123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Home-Based-Business >> View Article

Hire The Best 203k Contractor

By Author: Before After Interiors
Total Articles: 3

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.

Let’s 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, worker’s 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 you’ve always dreamt about, hire the best contractor.
Resource: http://www.b4nafterinteriors.com

Total Views: 45Word Count: 567See All articles From Author

Home Based Business Articles

1. Best General Pest Control In Gurgaon - 100% Safe Pest Control Services.
Author: General Pest Control in Gurgaon

2. Use A Professional Locksmith To Unlock The Window Locks
Author: Stuart Spindlow

3. The Tilt Turn Window: Where To Put It And How Is It Beneficial?
Author: Stuart Spindlow

4. Learn The Truth Behind The Common Myths Related To Gardening
Author: Paul Gooderham

5. Beautify Your Home And Office With Top Notch Interior Designing Services
Author: Kevin Winslow

6. Enjoy The Safe And Fast Demolition Project
Author: Rebecca Weavern

7. Destroy Your Old Home And Make A New One
Author: Rebecca Weavern

8. Make Your Home Extension More Secure By Skilled Demolition Team
Author: Rebecca Weavern

9. The Basics Of The Concrete Cutting And Coring Services
Author: Rebecca Weavern

10. Unknown Facts You Must Know About Demolition Services
Author: Rebecca Weavern

11. The Colors Can Make A Difference
Author: Trimurtiproducts

12. Non Ignorable Issues Getting The Best Cleaning Professional
Author: Annie Piercee

13. Get A Super Hygienic House By Professional Cleaners
Author: Annie Piercee

14. Effective Ways To Make Your Home Healthy And Hygienic Place To Live
Author: Annie Piercee

15. Know The Art Of Keeping The Residential Or Commercial Space Clean
Author: Annie Piercee

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: