Looking for a 203k contractor or contractor newbie here
Hello everyone new to all of this and I am trying to get an idea of where to start. I am in search of a 203k contractor or any contractor that can assist me. My father-in-law is selling us his house for what he owes which is 64k we want to do an FHA 203k loan to renovate the house. The main floor upstairs I want to get it to remodel and fix the main bathroom and kitchen. Basement needs a new half bathroom with standing shower and fix some outside windows that are rotted. I was wondering if y'all got any contractors that you recommend. I am not looking to get all fancy with the remodel just plain mid-grade stuff. Basic stuff. Excuse my knowledge on this I did the best I can online but is too much. Just asking for some recommendations. I had one contractor look and he said he charges 17k per bathroom and 40k for kitchen I don't know if that's in par with today's prices. Thank you.
I recommend using contractors who have the accreditation as a Certified 203k Contractor.
You're only as strong as your weakest link .... select your partners wisely.
You'll also need a HUD approved FHA 203k Consultant, who is selected by your mortgage lender. The 203k Consultant determines what is required to be completed, prepares the Work Write-Up and cost estimate, which is then used by the Certified 203k Contractor to prepare their rehab proposal/estimate.
Also, check with your mortgage lender because buying a property from a family member where you will be using an FHA loan may required a 15% down payment instead of the traditional 3.5%.
Hope this helps!
Quote from @Paul Welden:
I recommend using contractors who have the accreditation as a Certified 203k Contractor.
You're only as strong as your weakest link .... select your partners wisely.
You'll also need a HUD approved FHA 203k Consultant, who is selected by your mortgage lender. The 203k Consultant determines what is required to be completed, prepares the Work Write-Up and cost estimate, which is then used by the Certified 203k Contractor to prepare their rehab proposal/estimate.
Also, check with your mortgage lender because buying a property from a family member where you will be using an FHA loan may required a 15% down payment instead of the traditional 3.5%.
Hope this helps!
Thank you so much for the assistance.