365 things to do in Worcester county - 203K rehab loan in Worcester. A fairly new FHA program allows you to buy a home that needs work and fix it up by financing the total amount of the project in the mortgage.
When there is extensive work to be done on a 203k rehab loan in Worcester or anywhere else for that matter, the financial institution will require you to hire a FHA inspector as a consultant on your project.
The inspector will go through the home and make note of all the items the FHA wants to see done and the items the buyer want to be included in the estimate. Then the contractor the buyer plans to hire will run his/her estimate and the consultant will review the work to make sure that the numbers are aligned with the projected costs.
Once the proposal is approved the buyer has the dollar amount of the loan and can continue with the process. Here is an interview with Phillip Murphy, a local MA/NH/FHA General Certified RE Appraiser #4006 / #601HUD Consultant P0634A.M. from Appraisal Associates, Inc. A.M. Renovation Consulting
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