Posted by Brent_IL on September 08, 2003 at 09:50:53:
I learned on CREonline.com that HUD placed a moratorium on investor participation in the 203(k) program in 1996. They don?t seem to be too concerned about lifting it anytime soon. For owner-occupiers, it works out O.K. I know these loans are still being made. You can call the local FHA office and they will tell you who is making 203(K) loans.
Question about 203K - Posted by Carlos Ruano
Posted by Carlos Ruano on September 05, 2003 at 10:11:13:
My question is: my wife and I are refinancing our triplex via a 203K loan. We are having quite a bit of work done and I would like to know what I would have to do in order to get paid to do some of the work myself. We already have two contractors that will do most of the work, and I understand that if not all of the money is used while doing the repairs/changes that we want, then the left over money can either be rolled into the mortgage (to help pay off), or we can use the money to do other work. I would like to know if there is a way that I can hire myself, or if the contractor that we hired can hire me to do some of the work so that I can get paid. If it matters, I live in PA.
Any input would be greatly appreciated. Thanks!
Carlos Ruano
Re: Question about 203K - Posted by Linda Simms
Posted by Linda Simms on September 05, 2003 at 16:50:51:
Easy answer, probably so. The 203K loans I have had were somwhat lienent. But what you have to do is get that answer from the 203K people who gave you the loan. You should be able to work something out if you are flexible and you put it to them in the right manner.
discounts on 203 k work - Posted by RR Smith
Posted by RR Smith on September 06, 2003 at 19:48:55:
When contracting for 203 k improvements/repairs…you can not get paid as the owner for doing any of the work(your labor). This is not to say that you could NOT find a contractor that would work with you as far as getting a discount for “helping” especially in a team effort…ie most flooring and cabinet work…painting…etc etc…anything with a team of 2 or 3 people and including a helper (the owner?). This is not against the “rules” the last time I checked…although it seems to go against the spirit of “not paying the owner for labor.”
Re: discounts on 203 k work - Posted by Brenda Whittaker
Posted by Brenda Whittaker on September 08, 2003 at 24:15:20:
I was told by a government agency that 203K no longer exsists. Where are you finding 203K loans?
Re: discounts on 203 k work - Posted by Liliana
Posted by Liliana on September 09, 2003 at 08:38:23:
Hi,
I’m Carlos’ wife…We refinance via a 203K w/a Mortage in Forth Washington PA, its called InterCounty Mortgage, their 800# 800-498-4890.
Liliana