I am looking for a general contractor in Lorain county who is experienced with the 203k process and is validated with Wells Fargo.

Asked by Jennifer, 44035 Wed Feb 1, 2012

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Ashleigh Vasi, Agent, Strongsville, OH
Mon May 20, 2013
I have a few I can recommend you.
0 votes
aanpainting, Home Buyer, Elyria, OH
Thu Mar 7, 2013
My company can do 203k loan home renovation. If you are in the middle of securing a contractor you should call me first 216-816-7213. Thx
0 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Fri Feb 3, 2012
Jennifer, Another option would be to start with a FHA 203K Consultant (you are going to need them anyway). Go to http://www.hud.gov and search for 203K Consultants...and/or just google for them. Every 203K Consultant has to be certified with FHA, so it is just a matter of choosing the one you are comfortable with.

i always recommend my clients to meet with the Consultant prior to the contractor. The first step of any project is to find out what has to done first, then add the want list. The consultant can give you a list of contractors they have worked with who may be certified with Wells.
0 votes
Scott Hulen, , 64068
Fri Feb 3, 2012
Although I cannot verify the quality of their work all Lowes & Home Depot subs meet the requirements. The downside is you have a middleman who will mark up the work.
0 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Fri Feb 3, 2012
Jennifer,

Check out this site: http://203kcontractors.com/

I looked and there are a couple of contractors in Ohio. I obviously cannot speak to their quality as I have not worked with them; however, by being certified through this company I know they are familiar with the product.

I understand that Wells is much more restrictive about their contractor requirements than other mortgage banks that work with the 203K, so these contractors may, or may not, be certified with Wells. Were you able to get a list of contractors from your mortgage consultant? It seems to me that, if Wells is going to restrict who can, and who cannot, be a General Contractor on their 203K product; they should be supplying their customers with a list of who meets their requirements.

Wells vetting of contractors is a Wells "thing", not an FHA thing. FHA. requires a GC on all standard 203K, they must be licensed and insured, have professional and personal references and be in good standing with the BBB. And, have the financial capacity to front the costs of the project until draws are exercised (this could be cash and/or credit lines with suppliers). I do not choose, nor direct, my clients choice of contractors....and, most lenders would not because of the potential liability. Best of luck to you.
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