Re: 203K Loan Question

[Richard Morency]

Hello, 

I am looking at purchasing a multi-family property using a 203K loan and I was speaking with my mortgage lender. He advised me that in order to get the loan I would be required to use a general contractor on a pre-approved list by the bank. However, I already have a group of subcontractors that I want to do the needed repairs for a better price. How do I get the bank to approve one of my contractors or myself as the general contractor in order to get the repairs done?

Thank you for your advice!

Richard