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I was approached by a referal this weekend to do work under a U.R.A. loan in the Housing Recovery Program. I had first thought she said H.U.D./F.H.A. and called them today to get the info on what was required of me. After being transfered thru the whole building, the head guy said nothing was required, just go to work! I ran into a local contractor on the way to the jobsite, and he had worked a few F.H.A. loan jobs and said I needed to open a bank account to their local bank with a min. $500 balance, hold a min. $600K liability and get “registered” “downtown”. He was in the middle of fighting with concrete that was setting fast so I didn’t push for details. I’m still curious about that now that I was given two different answers.
Now, to the new info I got today. The loan is thru the U.R.A. in the Housing Recovery Program. Anyone know anything about working with these loans? Are there specific requirements I , as the contractor, must meet? Any problems with the pay schedule? Anything to look out for ?
My buddy, the contractor playing with concrete, said he’s had nothing but problems with the F.H.A. Are these type of projects worth doing (if you just do a few a year), or is the Gov. paperwork just too much of a pain to deal with? What would prevent the contractor from making a buck just like any other job? Thanks, Jeff
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I was approached by a referal this weekend to do work under a U.R.A. loan in the Housing Recovery Program. I had first thought she said H.U.D./F.H.A. and called them today to get the info on what was required of me. After being transfered thru the whole building, the head guy said nothing was required, just go to work! I ran into a local contractor on the way to the jobsite, and he had worked a few F.H.A. loan jobs and said I needed to open a bank account to their local bank with a min. $500 balance, hold a min. $600K liability and get "registered" "downtown". He was in the middle of fighting with concrete that was setting fast so I didn't push for details. I'm still curious about that now that I was given two different answers.
Now, to the new info I got today. The loan is thru the U.R.A. in the Housing Recovery Program. Anyone know anything about working with these loans? Are there specific requirements I , as the contractor, must meet? Any problems with the pay schedule? Anything to look out for ?
My buddy, the contractor playing with concrete, said he's had nothing but problems with the F.H.A. Are these type of projects worth doing (if you just do a few a year), or is the Gov. paperwork just too much of a pain to deal with? What would prevent the contractor from making a buck just like any other job? Thanks, Jeff