desert hot springs: FHA 203k draw inspection process - how does the contractor get paid?
- 07/12/13 12:32 AM
FHA 203k draw inspection process - how does the contractor get paid? The first draw is very important to the FHA 203k contractor as they typically get money up front to start a project and with the Standard 203k loan program being a "reimbursement" program the contractor has to use their own good credit and buying ability to get materials and get them installed so they can get that crucial first draw. The contractor wants to see some "skin in the game". Permit and Architectural fees are called "soft costs" by most of the lenders and dont' require a draw inspection … (4 comments)
desert hot springs: I'm a contractor, can I work on my own 203k project?
- 06/16/13 01:58 AM
I'm a contractor, can I work on my own 203k project? My first question would be what kind of contractor are you? Then, is that the kind of contractor that's needed on this project? If your project requires a general contractor, and you are a general contractor, then you likely can do your own work. But do you really want to? I know it sounds like a good idea because you think you can save yourself money. In reality it takes you away from what makes your money. Your project will take a backseat to every other paid job you get … (0 comments)
desert hot springs: Can I replace a failed septic system with the 203k loan program?
- 06/15/13 02:52 AM
Can I replace a failed septic system with the 203k loan program? Yes, but it must be a FULL or STANDARD 203k. This work would be considered "structural" and therefore should not be attempted with a streamlined k loan. Now that I have said that there is a major lender that says they have done hundreds of septic replacements all under the streamlined k program. This could bite the borrower as it doesn't then comply with the program guidelines. I actually received a call from a HUD official instructing me to get the word out that this repair is ONLY available … (0 comments)
desert hot springs: FHA 203k loan - what is it?
- 02/18/12 12:50 PM
FHA 203k loan - what is it? The FHA 203k loan guarantee program for renovating your home or a new purchase The FHA 203k loan guarantee program is a standard FHA loan (203b) with an additional “construction” component. That is to say you can purchase or refinance a property and get the money to renovate the property all in one low interest loan. The lender actually loans their own money with a guaranteed from FHA that the loan will be paid in full under the terms of the loan or FHA will pay off the loan and take the property back. … (2 comments)
FHA 203k draw inspection process - how does the contractor get paid? The first draw is very important to the FHA 203k contractor as they typically get money up front to start a project and with the Standard 203k loan program being a "reimbursement" program the contractor has to use their own good credit and buying ability to get materials and get them installed so they can get that crucial first draw. The contractor wants to see some "skin in the game".
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