FHA 203k successful experience
Don’t know if anyone out there is considering using an FHA 203k loan or looking for a good person to do one of these. We just went through the process of buying and renovating using the 203k. We had our last inspection today! done! and so pretty. There wasn’t that much more paperwork, and the…
Don’t know if anyone out there is considering using an FHA 203k loan or looking for a good person to do one of these. We just went through the process of buying and renovating using the 203k. We had our last inspection today! done! and so pretty.
There wasn’t that much more paperwork, and the process went extremely smoothly–no major hassles at all.
We used Barry Koven at Wells Fargo, and he was very helpful, organized, and kept things moving. Can’t recommend him enough.
We had a very positive experience. Like anyone, we were nervous about finding the right person. Whether or not we’d gone w/ FHA, we would have been nervous. Prior to making an offer on the house, we walked through with someone we trusted in order to develop a better sense of scope of the renovation. He recommended the contractor who had worked on his house, and it went from there. Our contractor was wonderful.
Just like a home buyer is vetted by the bank before getting the loan, the contractor is too. If the contractor has sketchy things pop up or they appear to be financially unstable, the bank won’t approve them for the work.
Once the renovation starts, an FHA inspector periodically visits to check that the agreed upon work is done well. –the bank won’t pay if the work isn’t done right. There are probably some contractors who wouldn’t want to deal with that step, but it’s not necessarily a bad step for the home owner to have. If the contractor’s work is incompetent, the inspector won’t be thrilled and shouldn’t approve payment. They are there to watch out for the bank’s investment.
How did you find a good contractor? I’ve heard nightmare stories that the only ones who will deal with the red tape are crooks and/or incompetent.
homeowner55, It sounds like your situation might be more complex than ours. Ours was fairly straightforward–no outstanding issues on the property. Our contractor obtained the proper permits, and we had maybe half a dozen inspections that were quick and painless.
I hope everything works out well for your situation!
I also used Barry for my 203K and have nothing but good things to say. We are still mid reno but Barry made a difficult sale go smoothly and incredibly quickly. Barry is outstanding at what he does, and trustworthy which is a rare combination in that industry.
egut, we are doing a 203k too. We are done with the construction work, but we are extremely nervous about the DoB and the HPD. Also our letter of no harrassment is about to expire in 2 or 3 months and we dont have a CofO yet, and we didnt clear the HPD violations either…Any advise? how many inspections before finishing up everything? also can we exchange emails to compare notes. Mine is ccnyeng@yahoo.com