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How Contractors Get Paid on FHA 203k Loans
In this episode, 203k expert Mike Young has his crew explain the critical differences between standard construction payments and the FHA 203(k) "draw" system. Listeners will learn how to navigate HUD Handbook 4000.1 protocols to ensure contractors are paid correctly and on time.
Episode Highlights:
- The Draw Process: Why there are no upfront payments and how to schedule draws based on completed work.
- The Consultant’s Role: How the 203k Consultant inspects and validates the work before the lender releases funds.
- The 10% Holdback: Understanding the mandatory 10% retainage held until the project is 100% complete and lien-free.
- Required Forms: A breakdown of the Draw Request (HUD Form 9746-A) and lien waivers.
Sources:
- https://www.203konline.com/blogs/blog
- https://203ksoftware.com/blog
Contact Information: Mike Young Team 916-758-1809 [email protected]
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By Mike YoungIn this episode, 203k expert Mike Young has his crew explain the critical differences between standard construction payments and the FHA 203(k) "draw" system. Listeners will learn how to navigate HUD Handbook 4000.1 protocols to ensure contractors are paid correctly and on time.
Episode Highlights:
- The Draw Process: Why there are no upfront payments and how to schedule draws based on completed work.
- The Consultant’s Role: How the 203k Consultant inspects and validates the work before the lender releases funds.
- The 10% Holdback: Understanding the mandatory 10% retainage held until the project is 100% complete and lien-free.
- Required Forms: A breakdown of the Draw Request (HUD Form 9746-A) and lien waivers.
Sources:
- https://www.203konline.com/blogs/blog
- https://203ksoftware.com/blog
Contact Information: Mike Young Team 916-758-1809 [email protected]