Barbers Point, HI Real Estate News

By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
What is the maximum number of draws you can get on an FHA 203k loan? That depends on who you ask... shouldn't be that way but it is. It should be per the HUD guideline but most lenders dont' know how to read the guideline except the portions or parts that they want to enforce. Now  even HUD representatives have succumbed to the popular myth there are to be only five... read on 1) They all quote the guideline as "no more than 5 draws will be allowed". If they read the entire paragraph is says "on a project size of $10,000" just before it limits them to five.  The guideline actually suggests 4 draws and a final for smaller projects The fact is that they will be whatever they are.  There are people at Wells Fargo that know we can't do a $500,000 project with five draws in most cases. If yo...
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