How contractors get paid when using a fha 203k loan.
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@alexmlo1 5 ай бұрын
Get a hard money loan to pay the contractor upfront, then get pay off the hard money lender once the lender releases the draw. Get things moving quicker
@user-gz8ei7wt8r Жыл бұрын
The 203k program does all allow for up-front money. It can be no more than 50% of the material line items as defined by the consultant on the SOR. However, sometimes this is lender specific and they all do things differently.
@alake33558 Жыл бұрын
Thank you for this.
@Jennifr1966 11 ай бұрын
I think most contractors expect this. When my mom had to have a lot of repairs, contractors made us put down 33%, then requested more as they went along.
@mannyo7102 Жыл бұрын
What episode is this one. ? I always wondered if contractors shy away from this
@thereformedrayray Жыл бұрын
💎 🔥
@PYLMedia7 Жыл бұрын
Is a 203k loan easier to get versus a regular FHA type mortgage?
@Jennifr1966 11 ай бұрын
I think it IS, as far as credit is concerned, 203k will accept lower credit score. But I Also saw that you have to use contractors approved by them. (In my onion, that's better!)
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