Need a contract with general contractor when doing 203k?

[David Young]

I have a house under contract (Lakeland, FL) that has an attached MIL suite/efficiency apartment.  I plan on renting the apt to offset the mortgage.

The place needed a little work (fix up one room, new floors, putting in whole new kitchen), so I got an FHA 203k loan - streamlined version. We have the home under contract for $205,000 and are going to put about $28,000 into it with the 203k.

I have a general contractor lined up who has already walked through it and submitted quotes to the bank for me.  I've signed about a thousand docs with the bank, but I was wondering...

Do I need to have a separate contract between just me and the contractor?  Or is his contract with the bank enough?

I'll admit, I need to go back and comb through some of the language on all of the 203k loan docs that I and he have signed so to see what his obligations are, but thought someone here might have experience in this area that they could share.

Many thanks!

David

[David Young]

@Adrian Smude - awesome.  Just checked out your profile.  Looks like you are up to some great stuff.

After we get this one settled, I'm hoping to land 1 or 2 multifamilies in 2017.  Will likely look for a 4-plex first, then hopefully something a little bigger on the next one.

@Richard Leyba tejada - thanks for getting in touch.  I'll give you a ring!