203(k)Full Consultant Contractor Acknowledgement

Contractor: / Phone:
Contractor Address:
Borrower Name:
Property Address:
City: / State: / Zip:
I, / , wishing to act as a contractor on 203k projects, acknowledge
andunderstand thetermsunder which I will beexpectedto perform. These termsare outlined below:

•Contractoragreesand understandsthatHomeBridge’s203(k)Department will conduct aPre-Closingconference callwith borrower,Consultant, and contractortohelpmanageeveryone’sproperexpectations.

•ChangeOrdersandDrawRequestswill notbe accepted until 203(k)DrawDepartmenthasprepared drawfile. Thisprocesstakesapproximately2weeks. ContractorandBorrowershouldschedulethestartofworkaccordingly.

•All workdescribedon the203(k)SpecofRepairsand/orestimatesI haveprovided mustbecompleted in full.

•Anyalterationstothe Specof Repairsmust beapproved bytheFHA 203(k)Consultantand DEUnderwriterpriorto any changesbeing made.

•Monieswillbereleasedontheprojectindrawsonlyafteran FHA Consultanthasinspectedtheworkand approvedthe workdone.

•Each drawwill havea10%hold back to bereleasedafterthefinal inspection, and afterthelenderhasconfirmed cleartitle.

•Anydisputesthatmayoccurbetween theborrowerand contractorwillbereported immediatelyto the203(k)Department.

•All workwillbecompletedin thetime frameallocatedto thatproject. Extensionsmustberequested inwritingoutliningthereasonsforthedelayand the predicted completion datebutnevercan anextensionexceed 6monthsfromtheoriginal closingdate.

  • Continued delaysand/orpoorworkmanshipmay resultinthecontractorbeingremoved fromtheprojectand replacedwith anothercontractorand mayresultin a forfeitureofanyfundsnotpreviouslydisbursed

Thisacknowledgementwill beincorporated andmade partofany203(k)filethattheabove named contractoriscontracted to workon.

IcertifythatI havereadand understand therequirementsthat Imust meetthroughouttherehabilitation period andagreetocooperateinfull with HomeBridge Financial Services, Inc.

Contractor’s Signature / Date

5/12/14