What It Takes to Be a 203k Contractor
In order to be a successful 203K contractor, a construction company must be able to operate under HUD's rules for the 203k loan program. Some of these requirements are quite contractor-unfriendly, so it can often be difficult to find a company that is qualified or even interested in doing this work.
203k Process Overview
This describes a typical step-by-step application/mortgage origination process for a transaction involving the purchase and rehabilitation of a property. It explains the role of HUD, the mortgage lender, the contractor, the borrower, consultant, the plan reviewer, appraiser and the inspector.
203k Program Overview
The Section 203k program is the FHA’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
203k Questions & Answers
The following are commonly asked questions about the 203k program. For more information, please feel free to contact us directly. All information is excerpted from HUD's Website.
Expedite Your 203k Renovation. Work With A Contractor That Knows The Process.
The Department of Housing and Urban Development designed the 203k Loan Program to give home buyers the opportunity to purchase a house and turn it into the “home” they want. Because we’ve completed many projects funded by this program, New City Construction understands the complexities of 203k loans and their unique process.
