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closed on FHA 203k mortgage


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One of the conditions that came back was to provide a P&l and also a balance sheet for our business since we are self employed. That is a new requirement with FHA with no exceptions! They asked for it to be from a CPA which we do not use. I just gave underwriter documents from quickbooks that I use and it was excepted. closed in 60 days. Just remember that they use net numbers not gross and you should be good to go.

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Great to hear. I am actually just entering into that process. I have read on the FHA website, and heard from my mortgage broker, that they are pretty strict about allowing you to do work yourself. I and contracting out the roof, mold remediation, all the big projects. But I used to be a contractor 20 years ago, and can absolutely do laminate floors, bathroom remodels, countertops, painting, etc myself. It was explained to me that work needs to be done by a licensed contractor, or if I am undertaking projects myself, I need to be able to document my skills and prove my finished product will be at professional level so that the expected value is added to the home? I doubt they would accept 20 year old references, and I doubt they would accept pictures of the remodeling I have done to my current home. How can I prove that I can handle the more mundane tasks, and how strictly are they going to ride me? Appreciate any info. Thanks!

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