DC Contractors Approved by Fannie Mae HomeStyle Loan Program

[Tiana O.]

Hey BP Fam, looking to buy a property in DC with the Fannie Mae Homestyle Purchase and Renovation Loan. It's a complete gut job. Are there any DC area contractors who have worked under this loan before? Over the next month, I will be looking for contractor bids. More importantly, I'm trying to get an idea of what to expect during the renovation process. I've read that contractors don't get paid until the final inspection with the Homestyle Loan. However, on some of my past projects, contractors asked for half up front (as a deposit, and also to buy materials). Any information you all have would be helpful.