Certified 203k Contractor Directory
To Get Started
Use the map below to locate Certified 203k Contractors. You must zoom in (double click using mouse or use tool on left side of map) to the area where you need a Certified 203k Contractor. Then click on the city marker on the map to locate the Certified 203k Contractors for that specific area. You may also locate the Certified 203k Contractors by going to the Contractor Search page to manually search by city and state and contractor trade.
Through the 203k Contractor Certification Program, contractors receive education on the 203k to help them better understand the complexities, guidelines, paperwork, time lines, compensation structure, lender overlays, necessary and recommended processes, eligible and ineligible items in addition to roles of the various participants (lender, consultant, Realtor®, and consumer) in the 203k. This education is required in order to earn the designation as a Certified 203k Contractor. To verify their 203k Contractor Certification status, contractors will be listed here in the 203k Contractor Directory, should display the Certified 203k Contractor logo and you can also request to see a copy of their Certificate of Approval.
Until 1995, HUD maintained a database of HUD approved builders. Since disbanding that approval status in 1995, HUD/FHA no longer certifies, approves or endorses contractors/builders, including those who want to do work under the 203k program. Instead HUD/FHA allows the customer/borrower to hire whomever they want and requires the lender making the loan to determine that the customer’s/borrower’s selected contractor is "acceptable" to do the work by verifying the contractor’s references, credentials, work experience, education and understanding of the 203k (Mortgagee Letter 00-25). Because lenders do not have an education program for contractors for the 203k loan, contractors complete the 203k Contractor Certification Program to receive the 203k education needed and get listed in the 203k Contractor Directory as the method of validating their understanding, experience, and competency in the FHA 203k loan program. The Certified 203k Contractors listed here on the 203k Contractor Directory have completed the 203k Contractor Certification Program, which means they know the guidelines, paperwork, time lines, compensation structure, lender overlays, necessary steps, recommended processes, eligible and ineligible items, as well as roles of the various participants (lender, 203k consultant, Realtor® and consumer) with the FHA 203k loan.
Preferred 203k Lenders
PURCHASE AND REHAB YOUR HOME WITH AN FHA 203k LOAN
Most home buyers are turned off at the sight or even the thought of a buying a fixer-upper, foreclosure, or an older home today. Educated and informed home buyers, on the other hand, are utilizing the FHA 203k loan to buy and renovate their new homes with little or no additional out-of-pocket expenses. In fact, the FHA 203k loan is a tool used by savvy home buyers and home owners, successful contractors, real estate and mortgage professionals since 1978.
An FHA 203k loan is very similar to the traditional FHA loan (FHA 203(b) loan). The main difference is that with the FHA 203k loan, the home buyer/home owner is adding money to their mortgage loan to finance any repair/improvement costs. Whereas the traditional mortgages require the property to meet certain condition requirements before the loan is funded, the FHA 203k loan allows the borrower to purchase/refinance their home and complete the repairs/improvements after the transaction closes. With the FHA 203k loan, a customer/borrower can repair/improve his/her home without worry about the additional out-of-pocket expenses for the repairs/improvements.
There are two types of FHA 203k loans: Standard/Full 203k and Streamline 203k. The FHA 203k Standard/Full allows for structural modifications, additions, landscaping, and architect and engineer contracting, and requires the use of a HUD approved 203k Consultant. The renovation cost for the Standard/Full 203k version is minimum $5,000 and the maximum is the FHA mortgage limit for the area in which the property is located (up to $1.4Million – some restrictions apply). Click Here to access the maximum FHA mortgage limits for all areas.
The Streamline 203k version, on the other hand, will not allow for structural modifications, landscaping, etc., and renovations have no minimum amount but have a maximum limit of $35,000 (some restrictions apply).
The FHA 203k loan is a great option for many reasons, just to name a few:
203k Benefits to Buyers/Borrowers
203k Benefits to Sellers
203k Benefits to Realtors® & Lenders
The FHA 203k loan program strengthens the real estate market and the economy, because it requires a property to be improved, thereby increasing real estate values, helping neighboring homeowners, invigorating communities, creating work for contractors and suppliers. Simply put, the FHA 203k loan program improves everything associated with it.
With the US Treasury, HUD and housing analysts projecting more foreclosures coming to the real estate market, and Fannie Mae and Freddie Mac reporting approximately ~100,000 unlisted properties in their inventory, and ~6 Million properties nationwide in some stage of foreclosure/delinquency (Shadow Inventory), these fixer-uppers and outdated properties may dominate the Real Estate market for quite a while. So, the FHA 203k loan is and will continue to be an excellent and viable option for home ownership and a very affordable method for existing home owners to pay for renovations/remodeling.
203kContractors.com® hereby disclaims any and all liability for any product or service offered herein and 203kContractors.com® makes no warranties, express or implied, with respect to any product or service offered. Your participation with any of the companies is strictly voluntary and is solely between you and the offerer of the product or service. Nothing herein shall be deemed to be an approval, endorsement or recommendation of product or service. The designation of the Certified 203k Contractor does not represent and should not be construed as a guarantee or certification of the quality or fitness of the designation holder’s work product. The conferral of a designation represents only the affirmation that the individual designation holder has completed the stipulated requirements of the respective designation program. Although 203kContractors.com® tries to ensure that all information, whether in relation to the products, services, offerings or otherwise (“Information”) is correct, 203kContractors.com® does not guarantee the accuracy of the Information and makes no representations or warranties as to the completeness or accuracy of the Information. You agree that 203kContractors.com® shall not be responsible or liable for any loss or damage of any sort incurred as the result of any business dealings you have with the offerer of any product or service.
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