Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Programs require that the Borrower have a General Contractor (GC) overseeing the day-to-day rehabilitation work at your home. So we recommend that the Borrower consider the following items when selecting a GC of your choice:
- Check references: Get a list of homeowner references from the GC and call them. Ask about quality of workmanship, professionalism and ask if the work has withstood the test of time.
- Verify information online: Some are free, but others like the popular Angie's List charge a membership fee.
- Research the GC with the Better Business Bureau: Check to see if any claims have been filed against the contractor. Some may be great builders, but not so great at running a business.
- Find out the number of projects the GC is working on at the same time: Too many projects may inhibit the ability for your GC to meet deadlines.
- Listen for word of mouth referrals: Contact friends, family and even the local government building departments to find out more about the prospective GC. But we recommend: don't hire a friend!
Don't Forget
- The GC may NOT be your relative.
- If the GC completes work that is NOT in the work write-up, it will be the Borrowers responsibility to pay him/her. Funds will NOT be released from the escrow account for this purpose.
- There cannot be Any CHANGES to the rehabilitation after the loan has closed.
- Failure to complete the required rehab work will result in a default on the loan.
I will complete this series in the next blog by suggesting a few ideas on how a Buyer can use a Connecticut Housing Finance Authority (CHFA) FHA 203K Loan to customize their home.
Previous Blogs In This Series:
Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program - Introduction
Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Guidelines
Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Process
Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Appraisals
Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program ......... Disbursement of Funds
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Who To Call For Your Mortgage Needs In Connecticut:
George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.
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