“You Can’t Do Your Own Rehab Work”
Hi Joe, So we put in our offer for the house we want and the bank will only accept a rehab loan, which is what you thought would be the case. So we were wondering if you can send us a new pre-qualification letter. The damage inside doesn’t look extensive, just needs new drywall on ceiling and wall. Jason can do the work himself. We just wanted to know what the next step is. Thank you Joe 😊
Unfortunately, 99% of the time you can’t do your own renovation work when we’re doing an FHA 203 K loan. Even though the renovation costs are rather minimal, the guidelines are the guidelines.
The nice part about this transaction is that these clients are getting a great buy on a home and will have some serious equity once the work is completed.