I have been working on trying to get some more content for those that follow me looking for detailed information on the 203K renovation loan process. I’m happy to answer any questions that everyone has and happy to provide resources that will make it easier for you to do as well.

I developed this document using the same categories that my HUD consultant used in developing his scope of work and subsequently passed it along to the contractor. I’ve been using a similar template to estimate my rehabs on potential projects.

The sheets are linked, so some information will automatically populate other sections of the spreadsheet. Edit the empty cells only!

The file has three tabs:

1. Cover sheet – Includes all information about the home under review, the owner of the property, the contractor, and the HUD consultant. This is an overview page.
2. Executive Cost Summary – Includes a summary of all the information provided in the Detail Cost Estimate
3. Detailed Cost Estimate – A detailed look at all the renovation costs associated with the project broken down into categories. Each line item is further separated by labor costs and material costs, standard requirement in the FHA 203k loan.

For reference the order of operations in the scope of work is typically this: first the contractor develops a scope of work based on what you want, then the FHA consultant reviews said scope of work, then the bank performs an appraisal to ensure the construction costs and purchase price appraise at market value.

In my renovation the HUD consultant developed the scope of work, which was very kind of him but not protocol. I reviewed it and made corrections as I wanted. It was given to contractors to make sure we were comparing apples to apples in terms of contractor estimates.

I created this using google sheets, which is a great free option for use.

Click here for access to the spreadsheet! This is a digital download, so it will be available to you right away.