• Tel: (281) 300-5260
    Email: answers@joelovrek.com

  • FHA Limited 203(k) Draw Information

    • Two draws per contractor allowed
    • 50% of the bid amount is disbursed 7-10 business days after closing
    • Remaining 50% of bid amount is disbursed upon job completion
    • Proof of permits is required
    • No holdbacks on draws
    • Requests for use of contingency funds are limited to unexpected cost overruns related to the original scope of work or health or safety related items only
    • Contingency funds paid on final draw only
    • Work must be completed within 6 months of closing