Need some help with 203k loan process. Getting started!
First off, I wasn't exactly sure where to post. I felt this category was the best option since it will be people from my area who have already been through FHA 203k loan processes. Anyways...
We have finally decided to go with an FHA 203k loan to buy and renovate after strenuous eliminations of other loan options. I know there must be folks on BP who have gone through the FHA process (hopefully recently) which is why I'm reaching out to the community. I'm looking for recommendations, suggestions, advice, etc. in this area. We have our loan officer that we will be working with, and will be going through the pre-qualifying application process this week. We also have narrowed our property leads down to a handful that we would like to look at (most of them foreclosures or flooded because of Harvey), so we are going to schedule tours as soon as we can. We need to first know our steps to getting our (3) bids on the property we want to purchase.
Several questions:
1) How does the bidding process work?
2) Any recommendations for contractors in the Southeast Houston area who have experience in working with 203k loans?
3) Do we pay out of pocket for a 203k Consultant?
4) Do we pay out of pocket for appraisals and inspections?
5) Are there any other out of pocket expenses besides down payment?
6) Should we have the GC, Consultant, LO and/or inspector with us when we walk-through potential properties?
Any and all information is welcome. Thank you BP community.