203k Inspection & Consultation Page

FHA 203k Consultation Services

If you’re looking to buy a home that needs repairs or renovations, an FHA 203k loan can be an excellent way to finance both the purchase and the improvements. Stellar Property Inspections offers 203k consultation services for buyers throughout Chicago, the surrounding suburbs, and parts of Indiana and Wisconsin. The FHA 203k program is built for homes that need upgrades, and as your consultant, I help make sure the project is done properly, stays on budget, and meets all HUD requirements.

What Is a 203k Consultation

A 203k consultation is required for buyers using an FHA 203k loan to finance both the purchase and renovation of a property. As your Consultant, we evaluate the home, identify necessary repairs, estimate costs, and guide you through the renovation approval process.


What We Do as Your 203k Consultant
Comprehensive 203k Guidance from Start to Finish

• Initial property assessment

• ​Identification of required and optional repairs

• Prepare detailed cost estimates for renovation work

• Coordination with contractors

• Preparation of the 203k Work Write-Up

• Ongoing draw inspections during renovations

• Provide final project close‑out verification & documentation

This service protects your investment and ensures your renovation project runs smoothly from start to finish.

Who Should Consider a 203k Loan?

A 203k loan is ideal for buyers purchasing homes that need updates, repairs, or full renovations. Whether you're investing in a fixer-upper in Chicago or upgrading a property in the South Suburbs, a 203k loan can help you finance the improvements you need.

Benefits of Working With a Certified 203k Consultant
Why Choose Stellar Property Inspections for Your 203k Project?

• Local expertise in Chicago-area homes

• ​Clear communication throughout the renovation process

• Accurate cost estimates and documentation

• Support from loan approval to project completion

• Experience with both Standard and Limited 203 loans

  
  
  
  How A 203k Loan Operates - Example

  Some properties are almost perfect. The location is good and the property has potential, but you need to make a few significant improvements. Without those repairs, the home might not be suitable for living, and lenders might be unwilling to fund loans on a property with problems.
  
  Example:
  Imagine you want to purchase a $100,000 home that needs a minimum of $20,000 in upgrades and repairs to make it habitable, clean and safe. You could purchase the home and move in until you can finance the improvements separately, but you could also take out a 203K rehab loan that covers both the initial mortgage amount and the cash you need for repairs.
  While many consumers use the FHA 203K loan for purchases, also note these loans work for refinancing as well. In other words, if you already own your home but need cash for important updates and improvements, you could refinance your current mortgage with a FHA 203K loan and borrow additional funds to pay for the repairs.
  
  
  Types of 203K Inspections

• Feasibility Inspection – Determines if the property qualifies for a 203K loan and identifies necessary repairs.

• ​Work Write Up - Provides a detailed scope of work and cost estimates for lenders approval.

• Draw Inspections - Conducted during the renovation to verify contractor progress before funds are released to a contractor.

• Final Inspection - Confirms all work is complete and meets HUD standards.

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We provide FHA 203K Consultant services in:

• Chicago and neighboring communities

• Cook, Will, DuPage, Kankakee, and Lake Counties

• Select areas in Indiana and Wisconsin

HUD FHA 203K loans makes it possible for you to turn that property into a home. Plus, you take that property off the market and make it a valuable part of the community again. The name might sound complicated, but the concept behind HUD FHA 203K loans is simple: Buy or refinance a home that needs work and roll renovation costs into the mortgage.
Because HUD FHA 203K loans are insured by the Federal Housing Administration, they may offer more lenient qualification requirements than other renovation loans.


We Offer Property Inspection & Client Consultation
​We provide professional HUD 203K consulting services for home buyers and renovation projects in Chicago, throughout Cook County, Will County, DuPage County, Kankakee County, and portions of Indiana & Wisconsin. We will meet with the client to discuss their vision for the property being purchased. An inspection of the property is performed by AJW 203K Consulting / Stellar Property Inspections and then a consultation with the client is performed to discuss the inspection results. You will receive a professional walk-through with the inspector who will offer verbal insights and expert recommendations based on the inspection results. Should the client choose to continue with the purchase of the property, a detailed report (Specifications of Repair) is created by the inspector that includes all repairs that the client requests and mandatory repairs that makes the property FHA compliant. Contact us today to book your initial consultation or to learn more about our inspection / consultation services.

Standard HUD FHA 203K Loan
A Standard HUD FHA 203k Loan can be used by homeowners or homebuyers who would like to finance a property that requires major renovations. With the standard HUD FHA 203K Loan, you have the ability to get just one loan for the cost of your mortgage, along with the required repairs. There are no limitations on the repair funds that you are able to receive, however there are limits to FHA loans.
Repair types allowed:

• Major rehabilitation and/or structural repair

• Renovations that require detailed architectural drawings

• Major landscape work and site improvements *restrictions apply

• Elimination of safety or health hazards

• New addition construction

• Site amenity improvements, such as landscaping *restrictions apply

• Repair work that will require longer than 3 months or more than 2 payments per specialized contractor

More intensive paperwork is required for a standard HUD FHA 203K loan and you could live in the home anytime unless the municipality places restrictions as part of the permit.


Limited 203(k): Minimal Repairs
A limited 203(k) loan is used for homes needing minimal repairs. This option does not include structural work, such as adding new rooms or landscaping, and the home must be habitable throughout the renovation period. Repairs under the limited 203(k) are capped at $35,000.


What is the difference between a Limited (Streamlined) and Standard 203K loan?

• Limited 203K (Streamlined): Designed for smaller projects (under $35,000) that don’t involve structural changes. Common uses include replacing flooring, painting, updating kitchens or bathrooms, and minor repairs.

• Standard 203K: Intended for larger projects, including structural repairs, room additions, or major renovations. Requires more documentation and oversight, including a HUD‑approved consultant to manage the process.​

Do I need a 203K Consultant for every project?

• A HUD‑approved consultant is required for all Standard 203K loans.

• For Limited 203K loans, a consultant is not required, but many homeowners still choose to hire one for peace of mind and professional oversight.

How long does the 203K process take?
The timeline depends on the scope of work, contractor availability, and lender processing. On average:

• Feasibility inspection & work write‑up: 1–2 weeks

• Loan approval: 30–60 days

• Renovation completion: 2–6 months depending on project size.

Can I use a 203K loan for investment properties?
No. FHA 203K loans are only available for owner‑occupied properties. However, they can be used for multi‑unit homes (up to 4 units) as long as the borrower lives in one of the units.


What types of repairs are eligible under a 203K loan?
Eligible repairs include:

• Structural repairs (foundation, roofing, framing)

• Room additions or expansions

• Kitchen and bathroom remodels

• Flooring, painting, and cosmetic updates

• HVAC, plumbing, and electrical upgrades

• Energy efficiency improvements

• Health and safety repairs

Luxury items (like pools or outdoor kitchens) are not eligible.



What Kinds of Properties Qualify?
Qualifying properties for a HUD FHA 203k Loan include:

• Single family homes, including those that have been standing for a least a year.

• A 2 - 4 unit property that has existed for at least a year.

• Townhomes

• FHA-approved condominiums (renovations are limited to the interior of the unit).

• Some mixed-use properties (provided the property is primarily residentials - at least 51% of floor area).

• The home cannot be a co-op, but some condos are eligible​​.

Anthony Whitmore
HUD FHA 203K Consultant
Consultant ​I.D. # A1137
Home Inspector I.D. #450011538
(773) 517 -1920

If you're planning to use an FHA 203k loan, we're here to guide you through every step - from the initial assessment to the final renovation sign-off.