203K streamlined loan and sweat equity
I want a 203k Loan so I could afford a 4plex without losing all my capitol at once.
My father and I want to do the work ourselves with a Streamlined Loan. We have perfect credit and $80,000 in cash reserves as well for contingency (hopefully it eases the process).
What can we do to take on as much responisiblity as possible?
We have considered becoming liscensed contractors to do the work ourselves and even becoming a FHA compliant contractors. My father is a carpenter, and I used to be an engineer and inspector.
Is there an easier way around this?
Also after the initial construction is completed and everything is signed I assume we can continue making upgrades through sweat equity. I plan to refinance after a year of living in the house.
Could I live in the home if my father puts the loan under his name?