203k loan draw fees.
Can someone tell me how much does the loan consultants gets paid for each draw request. There are five (5) draw request. Thank you all for your feedbacks
Can someone tell me how much does the loan consultants gets paid for each draw request. There are five (5) draw request. Thank you all for your feedbacks
150. per draw in Brookyln
Thank you Cheryl Hodge that is the price the inspector told me, although my mortgage lender had alocate $200 per each draw. I guess the price has increase. lol
Thank to all once again for all your feed back.
I live in Northern NJ and I have a 203K right now. My inspector charges $250 per inspection/draw request. I believe the rate they are allowed to charge varies. His inspection/draw request fees and scheduled were clearly spelled out in my closing documents so I knew what to expect. You didn’t get that information at closing? Also, there can be UP TO 5 inspections/draw requests. Depending on the size of your project, the inspector should have indicated how many you need. We only need 3 or 4.
Just heard back from my source and they said that he should not be paid at all on the draws and that he has already been paid in full. Which lender are you using? The guys I use are not well known to the layperson but they do a lot of 203k loans through out the country through wholesale channels.
It may be different but he confirmed my orginal thought that they don’t get additional monies throughout the process.
Thanks to all who responded, But let me make myself clear.
I paid the loan consultant $800 as the 1st initial inspection cost. Now I was told that I have to pay him again each and everytime when he comes out to inspect the work that was done in order to release funds.
Thanks Adam your chart is correct. Now I just need to figure out How much he gets paid when ever he comes out to inspect to release funds.
Thank again yall
There are supposed to be “Less Than” symbols in front of the dollar amounts but they were screwing up the post and the lat dollar amount has a “Greater Than” symbol in front of it.
Again it’s not posting correctly. Brownstoner- what’s up?
$7,501 = $400
$15,001 = $500
$30,001 = $600
$50,001 = $700
$75,001 = $800
$100,001 = $900
$100,001 = $1,000
That’s weird it didn’t post correctly.
The consultant fee schedule is based off the renovation costs.
100,001 -$1,000
That should work.
The consultant fee schedule is based off the renovation costs.
100,001 -$1,000
An additional fee of $100 can be financed for a feasability study prior to signing the sales contract.
That $100 feasability will have to be paid by the client but can be refunded by the loan disbursement.
I believe the consultant gets the full payment once the loan closes so they won’t get paid on every draw but I’m waiting for clarification from my funding source just to be 100% certain.
The lender/broker/banker usually doesn’t get too involved once the original loan closes so pardon my ignorance. I should hear back later today to clarify.
-Adam Dahill
adamdahill@gmail.com