“Unfortunately, No”

“Unfortunately, No”

 

 

 

Hi Joe

Quick question - On the loans that you mentioned is there any chance we can GC ourselves?

We are struggling with getting pricing from GC's but Jan and I have a lot of experience and contacts in the business and would be able to successfully Oversee the project. Please let us know ASAP.

Thanks.

 

 

Even though we have a couple of lenders that will allow someone to build their own home it can’t be done for a FHA 203K loan. There are a couple of minor exceptions, but it does not apply in this situation.

 

Lenders are always looking for third party licensed contractors. If there is ever a problem they don’t want the problem to involve the borrower.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • June 27 2018 05:36PM

Comments

Buyers can get frustrated by this rule, but it's supposed to protect the buyers.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) about 2 months ago

Good morning Joe. Lowering risk is the goal and lenders want lower ris! Enjoy your day.

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 2 months ago

I have never done a 203K but have known the rules for awhile. I would leave this to the profrssdionals to GC becasue even though over the years it has simpified it still isn't simple.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) about 2 months ago

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