Updated over 6 years ago on . Most recent reply
FHA 203K construction oversight
I am interested in buying a 2500 sq/ft foreclosed home and turning in into a quadplex with a 203k construction loan. I read on the HUD website that the lender would probably get someone to oversee the gerneral contractor. Overall, it seems like the lender is going to have more control over the rehab process than I would, which sounds far less risky than it would be for me to oversee it myself. It seems like it would be a big risk for a bank to loan a bunch of money for a rehab and then trust the homeowner to manage it. I'm curious if anyone has any experience with the process. How much would I be involved in the rehab process? I would really appreciate some insight.