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mikey1973, Home Buyer in Cherry Hill, NJ

Question about Fannie Mae Homestyle program and contractors in South Jersey

Asked by mikey1973, Cherry Hill, NJ Tue Jul 9, 2013

Wife and I are looking at a potential property in a great neighborhood that needs work. We are considering the Fannie Mae Homestyle loan as an option. However, I would suspect it would be beneficial to use contractors/architects that have some familiarity with the program. Can anyone make some recommendations on builders or architects who have some experience dealing with these types of construction loans?

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4
It is very similar to an FHA 203k loan. Any contractor that has worked with a 203k loan would be a fine choice.
Derek Schaffer
856-341-0240
0 votes Thank Flag Link Thu Jan 30, 2014
With Homestyle you dont have to use 203k contractors

So if you know a good contractor, they just need to be checked out. The program is not as strict.

This is a great program. I just closed one last week.

The homeowner is real happy and putting it all together as we read here.

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0 votes Thank Flag Link Tue Jul 9, 2013
I agree with Dcdaily. Here is a website that will help you search for contractors that have gone through a certification course and have a special designation as certified 203k contractor. Looks like they are in North Jersey but I know from experiance with 203k loans that good contractors will travel. I can't stress enough at how important it is to have an experianced contractor working for you.
0 votes Thank Flag Link Tue Jul 9, 2013
This is a new program but am sure contractors have worked with the 203K FHA loan which
should be similar. A lot has to do with the contractor being open to doing the paper
work. You will need to get recomendations and them make some calls to get estimates.
It is a lot of work but will be worth it!
0 votes Thank Flag Link Tue Jul 9, 2013
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