203k loan work may not be able to be completed at quoted price .

[Douglas Chasse]

I have closed on a 3 family house hack using a 203k loan . The general contractor is supposed to upgrade electrical so each unit is on its own meter and add two heating systems. The whole house is currently heated by one large steam boiler. The subcontractors quotes seem to be coming in over budget and the general contractor although easy to deal with has gotten nothing done for 3 months . What happens if they can’t get it done for the quoted price ? I have already got the units I’m not living in rented and have great tenants . It sucks paying for their heat but the numbers are still working . Can the mortgage company call me on my note if the contractor can not complete work ? What if the contractor can only get one of the heating installed at this price ? What are my options ?