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  - 203K Guide 101

Apply for a 203k home repair loan

 Qualify your Contractor

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It is recommended that you obtain multiple contractor bids before selecting a single contractor.

Sun West does its diligence to complete additional research on a contractor.

To qualify your contractor with Sun West, the following documents must be submitted for review:

Contractor Profile/Resume including: credentials, licensing information, work experience, type of work performed, and client references(as per ML 00-25).

Copy of the Contractor License: must not expire prior to the completion date of the project.

Liability Insurance: must not expire prior to the completion date of the project with coverage relative to the complexity of the project. Typical coverage is $1,000,000.

Signed "Information for Contractor" form or equivalent to show the contractor's validation of the information regarding the 203(k) program.

Assets: must cover the material cost of repairs performed by the particular contractor. As a reminder, only the Limited 203(k) loan will be allowed an initial draw for documented materials up to 50% of the total rehabilitation cost.

  The Contractor Bid should be in line with the current market labor and material costs.

If a Consultant is involved, the Contractor Bid must mirror the Consultant's Work Write-up and/or Specification of Repairs.

The bid must be written in an itemized line-by-line format that breaks down labor and material costs.

The bid must include: the contractor's contact, license information and the subject property address.

A Plot Plan is required for the site that will have new additions and/or improvements made to the structure.

A Proposed Interior Plan of the dwelling is required to adequately display where the structural changes are contemplated, including any additions to the dwelling.

Collect Contractor Documents

W-9: To obtain the Contractor's taxpayer's identification number, all Contractors must complete this IRS form. If a General Contractor is used, then only the General Contractor will need to complete the required paperwork.

Homeowner/Contractor Agreement: All borrowers and contractors must complete this form. The written agreement states that the Contractor will complete the specified rehabilitation for the amount of the bid (cost estimate) and within the allotted time frame.

203(k) Rehab Guide Quick Jump

203(k) Rehab Loan FAQs


Sun West Mortgage Company holds over 30 years of lending experience with a reputation of providing excellent customer service.

At Sun West, the complete loan cycle is processed in-house. From origination to underwriting and servicing, Sun West ensures you receive a simpler, faster, more direct borrowing experience with no back and forth intricacies. To see if you are pre-qualified or to obtain more information, call (866) 740 3677.

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