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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?

Help the community by answering this question:


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
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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