203K, HOMESTYLE CONSULTING We have completed more than 3,000 renovation loans and currently do more than 600 annually.


If you’re considering purchasing a property that needs upgrades or intending to add square footage to your existing house, FHA 203k or Fannie Mae Home Style renovation loans are a great fit.  At closing your lender will deposit the funds for your renovation into an escrow account which is released by them as your chosen contractor completes the work. 

PHI Renovation Consulting

We have completed more than 3,000 renovation loans and currently do more than 600 annually. We have 13 licensed consultants who are all also licensed, home inspectors. They are all experts at estimating and have substantial experience in completing complex renovation projects. Our dedicated administrative staff specialize in renovation financing and understand that accurate and complete paperwork must be delivered as quickly as possible.

The information that follows has been compiled to help our clients understand the pre-closing process and how the construction funds are released as the work is completed. It answers the most commonly asked questions and will help you complete your renovation as quickly and smoothly as possible. This document applies to both HUD 203k and Fannie Mae Homestyle (conventional) loans.

Our role in your renovation project is twofold. Prior to closing, we assist you and your contractor with establishing a construction budget for the project. Once the loan closes we inspect for disbursements as the work is completed.

Free Feasibility Studies

Feasibility studies are extremely powerful tools.  They allow you to quickly and accurately understand how much upgrading a house will cost.  They provide the missing element that makes renovation loans work; the cost to upgrade.

To secure a free feasibility study please click on and complete the form below and we will contact you to make sure we understand your project.

Lender Referrals

We have long-standing relationships with the industry’s leading renovation lenders and loan officers.  If you need referrals to experienced lenders feel free to contact us.  Many lenders and loan officers are approved to do renovation loans, not all of them have the experience required to do it well.  An experienced lender will close your loan quickly without hassle and will release your renovation funds timely and accurately.

Contractor Referrals

We maintain a database of 950 Validated Contractors - Categorized by State & County, in the 15 states we cover. 

It is our preference that you find your own contractor.  We will be responsible for releasing funds post-closing and want to avoid the perception that we’re recommending specific contractors.  Therefore, please try to find a qualified contractor first, but we are happy to help.

203K, Homestyle Loan Process

Prior To Closing:

To start the process, we are required to do a walkthrough of the property where we will spend about 1.5 hours reviewing the proposed work, reviewing with you how the process works from start to finish, and discussing the items below. After our walkthrough, we will generate a draft specification of repairs with pricing for you to review. If you do not have a contractor yet we can provide a contractor bid form which is the scope of work without pricing that you can use to secure contractor bids. Once both you and the contractor agree with the draft specification of repairs (SOR), we issue the final construction documents which are used to secure the final appraisal and close the loan.

Key Points Preclosing:

Three Important Questions to Ask Before Hiring a Contractor

Will the project be completed on time?

This is best managed through negotiating a committed start and completion date with the contractor.

Will the project be completed within the borrower's budget?

The budget is controlled in the collaboration with us. 

Will the contractor provide the quality of work that the borrower expects?

This is best determined by visiting at least three of the contractor's recent projects.

Finding A Contractor

When searching for a contractor, we recommend asking friends, family, neighbors, and local supply houses. If you choose to use websites like Angi's, Houzz, and Home Advisor, please do so very carefully

We may be able to offer contractor referrals, but it is our preference that you find your own contractor. If you decide you need our assistance, just give us a call to discuss possible referrals. 


A qualified contractor has the following attributes. We strongly advise you verify these before choosing your contractor.

  • Provide accurate, complete bids
  • Respond timely
  • Have long-standing vendor & subcontractor relationships
  • Have working capital
  • Have a verifiable history of completing on time and on budget
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Home inspections combined with a 203K or Homestyle Consultation will be discounted to $399

Key Points Post Closing

Once your loan closes you will receive an introductory email from the draw administrator at your lender.  We are cc’d on the email to alert us that your loan has closed and to expect visits to release funds to you and your contractor.  At the site visit, we will inspect for completed work.  24-48 hours after the visit you will receive the draw paperwork electronically for you and your contractor to sign.  Upon receipt, the lender will issue payment via 2 party check to you and your contractor.

Post Closing Draws:

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