203K loan process and information

[Colby Fuller]

Hi there BP community, who has had experience with a 203K loan? I know there is two types, one for over $35K and the streamlined version for under $35K. Can you do a streamlined 203K loan in conjunction with a VA loan? Can you do the work yourself or do you have to hire a contractor recommended by the bank? Have your experiences been good? Bad? Any tips for me? Thank you very much for any info!

[John Warren]

@Colby Fuller I am representing buyers using a streamlined FHA 203k loan here in Berwyn, IL where I do a lot of business. You have to have a GC to handle distributions from the loan company, unless you are a GC, in which case you may be able to do our own work. I am not a lender, so you would need to check if there are any VA construction loans available. The 203k program is an FHA product though, so even if there are VA construction loans they would be called something else.