203K loans

[Naseera Mohamed]

Is a 203 K loan restrictive as to choosing the contractor, etc ?My mortgage Loan officer tells me it is a tedious process. Is that true? 

[Tony Rogers]

Typically its a draw process where the contractor has to be able to perform the work then the bank releases all or part of the money.  It also depends on the level of rehab, there is a 203K Streamline which consist of repairs of 35K or less (nothing structural).  Then there is a 203K that consist of repairs of 35K or more.