HAND Reno Process

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This topic contains 2 replies, has 3 voices, and was last updated by  CDlug 8 months ago.

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  • #36396

    BTill513937
    Member

    Hi,

    I’ve closed on my loan and am now in the process of working with HAND to complete a small reno. I am having a very hard time finding a licensed contractor to do the work under budget. In the meanwhile I’m doing my research and believe I can do the necessary work myself. However, I’d like to now use my HAND funds solely for materials. Does anyone know if this is possible?

    #36809

    TTrumble
    Member

    Hello BTill513937,

    I’m afraid doing the work yourself is not going to be an option. All work paid for either by the seller or with rehab funds from the loan must be done by properly licensed and insured tradespeople.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #36824

    CDlug
    Member

    We are at the very end of our HAND reno process and would not recommend it to anyone. We were lucky enough to have a family member that was a licensed contractor who agreed to jump through HAND’s hoops and become a certified NACA contractor so that we could get all new windows at cost. (Not to mention there were NO contractors in our area that would work with NACA besides one HVAC professional.)

    I am so grateful to NACA for helping us purchase a great home at an extremely low-interest rate. I didn’t mind the frustration of paperwork and ancient systems during the purchase process but the HAND rehab process has been a whole different story. If you can avoid going through the HAND department and figure out the rehab items out of pocket, do it. Can you have the HAND funds be applied to your loan principle? It is a headache that you will be glad you avoided.

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