Jun
21
FHA 203K Streamline question?
ByI have learned about this loan but have a question. We have found a home thats nice but needs a little work update 2 small baths,1 kitchen and a little outside work. We’ve estimated it would take 30k to 35k, now most of this work my husband knows how to do since he’s a Journeyman Electrician, but I am wondering would we still have to hire a General contractor to do the work that we could do for free?
Leave a Comment
You must be logged in to post a comment.
2 Comments
June 23rd, 2009 at 7:02 am
Find someone with a Masters perhaps your spouse’s employer that is willing to pull permits and let him do the work under his Contractors license. Many just charge $150 to $200 to use their Lic. They may ask to see the home and be present for inspections to insure you are not doing shoddy work, against their name.
June 23rd, 2009 at 11:20 am
Not necesssarily, depends on the type of work. Will you be liv ing in the home while the work is being done, if not FHA can defer your mortgage payments while you reside elsewhere. go on the Hud website, it’s all there. I did it!