I am looking into the 203k Streamlined loan process and have many questions.
I am seeing conflicting info for necessity of cost consultants. Is this expense really necessary? If not does the budget I write up have to follow any certain format & how detailed & itemized does the breakdown need to be? Who do I submit the budget to? The lender directly? Is it harder to get lender approval with self-help budget? Friends/family in construction field doing bulk of work, for very discounted labor (practically free). I've read somewhere that lenders may be skeptical or very low bids. Are multiple bids required? I cannot justify paying someone I don't know extra money for the same final product. I'd like to get the maximum bang for my buck. Do you know if this will present a problem?
Victoria,
My brokerage specializes in these loans and rather than answer your questions here I can go over them with you over the phone. I have also personally done the 203K Rehab on my own home so I speak as a broker offering the loan and from my own personal experience. I will also be able to recommend all the people that I used for my locan as far as FHA inspector etc...My loan worked like a dream which is why i am such a big fan.
Fell free to call me at (847) 354-5455 and I will walk you through a typical scenario from start to finish and some useful tips for your situation.
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