@John Wargo
All work on any 203k has a maximum completion time of 6 months but can be less depending on renovations being done.
There are also intermittent deadlines depending on the version of the 203k that is being done.
Contractors doing 203k work are NEVER vetted by the HUD consultant.
Contractors are selected by the borrower and the lender must verify their credentials and experience to ensure they can do the project.
Any contractor that meets the minimum licensing and insurance requirements for their jurisdiction can technically be allowed to do the work. Heck, even the borrower can do their own work.
But just because someone is allowed doesn’t mean they are qualified or prepared to do 203k work.
Contractors should know the different versions of the 203k, what is and is not allowed, timelines, guidelines, paperwork, processes, compensation structure, etc. they should also be financially sound bc there’s no $ upfront for these contractors 99.9% of the time.
Maybe best to use contractors who know and understand the 203k, such as Certified 203k Contractors
Hope this helps!
