Results 1 to 3 of 3
Thread: Dealing with an FHA loan
08-08-2004, 10:47 AM #1Regular Guest
- Join Date
- Jun 2003
Has anyone done a job where the homeowner has an FHA loan? We just went to estimate a home that is being rebuilt after a fire and the job is being financed with an FHA loan. The homeowner said that we were the first company that didnt run when she mentioned the FHA.
Should we stay away from it? Our main concern is, will we get paid for the job when the bank says we will. Any good or bad stories would be appreciated since we have never come across this situation before.
08-08-2004, 11:40 AM #2Professional Member
- Join Date
- Sep 2002
Why? the customer is getting the loan so the money there
if she been approved.
If you are dealing with her on price and she paying the bill what the issue?
However if you are doing work thru and for fha then the
money still there it just not enough to do a proper job.
The lowest bidder wins if you will.
This is properly the reason why most contractor are walking
away from it.
I have a guy in my area and all he does is fha work.But then
he content with just something to eat,if you know what i mean.
08-08-2004, 04:10 PM #3
You need to check to see exactly what the homeowner means by an "FHA" loan. FHA does have a program where a homeowner get the loan based on what the house is worth "after" all renovation and work is completed. But you may not get paid until the loan is made which could be months to a year or more. And you will be dealing directly with FHA inspectors and tons of paperwork.
You best find out in advance."The American Republic will endure until the day Congress discovers it can bribe the public with the public's own money.
- Alexis de Toqueville, 1835