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FHA 203K Rehab loan Licensed Contractor Needed?

Do you need to have a licensed contractor do the work when you are using a FHA 203K Rehab loan? Or can you do the work yourself? 
  • May 27 2009 - North Valleys
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Answers (3)

It depends on the work to be done and your capabilities, experience and qualifications. In general, however, the answer is yes, you do need a licensed contractor to do the work. If you plan on doing the work yoruself, you must document your qualifications. You must also address how you plan to do the work within 6 months while at the same time work full time.
  • May 28 2009
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I reccomend a 203ks (streamlined) 203k requires a lot of red tape and an FHA 203k consultant. The streamlined program is a cake walk compared to the standard program. Most lenders also shy away from the standard program.

To answer your question, technically you can if you can prove th expertise. However, lenders rarely approve the borrower doing their own work. Chances are close to zero.

I would contact my mortgage gal who is FHA203ks certified by HUD. Her name is Debbie Myers. Platinum Community Bank. 1-8-777-DEBBIE (1-877-733-2243) dmyers@platinumbank.net
  • May 28 2009
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Thanks for the advice guys.. very helpful!
  • August 15 2009
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