FHA 203(k) Streamlined Option
All,
Closing on a house soon. (yes I know this is for owner-occupied, and it will be) I need to get some work done in order for me to use the FHA option.
Questions:
1. Does someone appraise the property before and tell me what work needs to be done in order to use FHA? (that way I know how much to take out in the 203k. (I understand this is SEPARATE from home inspection)
2. Once I figure out what needs to be done (either from an appraiser, or my lender, or google), do I have to go through a legit company? Or just someone who is licensed to make the necessary repairs?
3. Does someone come and inspect all of the work after once it is completed (at least 6 months after)
4. If someone does come to inspect after, but nobody ever did before, and I find out I need to take out more money, can I restructure the 203k loan, or am I stuck paying out of pocket for additional repairs?
Info: I am in Massachusetts, looking to spend under 10k and will be using the Streamlined option.
All input would be great! Thanks