How does the 203k loan program work? The process for an FHA.. (OnlyFans)

How does the 203k loan program work?
 
 The process for an FHA 203k loan is like that of regular home buying, with some modifications:
 
 Apply with a 203k-approved lender
 Get approved for the loan
 Choose a contractor
 Get ‘bids’ (estimates for the repairs)
 Close the loan
 Complete repairs
 Move in
 Receiving a final approval involves lining up contractors and receiving bids, and some additional hoops to jump through.
 
 Don’t get stressed at this process, though. The 203k lender will drive the process and guide you through. You’re not on your own!
 
 Choose your projects 
 
 The first step is deciding which home improvements you want to do (see “What kind of repairs can I do?” below).
 
 The lender will require any safety or health hazards to be addressed first – things like mold, broken windows, lead-based paint, and missing handrails.
 
 From there, choose which cosmetic items you want to take care of.
 
 For instance, say you want to replace appliances, add granite in the kitchen, and gut the bathroom. Those are all acceptable projects for the loan.
 
 Choose your contractors
 
 Once you’ve got your project list together, find contractors.
 
 The contractors must be licensed and insured, and typically have to be in full-time business. You can’t use buddies who do construction on the side, and you typically can’t do the work yourself unless you’re a contractor by profession.
 
 Best results will come from super-experienced and professional remodeling firms that have done at least one 203k renovation in the past. 
 
 Remember: your entire project can be held up by one contractor that is unwillingg to complete the necessary forms.
 
 You might even go so far as to write the 203k paperwork requirements into the contractor agreement.
 
 Get your bids 
 
 Once your contractor is on board with helping you complete your loan, get official bids. Make sure the bids aren’t guesses. They must be completely accurate. 
 
 The reason is that the lender will submit final bids to the appraiser, who builds the value of the work into the future value of the property, upon which your loan is based.
 
 Changing bid dollar amounts later could incur additional appraisal costs and trigger re-approval with the lender. Again, make sure your contractor knows all this!
 
 Submit everything to the lender
 
 By this point, the lender will have your income, asset, and credit report information. Once it has all the required bid paperwork, your loan can go to final approval.
 
 Close the loan
 
 You will sign final mortgage documents, and the house is officially yours.
 
 The contractor starts work
 
 Once the loan is finalized, the contractors can start the home improvements. Depending on the extent of the repairs, you may be able to move in at the same time.
 
 For bigger projects, arrange to live somewhere else until work is complete. You can finance up to six months of mortgage payments into your loan amount to allow room in your budget to do so.
 
 Move in and enjoy
 
 The work is complete, and you’re the owner of a beautiful new home.
 
 You’ve probably built a ton of equity in a short time, and you didn’t have to engage in a bidding war to buy your ideal home.