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Sample 203k contractor bid

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All labor and materials are included in this final BID and that property will be habitable within 30 days of closing. We acknowledge that 50 draw will be at closing and remaining 50 will be after completion and final satisfactory inspection by lender. Each location must have an itemized list of material and labor for each improvement and details of work to be done. No structural repairs included in this Bid. Contractor must include all sub-contractor s names next to work being done.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is it hard to qualify for an FHA 203k loan?

Credit score: You'll need a credit score of at least 500 to qualify for an FHA 203(k) loan, though some lenders may have a higher minimum. Down payment: The minimum down payment for a 203(k) loan is 3.5% if your credit score is 580 or higher. You'll have to put down 10% if your credit score is between 500 and 579.

When using the FHA 203 K program the minimum amount for the rehab costs must be at least?

The cost of the rehabilitation must be at least $5,000, but the total value of the property must still fall within the FHA mortgage limit for the area.

Can I add a bathroom with 203k loan?

You can add bedrooms or bathrooms, expand a kitchen or dining room or even add a second story to the home. The FHA 203(k) covers home improvement projects from simple repairs to structural upgrades.

How much can you borrow on a 203k loan?

What is the maximum 203k loan amount? You can borrow up to 110% of the property's proposed future value, or the home price plus repair costs, whichever is less. But note that your total purchase price plus repair costs must still fall within FHA loan limits for the area.