FHA 203k

[Kevin Mejia]

Does the lender chose my contractor or I can chose myself ? Im going with the FHA 203k because I plan on living on the property for a while as well as renting out the other units. Why is this one difficult compared to the regular FHA I really need guidance. Thank you

[Michael Young]

Sorry no one has addressed this for you up till now. For the most part it is more difficult because it is perceived to be more difficult. Two things for you to remember when doing a 203k loan.

1) YOU are the boss

2) YOU are the boss

You are the lender's boss, you are the contractor's boss, you are the consultant's boss for a while in the process. YOU are responsible for choosing the contractor. The lender is responsible for providing you with a consultant but if you don't like the consultant, ask for another one. See, you are the boss. If anyone tells you that you must use a particular contractor you might think about terminating them and getting someone that doesn't have that propensity. 

Many times we are pushed to close fast and you may not be finished searching for a contractor, you can actually change contractors any time before they start working on the project or until you exchange money for their services. I'm not providing legal council here. Seek an attorney if comes down to doing something like this.