I just closed on a 203K streamline loan, I want to get my contractor started. How long will it take to get his first draw?

Asked by Linda B, 34286 Mon Feb 22, 2010

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Gary Benjamin’s answer
Gary Benjamin, Agent, Sarasota, FL
Mon Feb 22, 2010
You should have consulted your professionals first before closing on the loan. You can rest assured that your builder knows when they will get the first draw. Your contractor had to agree to the terms of his draws when he signed the deal with your lender..
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Chris Lyon, Agent, Venice, FL
Mon Feb 22, 2010
Linda

Talk to your lender
1 vote
Sam Thompson, Mortgage Broker Or Lender, Alpharetta, GA
Mon Feb 22, 2010
That is a question for your loan officer. Typically, with Wells Fargo, it takes about a week after closing to set up the file in our draw department so that things can begin....Best of luck in your project.
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