How to Find Professional FHA 203k Contractors and Loan Officers

Posted on November 7th, 2012

How to Find Professional FHA 203k Contractors and Loan Officers

How to Find Professional FHA 203k Contractors and Loan Officers

You do not have to scour the market for an fha 203k loan officer that is certified. This is because there are no official certification exams, because certification is not necessary. However you do have to find one that is properly trained in 203k loans and will be able to give you the right advice. These are the only certified 203k contractors, who will help you with your loan.

You should do your homework and research a loan officer to ensure that they are experienced and knowledgeable in these types of loans. Do not rely on a Real Estate broker to know about this, as this is not their field. Search out lenders who are trained professionals. They should know about contractors and what the specific rules are for these loans.

You can search for lenders who specialize in these loans to find an expert who will help you. There are many websites online advertising 203k loans. You should find the ones that are serving your local area and have an established business. They should have a couple of ways to contact them and an 800 number to make an appointment.

How can you be sure that they are properly trained? Firstly you should meet with the contractor and talk to them face to face. There is nothing like a one on one meeting to be sure that you are speaking to a professional, knowledgeable loan officers. You can ask the pertinent questions and if they are knowledgeable about fha 203k loans they will give you the appropriate answers.

The purpose of the loan should be discussed in detail. There are many different reasons that you might need a 203k. You could be just renovating your house and need to give it a face lift or be doing some home repairs. Whatever the reason you will need to know the terms of the fha 203k loan and how to proceed.

Be sure that the contractor is knowledgeable enough to be able to tell you exactly how the loan works. This will include the length of it and how much the monthly payment will be. Always be sure you understand how much money you will be paying per month towards the loan. Also try to ascertain how much interest you will paying. Remember that all loan officers are not the same and you may be wise to shop around for the best price.

Be sure that the certified 203k contractor loan officer can “float the job.” this means that they should be able to finance the loan quickly and efficiently. If they are experienced in an fha 203k loan they will be able to close the deal in 30 days. You must do your homework fast as well and have a contractor ready. Many times the loan officer will have a list of contractors for the job. You are not bound to particular contractors but may find it convenient to use a contractor from this list.

It is important that the contractor knows that they will not be paid until the job is done. This is part of the job of the loan officer when they find a certified 203k contractor. It is also their job to check out the contractors on their list to ensure they are a reliable business. They should also check on their licenses and EDO insurance. If you have any doubts about contractors you can look them up on the certified contractors’ directory. You can always trust this directory as the contractors’ have to go through a 30 day training to qualify for the list. Additionally they take a test to be able to be on the list and if successful will be awarded a logo. When you see this you know that they have been trained and understand the program.

With proper diligence you will be able to find good certified 203k contractors. You will need to do your research to find them and then check them out personally. An fha 203k loan Is not hard to achieve, you just need professional and knowledgeable loan officers working with you. They will know where to find reliable contractors who know and understand the program.

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