203K Contractors and Cost Consultants

Hello Homebuyers and Homeowners…

In case you weren’t sure about this, you are allowed to select your own Contactor and Cost Consultant(if needed) on a 203k loan. Below are some links to where you can find these licensed sources plus additional information to help you.

Get Contractor information here:
http://www.cslb.ca.gov/Consumers/HireAContractor/

Find an FHA Cost Consultant here
https://entp.hud.gov/idapp/html/f17cnsltdata.cfm

Get Termite Company or inspector information here
http://www.pestboard.ca.gov/about/consumer.shtml

Check the Better Business Bureau here
http://www.la.bbb.org/BusinessFind.aspx

 

 


2 Comments

  • David

    Reply Reply July 16, 2012

    These consultants are part of the problem with this loan. They are pushed down the throat of the borrower just to drive up the mortgage amount. This is just another loophole for extra unwarranted charges, opened up by the government with no oversight.

    • David Asked:

      These consultants are part of the problem with this loan. They are pushed down the throat of the borrower just to drive up the mortgage amount. This is just another loophole for extra unwarranted charges, opened up by the government with no oversight.

      203k Mortgage Lender’s Answer:

      Hi David,

      A good consultant can be very useful considering they are the go between the lender and borrower on typically the larger amounts or more complex improvements. Not all are equal so picking the right one can make a difference. Typically the borrower can choose who they want to work with and are only required depending on the type of 203k loan…standard or streamline and depending on the lender.

      As a suggestion if you do need a consultant then find out what you can expect from them that will assist you in your transaction. Hopefully then can convince you that you are getting your monies worth. After everything is said and done the lender just wants to make sure all was fulfilled that was proposed…someone has to do it, right?

      Best of luck

Leave A Response

* Denotes Required Field