ARTI Home Inspections LLC uses state-of-the-art construction estimating software and electronic data transfer to consistently submit work write-ups within 24 hours of the site visit.

What is the 203K Program?

The 203K program, through HUD, is a purchase-renovation program in which an all-inclusive loan serves to both acquire a real estate property and restore or upgrade the property to current marketable conditions.  These programs provide financing for "fixer uppers", rehabs or foreclosures in any condition and offers the opportunity to repair, update, and customize the home into a "dream come true".  Currently, HUD only offers their 203K loans to first-time homebuyers and non-profit organizations HOWEVER, private lenders (such as Wells Fargo, Countrywide, AnnieMac) have been offering a conventional version of the 203K to customers, including real estate investor.

How does the program work?

The process begins with finding a piece of property that is in need of $5,000 or more in repairs, as well as a lender who provides a purchase-renovation program.  The property can be a 1-4 unit, condo, mixed-use property, or even a manufactured home.  Repairs can include structural repairs, septic or well replacement, basement waterproofing, lead-based paint stabilization or abatement, painting, adding a deck or patio, appliances, energy improvements, or upgrading any components in the home such as the roof, plumbing, floors, HVAC systems, etc.

A work write-up is then requested from a HUD-approved consultant like ARTI Home Inspections LLC.  A work write-up is NOT the same as a home inspection; home inspections are not needed for the 203K program, but are recommended for any buyers purchasing a home as it's a more thorough inspection.  The work write-up is a detailed list of repairs, including estimated prices of materials and labor.

An appraiser is then called to provide one "as is" appraisal and a second "after improvement" appraisal.  The appraiser is given the consultants work write-up plan and cost estimates to determine the market value.  The lender bases their final loan amount on this after-improvement market value estimate.

After the loan and write-up are approved, the work begins and must be completed within 6 months of loan closing and under the supervision of the general contractor (chosen by the buyer) or, in some cases, under the direct supervision of the buyers, themselves.  The consultant, at the buyer's request, performs draw inspections to ensure the quality and progress of the work as well as to release the renovation money from escrow.

In the end, the "fixer upper" becomes the dream home!

Where does ARTI Home Inspections LLC fit in?

David Artigliere, Owner of ARTI Home Inspections LLC, is approved by HUD as a 203K consultant for this program.  His job is to work with the buyer to develop a work write-up that includs all the rpairs needed to ensure the safety of the property and the buyer.  He serves essentially as a mediator between the buyer, the lender, and the contractors.

What is included in the work write-up?

First, the work write-up includes repairs needed to ensure the property is safe and habitable.  Second, the report includes additional repairs or upgrades desired by the buyer. Want to upgrade the kitchen with new appliances?  Want a pool in the back yard? Want to add another bathroom or bedroom?  This and more is possible through this program!

What are the benefits of this program?

  • Great Deals: You can purchase a "fixer upper" at a lower price and qualify for the home purchase that many other programs would not allow.  A hard-to-sell property can turn into a "dream home".
  • More $$in your pocket: You can hang onto your savings while fixing up a broken-down house.
  • Low interest: by dealing with the FHA, you will get a better than average interest rate on the money you need to borrow. Many rehab loans in the commercial marketplace can be very expensive.
  • Simplicity:  There is one loan closing and one monthly payment.
  • Upgrades:  You can include upgrades such as swimming pools, kitchen appliances, adding additional square footage and/or rearranging existing floor plans.

Read some of David Artigliere's Blogs:

203K Program in PA- Traditional vs Streamline

Can I do the work myself?

Is your 203K work in PA Overbudget?

203K Inspection (Lancaster)- same as a Home Inspection?

Benefits of the 203K Program in Philadelphia & Reading, PA

David Artigliere, with ARTI Home Inspections LLC, is a HUD-Approved 203K Consultant and proudly serves Philadelphia, Reading, Allentown, Lancaster and surrounding areas.

203K Inspector in Reading, Philadelphia, Lancaster & Surrounding

ARTI Home Inspections LLC

CALL (610)220-1907 anytime 7 days/week!

Need an FHA 203K Inspector?

David Artigliere, with ARTI Home Inspections LLC, is

a HUD-Approved 203K Consultant serving Reading,

Philadelphia, Allentown, Lancaster & Surrounding areas.

He plays an integral part in the successful completion of

an FHA 203K loan transaction and guarantees rapid

turnaround time.

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