203K Standard Loan Contractors in Atlanta, GA

[Nastassiea Blankenship]

Hello BP Family,

I have reached my FICO mortgage score goals for the interest rate I want. My goal is to buy a fixer upper in my desired area. Doesn’t even have to be in any good shape, as I will tear down and do a new construction. The GC referred by a program here in Atlanta quoted me twice the build of them home and a GC fee of $90k. The home is a little over 2900 sqft. Other homes similar build in the area ( even though the owners didn’t do the 203k route) were relatively less than the almost $500k quote. The reason I am doing the 203k loan is with a program that helps with down payment assistance and grants for building in historic Atlanta areas. 

Does any have similar stories here in the area or some contacts for contractors open to the 203k loan build process that can front cost on a net until its reimbursement through loan?

I can may find a GC that other contractors can build under their license. Also, the reimbursement check will be made out to both owner and contractor? If I front some costs up front, can I cash check myself and get my money back then pay contractor? 

[Nastassiea Blankenship]

Originally posted by @Justin Goodin:

@Nastassiea Blankenship I do not have any experience with 203K loan. Maybe somebody else will. I would get multiple bids from GCs.

thank you for the feedback. I’ll be trying to get multiple bids