According to FHA and HUD guidelines, a 203k borrower could use anyone to remodel the home. However whatever work is done on a 203k project must meet HUD/FHA minimum standards. A 203k contractor is trained on the HUD/FHA standards, and their previous work has been verified to be above compliancy standards.
For Standard/Full 203k projects, the work done must also meet local and state building standards. Structural work must be inspected by local building inspectors, as well as by a 203k inspector. In times past, lenders have stepped in to remove an inexperienced contractor because their work does not pass inspection. This of course creates delays due to finding a new contractor.
A 203k contractor is familiar with and has experience with all the paperwork and procedures. No one wants an incorrect form holding up their home remodel. Clearly, the easiest way to progress through your 203k remodeling project is with a 203k contractor!
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