FHA 203k mortgage

Asked by Mary, Buffalo, NY Mon Mar 9, 2009

Hello, I was just preapproved for an FHA 203k mortgage and was wondering If anyone knows of any contractors in long island that accept 203k mortgages?

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Everett Perry, Agent, Fresh Meadows, NY
Tue Mar 10, 2009
Im licensed and I would accept a 203k.
Web Reference:  http://www.elijahhomes.com
0 votes
Cheryl Gross…, Agent, Huntington, NY
Mon Sep 20, 2010
I recommend Jerry Gucciardo of Atlantic Shores at 631-754-0023. He's experienced in handling work for 203k mortgages. You definitely want an FHA approved contractor who knows how to follow the FHA guidelines. I have more information about the 203k FHA Mortgage process on a blog post I wrote. You can access it at http://www.203kMortgageInfo.com.
Web Reference:  http://www.LIagent.com
0 votes
Lenny Bobrow, Agent, Woodmere, NY
Tue Mar 10, 2009
I think the answer lies with your lender. I don;t know why any licensed contractor would not accept 203K momey, but I would recommend asking your lender for recommendations. Then I would get interview those people, check their references and policies and make an educated decision from there.

There are so many contractors, good and bad, looking for work now. Just sk you lender if they have a preferred list.

Donna Galinsky
Pugatch Realty
0 votes
CamilleD, Agent, Wantagh, NY
Tue Mar 10, 2009
Hi Mary,

You were approved for a mortgage. As far as I know this is for a livable
home, one that does not need any emergency repairs to make it habitable.
If you want a construction loan or a mortgage with a construction loan attached to it
that is what you have to apply for. The contractor is not going to help you. This is something
you have to be proactive in yourself. Be careful you can lose a deal because you are
not properly prepared.

I hope this helps you.
Camille Dandola
Buyer Representative
0 votes
Katina Wright, Other Pro, Atlanta, GA
Mon Mar 9, 2009
Good Luck,
Be sure you have an understanding from your lender how the dispursements or "draws" are to be issued to the contractor. There would be nothing worse than a group of guys doing work and expecting you to grab your checkbook at the end of the day. Just make sure you can convey how the money is going to work.

Foreclosure agents in your area may have a very reliable vendor list of contractors/builders who manage their bank owned (REO) properties. They may be an excellent referral source for you. I would be surprised that your lender does not already have an approved vendor list of contractors who have worked with them in the past. Be sure to ask, your lender may assume you already have it handled.

Good Luck,
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