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Renovate Your Dream Home With An Experienced 203k Contractor
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The 203k HUD home loans program which helps homebuyers cover mortgage and renovation costs for dilapidated homes has enabled tens of thousands of Americans have acquired homes.
The 203k HUD home loans program which helps homebuyers cover mortgage and renovation costs for dilapidated homes has enabled tens of thousands of Americans have acquired homes. Contractors that renovate these home renovation projects are required to adhere to strict HUD rules, so homebuyers are advised to only hire 203k contractors that are conversant with the 203k HUD home renovations process. Along with a team of qualified subcontractors, Before & After Interiors remodels your kitchen, bathroom, windows, flooring, drywall, paint, siding, electrical and plumbing among other things. On completion of the renovation project, the contractors will leave your home looking as 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.
Experience should be your highest priority when looking for a 203k contractor. A construction company that has been operating in the 203k HUD renovations sub-industry for many years has the right connections. It has created good relationships with HUD inspectors, real estate lawyers, subcontractors and loan officers among others. It has also been working with mortgage lenders such as Annie Mac, Homepath, Prime lenders, Weels Fargo, Greentree, etc. and have developed a good working relationship with them. As a homebuyer, you stand to benefit from these relationships, which will increase the likelihood of your project running smoothly. An experienced contractor is the key to acquiring the home you want.
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