Hello Nicol,
Here is a list of FAQ regarding the 203K program. http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

You can find more info at: http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm

I hope this helps and best of luck to you.

Nicol - maybe you will find some information helpful in this post. FYI the client in this did JUST get her final draw. She and her mother are happy, because her mom was putting the expenses on her credit card, and letting her pay it off as she got draws from the bank.

One other thing, Nicol, you might take the time now to read back over the 203k disclosures you would have been required to sign to get the loan....They explain the entire process in detail...The most helpful disclosures would be the 203(K)Borrower's Acknowledgment and the Important Summary Notice....If you need copies of those please send me your email address and I will forward them to you...

Sam.Thompson@hsl-ga.com

Nicol....Your loan officer is the best source for information.....Depending on the amount of renovations, there might not even be any draws. If it is a small renovation amount of $15,000 or so, once the loan is set up in the draw dept., your contractor can request a material advance of 35-50%. After that, the lender would just conduct a final inspection to verifty that the proposed renovationis are complete.....

The big question is how long it will take the lender to get your information set up in the draw dept. after closing.....I hope that helps....Good luck!