Realtor · San Antonio, TX · Member since 2017 · 64 posts · 35 votes
I'm buying a property that needs some repairs and using an FHA 203k loan to purchase home & make the repairs. My lender said I need to use an approved 203k contractor but I was only able to find one contractor in San Antonio. Does anyone have any other referrals or used a 203k loan before that has some feedback about using this type of loan? Thanks!
Investor · San Antonio, TX · Member since 2017 · 101 posts · 104 votes
8y
Per Trulia. Instead, the borrower is allowed to hire any contractor they want for the 203k loan but it is the responsibility of the lender making the loan to "approve" the contractor. An FHA approved contractor is actually a DE lender (Direct Endorsement FHA Lender). You can find these DE lenders by going to hud.gov.
I’ve got a good contractor but not cheap. Licensed and insured. If you want info let me know.
Real Estate Agent · San Antonio, TX · Member since 2013 · 153 posts · 132 votes
8y
I bought my 1st house using a 203k loan and the above poster is correct. You have to jump through a lot of paperwork and hoops but it was well worth our 1st investment