We are a Direct FHA -203K Lender for HUD.
I have been writing mortgages for over 9 years now. My company is rated A+ with the BBB.
I can definitely assist you in locating the right contractor for your needs.
My cell phone is: 201.403.6587
I look forward to helping anyone in need of a Mortgage for a Purchase or a Refinance!
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Residential Home Funding Corp.
Since it's now June I would imagine you have your answers, however, Ron Darling Construction 908-362-6555, VJL 973-945-8745 and Boyd General Contracting 973-879-6348 are all seasoned contractors.
As a rule contractors look for the best deal and these vendors become their normal suppliers.
Let me know if you have any Warren County questions - I'd be happy to help!
As far as what does the loan cover, it will just about cover what you want it to, as long as it is within reason. A fenced in yard would not be a problem. Your first step should be to find a mortgage consultant that has experience working with the 203k program in your area. Since you already have a home picked out you should make sure that the seller is aware of the fact that you are getting a 203k loan, that must be disclosed in the offer. THIS IS VERY IMPORTANT!
The mortgage consultant and or good realtor in warren county should be able to help you find a good contractor that is licensed and insured and has experience working with the HUD Inspector in that area.
3 - This really depends on the relationship that you have with the contractor and who will exactly be doing the work, if it is being done by sub-contractors that you might get different prices on supplies. Find out if the contractor that is doing the work will be doing it themselves or just using sub-contractors.
I wish you well on your journey to homeownership!!
Usually the loan will cover any updates or fixes you like. A fence in the yard is possible.
If you are using a local loan officer, they should have knowledge of local contractors, as well as the realtor you're using. The program prefers if you use a building supply company lick Lowes, Sears or Home Depot because the work is guaranteed by the supplier. Also these large corporations are familiar with the program.
Usually standard building materials are not sale items, so they usually pick these things up from the building supply company, so they don't really shop around. If you come across a bargain for cabinets or a manufactured vanity you may make the suggestion.
I'm familiar with the loan because I've done them before, please let me know if I may be of assistance. Remeber these loans don't follow the same interest rates as postedin the market and are more expoensive to do. Figure 7% with2 points or so.