HAND and Contractors

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    I have minor closed, but am about to without addressing repairs. All of the contractors on the list are asking to see the reports and promising to call back but they don’t. I have been talking with others in different states going through the same ordeal. One member is about to default because she hasn’t succeeded in getting repairs completed since May 2019.
    What are some alternatives? What happens to the rehab loan if you make repairs out of pocket, as you go, but not with NACA approved contractors?


    It is my understanding that you need to submit the receipts of the work done. Those receipts must be from naca approved contractors. You do not need to use the list provided. You can just like an outside real estate agent use a non naca contractor as long as they agree to become naca approved. It’s a very simple process that essentially just involves filling out a form. One thing to keep in mind since standard for contracting work is to provide a 50% deposit in order to secure materials and the remaining due after completion with naca there will be zero down payment and 100% due after completion. The contractor must be able to secure the materials with their own funds i.e. a larger reputable company will always be able to do this. Joe the handyman probably will not.

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