how many draws can i have on a 203k project: What is the maximum number of draws on a 203k project?
- 02/19/15 05:09 AM
What is the maximum number of draws on a 203k project?
I have had a major lender turn down a loan when our contractor requested 10 draws @$30,000 for a $300,000 construction amount.
I set in on a Denver HOC web-cast as I thought we would get some new input or incite. Sadly they were merely reading from the 1994 manual, and mis-reading this portion as so many do.
4240.4 Rev-2 states "Intermediate draws (four maximum) [and one final draw] are inspected by the HUD assigned fee (or DE staff, where applicable) inspector (see paragraph 4-9)."
It goes on to state "If the cost of rehabilitation exceeds … (3 comments)
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What is the maximum number of draws on a 203k project?
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