 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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 Posted: Thu Apr 09, 2009 10:41 am Post subject: |
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if you are trying to obtain a 203k loan, and want to complete most of the work on your own, you're going to have to be able to demonstrate that you have the expertise and the time to do such work for your lender. that is a first step.
once you close on your loan, the seller of the home gets paid off, and realtors, etc. get paid also. the repair money goes into an escrow account. once you've finished the work, you can request a disbursement of the funds held in escrow to pay the cost of repairs, including materials, etc. you'll have to finish all of the work entailed before you can get this disbursement.
so yes, you have to "dish out the cash" and get paid for it later.
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George M. Akerley
Loan Consultant
860-221-5044 |
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