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Gcfl7, Real Estate Pro in Orlando, FL

Is there a 203k registration for general contractors to get approved? My friend in Texas chose his own GC for his 203k loan/repair and the GC had to

Asked by Gcfl7, Orlando, FL Fri Apr 9, 2010

submit and get qualified to be involved. Just wanted to see if I could be proactive and get registered/certified ahead of time to get the work. Glenn, FL

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There is no government required to be "registered" or even "approved" for a licensed and insured contractor to perform work under the guidelines of the 203(k) Rehab or Streamline program. However, FHA allows the mortgage lender making the loan on the property to set their own guidelines and "approval" process for the contractors doing the work. So, as long as you are licensed, insured, can provide references and are willing to work within the guidelines for the FHA 203(k) program, you should be able to be "approved" by any lender. There is a website/database that can help you with being proactive and supply you with the 203k Informational Packet that you will need. http://www.203kContractors.com .
Web Reference: http://203kContractors.com
1 vote Thank Flag Link Thu Apr 29, 2010
Paul has a good answer below. From a lender's standpoint, we get questions from contractors asking if they can be approved by us in advance. The answer at Wells Fargo is that we don't submit contractors for acceptance until we have a loan in process and the customer has selected them to handle their project.

The process to allow a particular contractor to be accepted by Wells only takes about 3-4 business days as long as the forms are filled out properly. As long as the contractor is a full time builder and is licensed and insured with good references, there are typically no issues.

Once a contractor has been accepted by Wells, they are able to do additional projects with limited paperwork as long as their work is satisfactory. Good luck with your project.
0 votes Thank Flag Link Fri Jul 16, 2010
GCfl7

I happen to know that Wells Fargo has been working with Home Depot and one other major company - can't think of it now, that they won't even blink an eye at the cost of repairs. My Wells Fargo man (I mention Wells Fargo because around here they are the only ones doing 203K to my knowledge) has told us on numerous occassions that as long as they have a contractors license, insuranc etc., ther should be no problem. They understand that people have relationships with contractors. They just want to be sure that the contractor will not stiff the buyer.
0 votes Thank Flag Link Thu Jul 15, 2010
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