I am a project manager for a commercial construction company so, I would like to self perform most of the work for my remodel. Are there any lenders in the Oklahoma City area that will allow me to do that with a 203k streamline loan? by Solomon Edison from Oklahoma City, Oklahoma. Jan 18th 2013
I would need more information to answer that question fully. Call me at 504-400-5626. John Desmond
There's a lot more questions that need to be answered so Call John above and talk to him.
This is possible, subject to certain restrictions and requirements. Guidelines directly from HUD website are here from there Q&A Section:Is a contractor required to do the work?No. However, if the borrower wants to do any work or be the general contractor, they must be qualified to do the work, and do it in a timely and workmanlike manner. It is very important that the work be done in a time frame that will assure the completion of the work that will be agreed upon in the Rehabilitation Loan Agreement (signed at closing). A borrower doing their own work can only be paid for the cost of the materials. Monies saved can be allocated to cost overruns or additional improvements.I'd be happy to discuss this in more detail with you!
Direct HUD website for your 203K Q&A's: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/faqs203k
what size is your current loan, and how much in rehabs? i do rehabs and construction loans linda yourloanpartnerforlife@live.com
Simple answer, if you are a licensed contractor or if a licensed contractor who would be responsible for the work would hire you. David Kosmecki 763-519-1100
If you have your contractors license you should be able to get this done
If you are a licensed contractor, there might be chance you would be allowed to do the work but to know for sure, you need to ask the loan officer of the mortgage company that you will be using.
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