203k loan questions/ suggestions.

[Brandon Rixstine]

Hello everyone, pretty recent member here at BP with lots of questions about the 203k loan from the FHA. I was wondering how long the process it is to get started with the loan approval and everything. Im looking into a property in Wisconsin but still located in Illionios. How would I find contractors that are 203k certified? Will the lender walk through and approve all the work that is done or will the general contractor be the one to do that? Anything that I should be looking out for or should be expecting during this process? This will be the first time buying a home so even the thought of it makes me a little antsy. The unit im looking at is 4/4 duplex that is 1600 sq. the exterior was renovated by the city which from pictures seems to be in good condition. There are no pictures on the inside so im assuming that is were all or most of the work is going to be needed. Last question would be if there was any way i can protect myself from fraudulent work from contractors, if so what would be the best way

[Joshua Martin]

@Brandon Rixstine Where is this thing? City rehabbed historic home? Cold Spring Park? Another thing to watch out for is if the city is putting money into the property it might have historic preservation requirements that could make it even more costly. I did a 203k loan on a four family last year. it was a great way to buy a property. PM me of you want to get on the phone and hear about it, I could also steer you in the direction of lenders, 203k consultants (depending on the scope of work), and contractors that are familiar with them. Best of luck, JTM