203k contractor Denver

As a Certified 203k Contractor, Great Roofing and Restoration understands the needs and processes involved in an FHA 203k home loan renovation.  

Remember, we’re more than a roofer.  We can handle anything from exterior to interior work.  Roofing, drywall, paint, flooring, you name it!

Throughout the FHA 203k process many steps are involved for both the homeowner and their 203k contractor.  From permits to inspections, draws to final invoicing, our knowledge of the 203k home loan process will assist you in getting your new home (or current) rehabbed to your liking.

Currently Denver is a booming real estate city, with many opportunities to invest in a new home.  How a n FHA 203k loan can help is by providing the funds to fix up a home you want to invest in, without taking money right out of your pocket.

Again, we are a certified 203k Contractor.  That certifications helps us be able to help you through the process.  Here’s a short description of what our education process entails:

Becoming a Certified 203k Contractor by being approved to be listed on the National Directory of Certified 203k Contractors for the FHA 203k loan (click here for national Certified 203k Contractor directory from 203kContractors.com), involves education and testing as well as verification of credentials, references and residential remodel/rehabilitation/construction experience. The 203k Contractor Certification program enables contractors to have the knowledge necessary to master their role as a 203k Contractor, properly and efficiently participate with 203k renovation jobs and to connect with borrowers, lenders, sellers, asset managers and real estate agents who are in need of a Certified 203k Contractor

 

The process is pretty simple.  Let’s say you want to buy a $200,000 home, and want $30,000 in renovations done to it.  This would qualify for a Streamline 203k loan (assuming no structural changes).  The bank would then allow for a disbursement of half the funds up front.  This will allow us to pay our labor bills, while the material is paid for using our accounts.  Once the work is complete the mortgage company would do an inspection and the final total amounts would be released.  Your $200,000 home, now with $30,000 in renovations, is now a $230,000 mortgage.  Most renovations of this kind raise the value of the home beyond the $30,000 investment, which is instant equity for you!

The best part is that even if you already own your home the FHA 203k rehab loan is a great opportunity for refinancing!  You can refinance, hire a 203k contractor in Denver, and then have a full renovation done on your home.

Here are some benefits of using a 203k home loan:

203k Benefits to Buyers/Borrowers

  • Renovate home with little/no additional out-of-pocket expense
  • Low down payment (3.5%)
  • Combine purchase/refinance + rehab funds into one low-interest, tax-deductible mortgage which is based on the improved appraised value
  • Include mortgage payments into 203k if home is not livable during renovations
  • Submit a strong purchase offer if presented properly to seller
  • Buyers face less competition from other buyers to purchase fixer-uppers, foreclosures or older homes that are outdated
  • Better opportunities for “good deals” on home purchases
  • Ability to purchase properties that may not meet FHA standards and complete the repairs/improvements AFTER the home is purchased.
  • Select from a larger selection of properties for sale (in any condition), including condos, townhouses, mixed-us, multi-family, single-family dwellings and those that do not currently meet FHA standards
  • When offer is presented properly to seller, 203k offers may be advantageous in a competing offer situation as the seller does not have to fix-up or repair the property but instead allow the buyer to include these items into their 203k mortgage and complete the improvements after closing using the buyer’s own style and design.

203k Benefits to Home Owners & Sellers

  • Market property to more buyers
  • Allow buyers the opportunity to renovate, upgrade or improve to suit their tastes and preferences
  • No need to settle for low-ball cash offers
  • Current condition of property not required to meet FHA’s property standards
  • Buyer is permitted to correct any property deficiencies after close of escrow
  • No more inspection concerns
  • Absolutely no repairs are required prior to close of escrow
  • Seller not responsible for cost of repairs/improvements
  • Transaction will close with property in “AS-IS condition
  • Closing occurs in 45 days

203k Benefits to Realtors® & Lenders

  • Increase income by selling more homes and originating more loans
  • Raise real estate values by improving homes and neighborhoods
  • Decrease foreclosure inventory
  • Help buyers who previously could not buy homes
  • Help seller/owners with properties in outdated or fix-up condition
  • Spur economic growth by creating job opportunities for the construction/remodeling industry
  • Promote an under-utilized niche program that not many Realtors® or Lenders understand
  • Revitalize your community

Finding a 203k lender in Denver is easy.  Just access this HUD guideline. 

So you may be asking, which 203k loan is right for your renovation?  Whether streamline or full, we are equipped to help you through the entire 203k process.

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).
– 203kContractors.com

Local Reviews
for Denver, Littleton, Arvada, Aurora, Centennial, Castle Rock, Boulder, Fort Collins, Greenwood Village, Parker, Englewood, Lakewood, Westminster, Superior, CO

Rated 5.0 out of 5 stars based on 3 customer reviews

Map of Denver, CO

Fantastic Job!




Great Roofing was just that, Great! Brant and his crew were very professional and courteous. They were able to complete the job on time. They did exactly what I asked for and at the price we discussed. My house looks great!


Map of Denver, CO

Quick, Easy and Informative




Very informative and far less painful than previous experiences dealing with roofing companies. Not the hard sell that is I've seen in the past.


Map of Castle Rock, CO

VERY PATIENCE AND ANCIPATE ALL NEED




VERY KNOWLEDGABLE AND WORKS WELL WITH INSURANCE COMPANY


Brant L.

Brant L.

Meeting with an adjuster in Denver: roof bought

Near W 26th Ave, Denver, CO 80211
Denver, CO - Meeting with an adjuster in Denver: roof bought
Brant L.

Brant L.

Meeting w adjuster in Denver

Near W 26th Ave, Denver, CO 80211
Shaun L.

Shaun L.

Inspection for damage from hail. Will need full roof replacement, gutters and siding.

Near Perry St, Denver, CO 80212
Denver, CO - Inspection for damage from hail. Will need full roof replacement, gutters and siding.
Brant L.

Brant L.

Roofing inspection, hail damage in Denver

Near W Denver Pl, Denver, CO 80211
Denver, CO - Roofing inspection, hail damage in Denver
Brant L.

Brant L.

Meeting with an insurance adjuster in Denver

Near W 26th Ave, Denver, CO 80211
Denver, CO - Meeting with an insurance adjuster in Denver
Brant L.

Brant L.

Meeting with an insurance adjuster in Denver

Near W 26th Ave, Denver, CO 80211
Brant L.

Brant L.

2 layer re-deck. Installing asphalt shingles in Centennial.

Near S Southwood Dr, Centennial, CO 80121
Centennial, CO - 2 layer re-deck. Installing asphalt shingles in Centennial.
Shaun L.

Shaun L.

Inspection for damage from hail. Very minimal damage.

Near Detroit St, Denver, CO 80206
Denver, CO - Inspection for damage from hail. Very minimal damage.
Shaun L.

Shaun L.

Inspection for damage from hail. Very minimal damage.

Near Detroit St, Denver, CO 80206
Shaun L.

Shaun L.

Inspection for damage from hail. Will need full roof replacement and gutters.

Near S Kendall St, Lakewood, CO 80226
Lakewood, CO - Inspection for damage from hail. Will need full roof replacement and gutters.
Shaun L.

Shaun L.

Inspection for damage from hail. Will need full roof replacement and gutters.

Near W 4th Ave, Lakewood, CO 80226
Lakewood, CO - Inspection for damage from hail. Will need full roof replacement and gutters.
Kris L.

Kris L.

Performing pull test at the YMCA Schlessman in Denver. Getting prepared for full roof replacement.

Near E Yale Ave, Denver, CO 80210
Denver, CO - Performing pull test at the YMCA Schlessman in Denver. Getting prepared for full roof replacement.
Kris L.

Kris L.

Performing pull test on YMCA Schlessman roof. Getting prepared for full replacement.

Near E Yale Ave, Denver, CO 80210
Denver, CO - Performing pull test on YMCA Schlessman roof. Getting prepared for full replacement.
Brant L.

Brant L.

Inspecting a steep roof with hail damage in Denver

Near E 9th Ave, Denver, CO 80218
Denver, CO - Inspecting a steep roof with hail damage in Denver
Brant L.

Brant L.

Sexy Flat Roofing Inspection, Golden

Near W 26th Ave, Denver, CO 80211
Denver, CO - Sexy Flat Roofing Inspection, Golden
Brant L.

Brant L.

Sexy Flat Roofing Inspection, Golden

Near Hazel Ct, Denver, CO 80211
Denver, CO - Sexy Flat Roofing Inspection, Golden
Brant L.

Brant L.

Hail damage, roofing inspection in Arvada

Near Yukon Ct, Arvada, CO 80004
Arvada, CO - Hail damage, roofing inspection in Arvada
Kris L.

Kris L.

On an adjustment with Safeco. Roof suffered severe hail damage on 5-8-17

Near W Dakota Dr, Lakewood, CO 80228
Lakewood, CO - On an adjustment with Safeco. Roof suffered severe hail damage on 5-8-17
Brant L.

Brant L.

Meeting with the adjuster to discuss the scope of loss in Denver.

Near Osceola St, Denver, CO 80212
Denver, CO - Meeting with the adjuster to discuss the scope of loss in Denver.
Brant L.

Brant L.

Flat roofing hail damage inspection, Golden

Near Tennyson St, Denver, CO 80212
Denver, CO - Flat roofing hail damage inspection, Golden
Shaun L.

Shaun L.

Inspection for damage from hail. Will need full roof replacement, full gutters and front elevation of siding

Near Fenton Ct, Denver, CO 80212
Denver, CO - Inspection for damage from hail. Will need full roof replacement, full gutters and front elevation of siding
Shaun L.

Shaun L.

Inspection for damage by hail. No damage.

Near S Jellison St, Lakewood, CO 80226
Lakewood, CO - Inspection for damage by hail. No damage.
Shaun L.

Shaun L.

Inspection for damage by hail. 1 slope of roof damaged.

Near S Jellison St, Lakewood, CO 80226
Lakewood, CO - Inspection for damage by hail. 1 slope of roof damaged.
Shaun L.

Shaun L.

Inspection for damage from hail. No damage found.

Near Oneida St, Denver, CO 80207
Denver, CO - Inspection for damage from hail. No damage found.
Brant L.

Brant L.

Hail damage, roofing inspection in Denver

Near Tejon St, Denver, CO 80221
Denver, CO - Hail damage, roofing inspection in Denver

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