The most important thing you need to understand about the draws it that THEY TAKE TIME...realistically about 4-6 weeks. You must plan ahead for this and try not to split the draws into small increments. It is a great deal of work for everyone involved and the last thing you want is the pressure of a contractor waiting for a small amount of money and holding up the work. We always advise to break it up into large enough increments to keep the job moving, but of course this depends on the scope of the work which is different on every loan. Good luck, I hope your home turns out to be all that you hope for.
Mid-Island Mortgage Corp.
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.
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!