Updated over 3 years ago on .
Contract with contractors when using a renovation loan
This is my first time using a FHA 203 loan to rehab, for those of investors or contractors have experience using renovation loan, do you still have a contract between you and the contractor? I understand since the bank is essentially paying the contractor with multiple draws upon work progress, they will have a contract with the contractor. Since I don't pay the contractor out of my pocket, do I need a contract with the contractor? What should I make sure to include in that contract?