Has anyone used Fha 203k Loans in Colorado?

[Vince Coleman]

Currently looking into the FHA203K loan and I was wondering if anyone in Colorado could share their experience, where they invested and what you would do differently after already going through it. 

Thanks 

Vincent Coleman 

[Paul Welden]

@Vince Coleman

Best advice is to organize the most qualified 203k Team possible. This includes the Lender, Contractor, & Realtor. 

Lender - need to have verifiable 203k experience. The 203k lender controls the process, calls the shots, and manages the paperwork, funds the loan, selects the 203k Consultant, etc.

Contractor - any licensed, bonded, insured contractor is allowed to do the work, but that doesn't mean they know the different versions of the 203k , familiar with the unique 203k paperwork, processes, timelines, compensation structure, nuances, etc. Best to use a contractor who has been properly educated on the 203k, has sufficiently strong financials to pay for the startup costs and ongoing expenses for the 203k project. There is an accreditation called Certified 203k Contractor that verifies all that for you. 

Realtor - need one who is not afraid of the 203k, can identify properties where the 203k can be used, and who can write the offer paperwork properly according to HUD guidelines.

You're only as strong as your weakest link --- select your partners wisely. 

Hope this helps!