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Hire The Best 203k Contractor
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The 203k HUD home rehab loans program has made it possible for tens of thousands of Americans to acquire homes. The loans provided through this program help homebuyers meet the cost of the mortgage and the cost of renovating properties that have become run down.
The 203k HUD home rehab loans program has made it possible for tens of thousands of Americans to acquire homes. The loans provided through this program help homebuyers meet the cost of the mortgage and the cost of renovating properties that have become run down. Contractors have to follow strict HUD rules when renovating these homes, so homebuyers that use this program should hire professional 203k contractors that have experience doing these kinds of home renovation. Before & After Interiors work with a team of experienced subcontractors to remodel your kitchen, bathroom, electrical, drywall, paint, windows, flooring, siding, hvac, etc. Before & After Interiors will leave your home looking good as new.
Lets use Philadelphia, PA, as a case study. The 203k program is meant to protect both Philadelphia homeowners and lenders. As such, professional 203k contractors carrying out plumbing and interior design among other home rehab projects will not ask you for money upfront, unless under very unique circumstances. Typically, they will run three to four weeks of the project work before receiving the first payment installment. This means that all payments are made in arrears. Your contractor should only bill you for the work that has been completed, and even then, the bank holds 10% until the entire project is completed. This retainage gives you some leverage in the event that some aspect of the home renovation project requires attention.
Make sure you carefully scrutinize potential 203k contractors. HUD requires you to evaluate 203k contractors qualifications and credentials and document these items. The items that a potential 203k contractor must have available for approval include trade references, workers compensation insurance, liability insurance and local licensing. Also, note that a 3rd party 203k inspector certified by HUD conducts all draws for a full 203K. The inspector visits the site during renovation of the home rehabilitation project and determines how much money the contractor should receive.
In summary, when a 203k contractor starts a 203k home rehab project, it begins work with no payment on your part. After the contractor completes part of the work, for example, the interior design. It fills out some paperwork to apply for a draw and meet a 3rd-party inspector to confirm that the work has been completed. Thereafter, the contractor gets the check for the work completed. This is an elaborate process followed by professional 203k contractors to ensure that you, as a homeowner is protected. It is, therefore, important that you hire contractors that specialize in 203k HUD renovations.
Hire a 203k contractor that has several years of experience in the business. A construction company that has been working on 203k HUD renovations for many years usually has a good relationship with important people in the industry, including well established subcontractors, loan officers and HUD inspectors. It has also likely built a good working relationship with leading lenders such as Greentree, Prime lending, Homepath, Annie Mac and Weels Fargo among others. An experienced contractor can handle all your renovations needs as it has worked for numerous client, some of whom had the same needs as you. To get the family home youve always dreamt about, hire the best contractor.
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