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Old 05-01-2009, 12:59 PM
38 posts, read 169,125 times
Reputation: 13


It looks like the bank is going to accept our offer on a home. It is in the final stage of approval, after going through the counter-offer process. Over the weekend, the previous owners removed all of the appliances from the home. Coupled with a few missing shingles on the roof (no leaking though) and the fact that one of the rooms has windows too high for escapability, we think that a streamline 203k loan may be our best option on this house.

Can anyone walk us through the steps? Once we receive the signed contract from the bank, do we have the FHA appraisal first, or the home inspection? What will we need to do to close? Are the closing costs going to be higher? Should we be looking for a contractor now for the window? Pricing on appliances? As far as I can tell, we won't need the consultant because this is a streamline - is this correct?
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Old 05-01-2009, 01:07 PM
Location: Summerville, SC
1,149 posts, read 3,809,825 times
Reputation: 1119
We are in the middle of doing this process as well. My husband is handling most of the nitty gritty details, but so far I can tell you the order we went through:

1) Offer accepted on house
2) Had a home inspection
3) Had several general contractors come in, then provide us with his estimate for repairs *
4) Gave this estimate to our loan officer

* I highly recommend you do this very soon after the home inspection. Contractors are notoriously slow, and you really should be dealing with more than one for estimates.

Not sure about the consultant - I'll ask my husband when he gets home. Keep in mind, you need EVERYTHING to be signed off by a LICENSED contractor, even work you do yourself, and the funds get disbursed through the contractor as well. It can be a bit aggravating, from what we are experiencing.
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