^ anyone familiar with 203K loans?

[brit]

Many of the homes we're looking at fall well beneath our budget but need quite a bit of TLC. I've been doing some research on the 203K Streamlined (<$35K) and it seems like it might be a good option. Curious if anyone has personal experience. My goal this week is to find a lender that has experience with HUD loans.

[Deleted]

Yes, I closed on a 203k last year. What questions do you have?

[brit]

I'm specifically looking at the Streamline (between $5-35k). Am I reading correctly that it is not necessary to hire a general contractor? Also, are we able to use some of the money for supplies and do the labor ourselves (for example, painting)? Is the money distributed to us and then we pay our subs/stores/etc or is the money direct distributed to the contractors? Is it necessary to have an inspection when the work is complete? Did you find that the rate was competitive with regular FHA loan rates? What other fees are associated with the 203K that are not found with a regular FHA loan? Thanks in advance for your help! My hope is to get ahold of a loan officer familiar with these loans this week.