Home Buying in Oklahoma City>Question Details

Solomon Edis…, Home Buyer in Oklahoma City, OK

Do any 203k lenders in OKC allow the home owner to self perform the work?

Asked by Solomon Edison, Oklahoma City, OK Fri Jan 18, 2013

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?

Help the community by answering this question:

Answers

5
Jennifer Robison’s answer
Wells Fargo will let you do some of the work your self. You would have to contact them to see what all is alloweed. Just dont be in hurry when doing business with them.... they are not quick, you have to keep on them to get things closed on time.
0 votes Thank Flag Link Tue Jan 29, 2013
The only legal way to do it is to hire it out to a licensed contractor. The paperwork is a nightmare. You might try a private money lender at least until the work is completed, then refi
0 votes Thank Flag Link Wed Feb 6, 2013
Yeah there is call Brad Reeser for all your of your Real Estate needs and Financing Options, he knows all about that stuff.
0 votes Thank Flag Link Tue Feb 5, 2013
Mr. Edison,

You can ask your lender if the LLC or Company that you own performs the work, if that will be acceptable.

An LLC only costs around 300 to 500 dollars to open and if you need to speak to the CPA that helps me with my companies, just let me know.

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Fri Jan 18, 2013
Hi Solomon,

I work with several lenders and they say no. You must contract the work to licensed contractors.
I wish I had better news for you.

Best of luck,

Bridgett Wells
Keller Williams Realty
651-9320
bridgettwells@kw.com
0 votes Thank Flag Link Fri Jan 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer