Q: Can I pick my own contractor to do the work on a 203K loan?
A: You may decide on your own contractor, and they should be brought into the process in the beginning stage of the loan process. Check out the credentials of the contractor thoroughly, making sure he is knowledgeable in all aspects of rehabilitation work.
The home improvements or repairs need not be made before moving into the property, depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage payments in the improvement escrow, should you not be able to occupy the property and have to pay rent during rehabilitation.
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This entry was posted on June 21, 2010 at 9:08 pm and is filed under 203K, Real Estate. You can subscribe via RSS 2.0 feed to this post's comments.
Tags: 203K Loan, Buying A Home, contractor, langley, Realtors, Remax, scott
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