funds to be disbursed from contingency reserve account. Required at the time of any Disbursement of funds to ensure the validity of the first lien on the property. Contains Sample language
Mortgagee's Assurance of Completion
Written statement from borrower that improvements to property as outlined in the Work Write up and Rehabilitation Loan Agreement are completed Form HUD 92300
Final Release Notice
Only required when 203K is combined with EEM. Contains HUD required language
Informs borrower that the Mortgagee will release and close the repair escrow account
This is not an official HUD document. This list may not be all-inclusive. Mortgagees must consult HUD Handbook 4000.1 for detailed guidance on 203(k) loan
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