hi, i need a 203k approved contractor to completely renovate my home in nassau county, ny

Asked by Gopal, Queens, NY Wed Sep 22, 2010

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Jason Myers, Home Owner, Roslyn Heights, NY
Mon Apr 27, 2015
An FHA 203k contractor is an integral part of the 203K loan program process. Depending on the extent of your repairs and renovation work, there are several contractor requirements and guidelines that must be adhered to when doing 203K repair work.

The general contractor that you wish to engage for completing the rehab work on your residential property also needs to provide certain documents in order to fulfill the loan documentation requirements of FHA 203K loans. Whether you are purchasing or refinancing, the general contractor needs to submit the following paper work:

- All the licensing documentation requirements as mandated by the local municipality and the state in which the contractor is licensed

- Proof of insurance

- References from at least three sources for similar work performed in the past

- The agreement with all the terms and addendum entered between the homeowner and the contractor

- A self-acknowledged detailed profile of the general contractor

- W-9

For standard(K) loans, a detailed and extensive work write-up showing all the repair work and their associated costs must be shown. With the streamline(K), the general contractor must provide clear details of the proposed repairs, and the required labor and materials.

If the homeowner is a general contractor and wishes to handle the repair work, special rules and guidelines apply. Speaking to a FHA lender well versed in dealing with 203(K) loans can guide you through the loan process.
Web Reference:  http://FHA203KLoan.org
4 votes
Directory of FHA approved mortgage lenders with the necessary expertise to handle 203(K) renovation loans in New York:

Flag Tue Jul 26, 2016
Zeolilly, Home Buyer, Fort Worth, TX
Wed Jul 22, 2015
A HUD 203k consultant will also be helpful in the bidding and project management process that involves your 203k contractor. HUD has a detailed list of standards that a 203k contractor must meet, which is why it is highly recommended that you work with a General Contractor who has experience with FHA 203k loans.

Reference Link: http://fhamortgageinfo.com/
3 votes
Paul Welden, Other Pro, Tempe, AZ
Sat Sep 25, 2010
Hi Gopal.

HUD/FHA do not have any restrictions for contractors doing work under the FHA 203(k) loan program. In fact, HUD/FHA do not even require a contractor to do the work (see that detailed info here http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm#PRO ). HUD/FHA allow the lenders making the loans to determe any restrictions/guidelines regarding contractors for the FHA 203(k) loan program. So, check with your lender to learn about any overlays (restrictions/guidelines) that lender has for the 203k loan.

Contractor Directory for the FHA 203(k) Program
(480) 463-4663
Web Reference:  http://203kContractors.com
2 votes
Paul Welden, Other Pro, Tempe, AZ
Sat Sep 25, 2010
Hi Gopal,

You can find 203k Contractors by going to the 203k Contractor Directory located online at http://203kContractors.com . There you will find the knowledgeable/experienced contractors for the FHA 203k loan program. All contractors listed have completed a rigorous 7-step approval process which includes education, testing, consultation, and verification of license, insurance and references.

Contractor Directory for the FHA 203(k) Program
(480) 463-4663
Web Reference:  http://203kContractors.com
1 vote
Anna M Brocco, Agent, Williston Park, NY
Thu Sep 23, 2010
You can also ask your loan officer for a list of approved contractors--or you can choose to work with any licensed contractor, as long as he/she submits the required paperwork is submitted to the lender.
1 vote
Garrett1605, , Douglasville, GA
Wed Sep 29, 2010
Here's my advice--Get a 203K Consultant to inspect the property, even if it’s a Streamline. He will write a full unbiased scope of work or job specifications and price everything out based on what the average contractor would charge. Find any contractor that is both licensed and insured. You can than take his report and have the contractors match his numbers. Stay away from the lenders contractors and Home Depot. You will pay more in the end.

Garrett Feis
0 votes
Keith Gendler, Both Buyer And Seller, Redondo Beach, CA
Wed Sep 29, 2010
There are a number of reputable general contractors in your area offering home improvement or remodeling services. One guy you should talk to before making a final decision is Lou at Turtle Contracting, http://turtlecc.com/ . He's based in Lindenhurst (Suffolk County), but is licensed/insured for Nassau County also. He's been around for more than 20 years but ask for references for your own piece of mind.
Web Reference:  http://turtlecc.com/
0 votes
Gary Smith, Other Pro, Ridgeland, MS
Wed Sep 29, 2010
Paul @ 203KContractors.com is right. HUD leaves the policy making to the lender. Your first stop (and call) should be your lender. Ask:

1. Do they allow self help? HUD allows the buyer to perform some of the work. It's a balancing act and you'll need to prove that you have the skills.
2. Does the lender have a specific contractor they promote? Bank of America promotes Home Depot contractors and does so through participating Lending offices and Home Depot stores.
3. Ask the lender if they have a written policy on what 203K option they offer. Construction rehab with costs above $35,000 (called a Streamlined K) do not "require" the services of a HUD Approved Consultant, but some lenders won't lend unless you include the services of the consultant. The reason being the lender assumes more risk by having to perform construction inspections and contractor qualifications.

Hiring a contractor for the 203k can be tricky. Interview the contractor and ask for references, talk to buyers and check out his/her work experience.

Join our forum to learn more and engage in more 203K conversations.

Gary Smith
203k Consultant/Contractor
Web Reference:  http://www.203kforum.com
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sat Sep 25, 2010
You are not exactly getting accurate information here. If you are planning to only spend $35,000 on renovations, then you can use whatever licensed and insured contractor that you want who is not either a relative of yours, or you are employed by. However, seeing as you are saying that the house is in Roslyn Heights, I am thinking that you probably want to spend more than that. You will then need to have your estimate done by a contractor from an approved list. We were temporarily not doing 203k loans, however we are starting to do them again in another week or so. If you would like to contact me, I would be happy to help you out.
0 votes
Jeff Stone, Agent, Port Washington, NY
Thu Sep 23, 2010
Hi Gopal, as long as the Contractor is Licensed and Insured, you can have any contractor do the job. The Contractor would then have to submit an estimate to the Loan Originator (ie. bank) for approval and for the bank to approve the Contractor. There are two types OF 203K Loans: 1). Streamlined Loan (usually involving one repair/renovation) up to $35k and a faster approval 2). a Loan for over 35k which may take longer because of added documentation (architect's drawings) that involves more renovation. Home Depot can assist you in your endeavor. Good Luck!
0 votes
Nirmala Cara…, Agent, Bronx, NY
Thu Sep 23, 2010
Dear Gopal,

You may want to contact HUD to see if they can refer any specific contractors that have done previous work. I have attached a link to various HUD offices.

Good luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes
Merritt Noel, , Denver, CO
Wed Sep 22, 2010
I live and work in Colorado however I did a quick google search in an effort to try to help you. I have came across this posting on backpage.com( a part of the westword paper).


Here is the direct website for the company that posted their ad on backpage.


I would obviously as for references. I hope you are able to find a reputable 203K contractor.

Best of luck,

Merritt Noel
0 votes
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