fha 203k lender idyllwild: FHA 203k draw inspection process - how does the contractor get paid?
- 07/12/13 12:32 AM
FHA 203k draw inspection process - how does the contractor get paid? The first draw is very important to the FHA 203k contractor as they typically get money up front to start a project and with the Standard 203k loan program being a "reimbursement" program the contractor has to use their own good credit and buying ability to get materials and get them installed so they can get that crucial first draw. The contractor wants to see some "skin in the game".
Permit and Architectural fees are called "soft costs" by most of the lenders and dont' require a draw inspection … (4 comments)
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FHA 203k draw inspection process - how does the contractor get paid? The first draw is very important to the FHA 203k contractor as they typically get money up front to start a project and with the Standard 203k loan program being a "reimbursement" program the contractor has to use their own good credit and buying ability to get materials and get them installed so they can get that crucial first draw. The contractor wants to see some "skin in the game".
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