I need a 203k Contractor in Kankakee, IL (45 min South of Chicago) area- recommendations?

Asked by Kvaughn, 60901 Mon Mar 21, 2011

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Paul Welden, Other Pro, Tempe, AZ
Mon Mar 21, 2011
Anna Brocco ---

There is no such list as an "approved contractor list." Lenders do not approve contractors for the 203k. See Mortgagee Letter 00-25, page 6, paragraph 3. It's actually the consumer that approves the contractor. The lender, though, does has the responsibility of determining that an "acceptable" contractor has been selected.
1 vote
Paul Welden, Other Pro, Tempe, AZ
Mon Mar 21, 2011
HI Kvaughn,

There is a database of contractors who have been properly educated on the 203k and have earned the designation as a Certified 203k Contractor. So, go to the 203k Contractor Directory located online at http://203kContractors.com and you will find these Certified 203k Contractors in your area.

Paul Welden
Contractor Directory for the FHA 203(k) Loan
Web Reference:  http://203kContractors.com
1 vote
jlcorbett11, Home Buyer, Bourbonnais, IL
Fri Aug 30, 2013
REGARDING 203 contractor:
What is the approx. cost of your project?
0 votes
Hammer12, , Chicago Heights, IL
Tue Oct 11, 2011
Aspire Ventures just completed a project in Aroma Park and Kankakee and is licensed in both areas....give them a call at 6308399429...they work quickly, know the process and are easy to work with..
0 votes
Edward Mende…, , Elmwood Park, IL
Tue Mar 22, 2011
If you are using the streamlined 203(K) you are allowed to get estimates from each of the professionals that you intend to use. You must provide the bank with a written cost estimate(s) and references from a duly licensed and bonded contractor(s) for each specialized repair or improvement. For example an estimate from the roofing contractor or an estimate from the contractor to replace windows.

Otherwise HUD does not have an approved contractors list, however, it's nice to hire a contractor that has done 203(K) work before, but any contractor you choose must be licensed and bonded and must be willing to complete the work under the HUD payment guidelines. The contractor should be willing to get paid in stages, for example, as construction progresses, funds are released after the work is inspected by a HUD-approved inspector. A maximum of four draw inspections plus a final inspection are allowed.

Ed Mendelson
203(K) Consultant
0 votes
Kvaughn, Home Buyer, 60901
Mon Mar 21, 2011
Thanks, but that website only lists 1 contractor for near me...and at that, they are over an hour away...
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 21, 2011
Consider asking your loan officer for a list of already approved contractors...
0 votes
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