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Finding a contractor for FHA 203k loan in Florida? Impossible?!

We live in a small town and I can not find any contractors that even know what a 203k loan is! Where can I find a contractor that works with the 203k streamline program? Does Home Depot or Lowes offer it? We are located in central Florida, about 1 hour west of Ocala. HELP! Thank you for any information! 
  • April 01 - US
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Answers (3)

Good ole Ocala, I just did two loans in the area, both clients were very happy with their purchase, I hope the same goes for you as well!

Cassandra is correct, any contractor can be your contractor as long as they carry the appropriate licenses for the type of work they do (if any is required) and have sufficient insurance coverage in addition to completing the minimal paperwork to get approved with your lender.

Lenders often don't refer a "specific" contractor due to liability reasons (and those who do, their company hasn't been sued (enough) to prohibit this practice).

As for any website or contractor stating they're a "203k contractor", there's no such thing, it's a marketing gimmick by a few companies who decided to create a service around an unrecognized certification (when I say unrecognized, I'm speaking from a lender's perspective).  HOWEVER, that's not to say they haven't spent their money wisely by using one of these unofficial certifications, they probably know what to do more than most contractors as far as basic paperwork is concerned and what's required to be done in a home to meet FHA guidelines.  That being said, any competent loan officer who specializes in this type of work can tell you that off the top of their head, at least generally what's being looked for by the appraiser.

80% of my clients aren't in my local area so most loans have contractors getting approved for the first time.  I can honestly say that in the last 60 loan packages I've sent out, only three contractors had to be replaced due to not having a license to do something they tried to bid out and everyone else had no issue deciding which contractor to use, how much they wanted done and were willing to pay and getting the applicable docs back in a timely manner.  Most clients doing these loans are well prepared though I can only speak from my clients experiences, many came from other lenders who had no clue so my perspective may be slightly skewed.  That being said, it's a straight forward process if you're proficient in these types of loans.
  • April 04
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Hi Katie- Finding good 203k contractors can be difficult however a great place to look is www.203kcontractors.com - this is a directory of contractors who have gone through a intense training program and understand the ins and outs. I would recommend starting there. Good luck and if you have no luck please let me know and I can try to help you more. Jeff Onofrio
  • April 02
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Surely your lender must have a few they could refer? ANY contractor can do a 203K...it's just a matter of explaining the program (which your lender should be able to help with). Find a contractor you LIKE that comes recommended to you...and ask if they would do a 203K. Most contractors are eager to participate! The terms are easy to comply with! Good luck!
  • April 02
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