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Sep 19
Last Updated on 18 September 2019

Learn About Section 203(k) Insurance From a HUD 203k Consultant

It’s important to schedule regular home inspections for a variety of reasons. This is particularly important to determine whether or not there are any existing or potential issues. Since it only takes an average of two-to-four hours to inspect the 500 data points required, this time will be well spent to ensure that safety and other standards are met.

A Brief Overview of Home Inspections

It’s interesting to note that roughly 90% of the homeowners that participated in a recent survey indicated that they believed home inspections were necessary. Approximately 70% of these homeowners stated that because they scheduled a home inspection, they were able to avoid potential problems. Furthermore, home inspections can assist homeowners with ultimately saving money, as up to 64% of the surveyed homeowners indicated.

Learn About Section 203(k) Insurance From a HUD 203k Consultant Whether someone has an existing property that needs repairing, reconstruction, or upgrading, or is planning to purchase one to rehabilitate, they may be interested in knowing more about Section 203(k) insurance. According to Housing and Urban Development (HUD), this insurance coverage is for both residential and non-residential properties that require minor to major attention. In order to qualify for this financing program, there are specific structural and energy efficiency guidelines outlined by HUD that need to be followed.

A HUD 203k consultant, for example, will inform you that there are a variety of modifications which may be covered. These include, but aren’t limited to, taking care of the following types of projects:

  • Making structural and functional changes
  • Removing health and/or safety hazards
  • Installing or upgrading downspouts, gutters, and roofs
  • Replacing or installing plumbing and/or septic systems
  • Providing landscaping and other improvements
  • Adding or increasing accessibility for disabled persons

A HUD 203(k) consultant will also be able to conduct a wind mitigation inspection in order to determine if a property is at risk. This is particularly important in areas that experience tropical and other types of storms.

Learn More About Home Inspection Services

Once you speak with a home inspector, you will be able to learn more about Section 203(k) insurance and other relevant information. Furthermore, you will be able to able to schedule an inspection to determine what your property requires and to learn more about your financing options.

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