Category Archives: 203k contractors

203k Loan Problems And How To Avoid Them

A 203k loan can incur problems and are not cookie cutter loans by any means.  They have issues that are unique that other FHA or conventional loans do not have. As you can see from the picture above, permit and municipality issues cause the greatest number of 203k loan problems since the city/municipality may not allow […]

203K Loan HUD Consultants and General Contractor Conflicts

Quick tip on 203k loans in regards to HUD Consultant and general contractor conflicts:  As a potential home buyer, make sure that the HUD Consultant and the General Contractor who is doing the repairs and upgrades to the property, are not the same person.  The HUD Consultant is supposed to be an independant third party […]

203k Loan Advice, Get A Contractor Bid Before You Write An Offer

In regards to the 203k loan advice, I don’t know everything and I don’t pretend to, but I know more than most.  However lately I’ve been receiving calls from troubled borrowers who have started a 203k loan with another lender and it’s falling apart and they need help keeping their deal together. One of the main issues […]

203k Loans Do It Yourself Fix-Its Not Always Allowed

A 203k loan may be alluring to a do it yourself handyman.  You get buy a home in need of repair and get a fixer upper home loan, the 203k loan, and receive funds within the loan to fix up the home or remodel it to your liking. It is within the FHA rules to […]

Contractors Need to be Coached on the 203k Loan

I had heard recently from a Realtor that they would never again be involved with a 203k Streamline or the 203k loan (standard). When I asked why she mentioned that it took too long to get job estimates from the contractor and escrow had to be extended 2 times as a result. This can happen if the […]