Contractors who want to become a Certified 203k Contractor in Alabama and get listed in the 203k Contractor Directory should Click Here to complete the online application at 203kContractors.com.

Information
Becoming a Certified 203k Contractor and getting approved to be listed on the 203k Contractor Directory, involves education and testing as well as verification of credentials, references and work experience. The 203k Contractor Certification Program enables contractors to have the knowledge necessary to master their role as a 203k Contractor and to connect with borrowers, lenders, asset managers and real estate agents who are in need of a Certified 203k Contractor in Alabama for their FHA 203k loan needs.

The 203k Contractor Certification Program contains the education course for contractors for the FHA 203k loan and assures the borrowers, lenders, asset managers and Realtors® who recommend or use a Certified 203k Contractor listed in the 203k Contractor Directory of the most knowledgeable and experienced contractor for their FHA 203k loan needs. Developed to ensure that contractors are properly educated, prepared and informed on the complexities of the 203k, this education-based program is a prerequisite to getting listed in the 203k Contractor Directory, thus earning the designation as a Certified 203k Contractor.

The designation as a Certified 203k Contractor is earned and retained by the company, not the person completing the the program. It is required that the 203k Contractor Education Course is completed by the owner/principle of the company. Additional company staff are strongly encouraged to take the course. Details are listed below.

203k-Experienced Contractors
Contractors who are experienced with both versions of the 203k (Streamline and Standard/Full) may be permitted to bypass the required education as long as, and only if, the contractor's extensive 203k experience with both versions (minimum six completed 203k renovation jobs) can be verified by a lenders, 203k Consultants, Realtors® and consumers and the owner/principla passing the 7-page 203k test with minimum 80% ($75 application fee applies). Approval to bypass the required 203k Contractor Education Course is rare and typically occurs less than 4 times each year. All 203k-Experienced contractors always learn something new when taking the course and are encouraged to obtain the most complete and current understanding of the 203k, how to properly participate with the 203k and efficiently integrate the 203k within their company. These standards ensure the integrity of the 203k Contractor Directory and that the Certified 203k Contractors will succeed with their participation with the FHA 203k government insured rehab program. If you do not think that additional 203k education will benefit you and your company, you many add this bypass request to your online application request located here.

Process
The 203k Contractor Education, Certification and approval process consists of the following:

• Contractors submit the online application request form listed here that is followed up within 2 business days to complete a 10-15 minute phone consultation to ensure the contractor meets basic requirements.
• If it is determined that the contractor meets the basic requirements, contractor will be given instructions on how to proceed with the 203k Contractor Education Course.
• Contractor applicants receive access to the online education portal where the course materials (Manual, Test, Application) can be downloaded and proceed to complete the 3 hour education course (divided into 17 sessions) where the details of the FHA 203k loan program will be learned. Reading of the 72-page 203k Contractor Manual first is strongly encouraged, because it contains HUD guidelines, recommended procedures and forms and is also designed to give written material for future reference. 
  • Topics learned during the 203k Contractor Education Program include, but not limited to: HUD guidelines, Streamline version, Standard/Full/Rehab version, payment/draw structure, eligible and ineligible items, role of the 203k Consultant, lender overlays, minimum and maximum rehab limits for both 203k options, time lines, recommended procedures, sample forms and contracts, FAQs, qualifying borrowers, the business side of the 203k, etc.
  • Question & Answer session with the Director or Education where the contractor's questions are answered
• Contractor applicants then complete and submit the 7-page test on the 203k loan program (must pass with 80% or better) and their 2-page application with supporting documentation.
• Upon passing the test with 80% or better, Contractor applicants will have their formal 2-page application verified, which lists their license information, insurance, business (suppliers, financials, lenders, Realtors®, etc.) and customer references and financial stability information. Verification of information provided on application is required for certification.
Upon application approval, Contractor applicants will receive the packet of Certification papers to complete before the designation as a Certified 203k Contractor is issued.

Because the 203k has very specific Government and Lender time lines, contractor applicants must complete the 203k Contractor Certification process in a timely manner. This permits contractors to get acclimated with the time lines inherent with with FHA 203k program. Once the online application is submitted below, contractors have a maximum 30 calendar days to complete the steps listed above.