203k Contacts in NH
Anyone with experience using 203k (or similar) in NH? Looking at a rather old, somewhat dilapidated property in southern NH that had much potential to be gorgeous… would ultimately live in one unit and rent the other when reno is done. Needs paint/lead abatement, new windows, kitchen/bath updates, lots of cosmetic, etc. Looking for leads on lenders, other team members, etc that could offer expertise as I’m a newb! Thanks so much!
Most Popular Reply
I've read all the HUD guidelines in 4000.1 and HUD/FHA do not approve contractors for the 203k.
Only the borrower can approve contractors but the lender is required to determine that the borrower's selected contractor is licensed (if required by the jurisdiction), insured, has experience for the type of work the borrower wants to be done, and can complete the rehab project, but never any approval by HUD/FHA.
I suggested a Certified 203k Contractor because you don't want to wing it with anyone on a 203k. The contractor needs to have strong financials, should know the compensation structure, draw process, specific paperwork, estimate format, timelines, guidelines, etc.
It's not required to use a Certified 203k Contractor, but when one does exist in the area, it's best to use a contractor who has been educated on the 203k or has been independently vetted for the 203k.
You're only as strong as your weakest link .... select your partners wisely.
Hope this helps!