Purchase Standard 203K (Full) Purchase Limited 203K (Streamline) Refinance Owned > 12 Months Standard 203K (Full) Refinance Owned > 12 Months Limited 203K (Streamline) Refinance Owned < 12 Months Standard 203K (Full) Refinance Owned < 12 Months Limited 203K (Streamlined) Initial Draw at Closing As Complete Appraisal As Is Appraisal* (always required if property flipping criteria met) Draw for Materials Prepaid by Borrower Draw for Materials Prepaid by Borrower or Contractor – verification and approval by HUD Consultant and FGMC required -Repair estimate must show a breakdown of material and labor costs, signed & dated by borrower and contractor -Draw Request Form (9746-A), completed & signed by HUD Consultant, borrower & contractor; Copy of the contract established between the Contractor and the supplier/vendor, and; -Copies of receipts/invoices for order(s) placed with the supplier/vendor for delivery at a later date. Not Required BUT If As Is Appraisal is done, resulting value must be used in calculations Not Required BUT If As Is Appraisal is done, resulting value must be used in calculations Not Required Unless Lien(s) payoff plus total project is more than As Complete appraisal. If As Is Appraisal is completed, must be used in calculations (worksheet will indicate if needed) Not Required Unless Lien(s) payoff plus total project is more than As Complete appraisal. If As Is Appraisal is completed, must be used in calculations (worksheet will indicate if needed) Required Required, Should not include an As Is Value Required, Should not include an As Is Value Required, Should not include an As Is Value Required, Should not include an As Is Value Required, Should not include an As Is Value Required, Should not include an As Is Value Required Draw for Materials Prepaid by Borrower or Contractor- verification required (25% Max) If Special Request Signed by Contractor(s) up to 50% of contract(s) less monies sent for prepaid materials Draw for Materials Prepaid by Borrower Draw for Materials Prepaid by Borrower or Contractor – verification and approval by HUD Consultant and FGMC required -Repair estimate must show a breakdown of material and labor costs, signed & dated by borrower and contractor -Draw Request Form (9746-A), completed & signed by HUD Consultant, borrower & contractor; Copy of the contract established between the Contractor and the supplier/vendor, and; -Copies of receipts/invoices for order(s) placed with the supplier/vendor for delivery at a later date. Draw for Materials Prepaid by Borrower or Contractor- verification required (25% Max) If Special Request Signed by Contractor(s) up to 50% of contract(s) less monies sent for prepaid materials Draw for Materials Prepaid by Borrower Draw for Materials Prepaid by Borrower or Contractor – verification and approval by HUD Consultant and FGMC required -Repair estimate must show a breakdown of material and labor costs, signed & dated by borrower and contractor -Draw Request Form (9746-A), completed & signed by HUD Consultant, borrower & contractor; Copy of the contract established between the Contractor and the supplier/vendor, and; -Copies of receipts/invoices for order(s) placed with the supplier/vendor for delivery at a later date. Draw for Materials Prepaid by Borrower or Contractor- verification required (25% Max) If Special Request Signed by Contractor(s) up to 50% of contract(s) less monies sent for prepaid materials 203k Standard and Limited FGMC Program Reference Guide | v0816 | Page 1 203k Standard and Limited FGMC Program Reference Guide For More Information: ConstructionResourceTeam.com
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Purchase Standard203K (Full)
Purchase Limited203K (Streamline)
Refinance Owned >12 Months Standard
203K (Full)
Refinance Owned > 12Months Limited 203K
(Streamline)
Refinance Owned <12 Months Standard
203K (Full)
Refinance Owned <12 Months Limited203K (Streamlined)
Initial Draw atClosing
As CompleteAppraisal
As Is Appraisal*(always
required ifproperty
flipping criteriamet)
Draw for MaterialsPrepaid by Borrower
Draw for Materials Prepaid by Borrower or Contractor –
verification and approval byHUD Consultant and FGMC
required
-Repair estimate must show a breakdown of material and
labor costs, signed & dated by borrower and contractor
-Draw Request Form (9746-A), completed & signed by HUD
Consultant, borrower & contractor; Copy of the
contract established betweenthe Contractor and the supplier/vendor, and;
-Copies of receipts/invoices for order(s) placed with the
supplier/vendor for delivery at a later date.
Not Required BUT IfAs Is Appraisal is
done, resulting valuemust be used in
calculations
Not Required BUT IfAs Is Appraisal is
done, resulting valuemust be used in
calculations
Not Required UnlessLien(s) payoff plus
total project is morethan As Completeappraisal. If As Is
Appraisal iscompleted, must beused in calculations
(worksheet willindicate if needed)
Not Required UnlessLien(s) payoff plus
total project is morethan As Completeappraisal. If As Is
Appraisal iscompleted, must beused in calculations
(worksheet willindicate if needed)
Required
Required, Should notinclude an As Is Value
Required, Should notinclude an As Is Value
Required, Should notinclude an As Is Value
Required, Should notinclude an As Is Value
Required, Should notinclude an As Is Value
Required, Should notinclude an As Is Value
Required
Draw for Materials Prepaid by Borrower or Contractor-
verification required (25% Max)
If Special Request Signed by Contractor(s) up to
50% of contract(s) less monies sent for prepaid materials
Draw for MaterialsPrepaid by Borrower
Draw for Materials Prepaid by Borrower or Contractor –
verification and approval byHUD Consultant and FGMC
required
-Repair estimate must show a breakdown of material and
labor costs, signed & dated by borrower and contractor
-Draw Request Form (9746-A), completed & signed by HUD
Consultant, borrower & contractor; Copy of the
contract established betweenthe Contractor and the supplier/vendor, and;
-Copies of receipts/invoices for order(s) placed with the
supplier/vendor for delivery at a later date.
Draw for Materials Prepaid by Borrower or Contractor-
verification required (25% Max)
If Special Request Signed by Contractor(s) up to
50% of contract(s) less monies sent for prepaid materials
Draw for MaterialsPrepaid by Borrower
Draw for Materials Prepaid by Borrower or Contractor –
verification and approval byHUD Consultant and FGMC
required
-Repair estimate must show a breakdown of material and
labor costs, signed & dated by borrower and contractor
-Draw Request Form (9746-A), completed & signed by HUD
Consultant, borrower & contractor; Copy of the
contract established betweenthe Contractor and the supplier/vendor, and;
-Copies of receipts/invoices for order(s) placed with the
supplier/vendor for delivery at a later date.
Draw for Materials Prepaid by Borrower or Contractor-
verification required (25% Max)
If Special Request Signed by Contractor(s) up to
50% of contract(s) less monies sent for prepaid materials
203k Standard and Limited FGMC Program Reference Guide | v0816 | Page 1
203k Standard and LimitedFGMC Program Reference Guide
For More Information: ConstructionResourceTeam.com
Cost of Work Not less than $5K
1 GC and 1 SpecialtyContractor; No Self
Build/Help
Total Project(including costs,
contingency and fees)not to exceed $35K;
no minimum
Total Project(including costs,
contingency and fees)not to exceed $35K;
no minimum
Total Project(including costs,
contingency and fees)not to exceed $35K;
no minimum
Up to 5 Contractors(profile and
disclosures for each);No Self Build/Help
Up to 5 Contractors(profile and
disclosures for each);No Self Build/Help
Up to 5 Contractors(profile and
disclosures for each);No Self Build/Help
No Luxury Items; InGround Pool Repair is
Allowed
No Luxury Items; InGround Pool Repair is
Allowed
No Luxury Items; InGround Pool Repair is
Allowed
No Structural Work;No Luxury Items; In
Ground Pool Repair isAllowed; Project work
must finish within 6months, If Projectprevents Borrower
occupancy more than15 days must be done
as Standard 203K
Not less than $5K
1 GC and 1 SpecialtyContractor; No Self
Build/Help
No Structural Work;No Luxury Items; In
Ground Pool Repair isAllowed; Project work
must finish within 6months, If Projectprevents Borrower
occupancy more than15 days must be done
as Standard 203K
Not less than $5K
1 GC and 1 SpecialtyContractor; No Self
Build/Help
No Structural Work;No Luxury Items; In
Ground Pool Repair isAllowed; Project work
must finish within 6months, If Projectprevents Borrower
occupancy more than15 days must be done
as Standard 203K
Max Number ofContractors
Project Work
Purchase Standard203K (Full)
Purchase Limited203K (Streamline)
Refinance Owned >12 Months Standard
203K (Full)
Refinance Owned > 12Months Limited 203K
(Streamline)
Refinance Owned <12 Months Standard
203K (Full)
Refinance Owned <12 Months Limited203K (Streamlined)
203k Standard and Limited FGMC Program Reference Guide | v0816| Page 2
203k Standard and LimitedFGMC Program Reference Guide
For More Information: ConstructionResourceTeam.com
# of Draws
Contingency
Occupancy Type
As Determined by theProject Consultant;
10% Holdback on eachdraw
Required; Minimum is 10% and Maximum is 20% If Utilities are not on then minimum contingency of 15% required
Owner Occupied Only;1-4 Unit
Owner Occupied Only;1-4 Unit
Owner Occupied Only;1-4 Unit
Owner Occupied Only;1-4 Unit
Owner Occupied Only;1-4 Unit
Owner Occupied Only;1-4 Unit
Allowed, up to 6months payments, but
not more thanmonths required for
project
2 per contractor;Typically one Depositand One Final Draw; Ifcontractor will requiremore than two draws,
project must goStandard not Limited
203K
Not Allowed
Allowed, up to 6months payments, but
not more thanmonths required for
project
Not Allowed
Allowed, up to 6months payments, but
not more thanmonths required for
project
Not Allowed
RequiredNot Required, If
Utilized then cost cannot be financed
RequiredNot Required, If
Utilized then cost cannot be financed
RequiredNot Required, If
Utilized then cost cannot be financed
As Determined by theProject Consultant;
10% Holdback on eachdraw
2 per contractor;Typically one Depositand One Final Draw; Ifcontractor will requiremore than two draws,
project must goStandard not Limited
203K
2 per contractor;Typically one Depositand One Final Draw; Ifcontractor will requiremore than two draws,
project must goStandard not Limited
203K
As Determined by theProject Consultant;
10% Holdback on eachdraw
PaymentReserve
203K Consultant
Purchase Standard203K (Full)
Purchase Limited203K (Streamline)
Refinance Owned >12 Months Standard
203K (Full)
Refinance Owned > 12Months Limited 203K
(Streamline)
Refinance Owned <12 Months Standard
203K (Full)
Refinance Owned <12 Months Limited203K (Streamlined)
203k Standard and Limited FGMC Program Reference Guide | v0816 | Page 3
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For More Information: ConstructionResourceTeam.com
Identity ofInterest
(Borrower,Contractor,Consultant)
Sale between familymembers allowed; No
other instances ofIdentity of Interest orConflict of Interests
between Partiesallowed
Sale between familymembers allowed; No
other instances ofIdentity of Interest orConflict of Interests
between Partiesallowed
Sale between familymembers allowed; No
other instances ofIdentity of Interest orConflict of Interests
between Partiesallowed
Sale between familymembers allowed; No
other instances ofIdentity of Interest orConflict of Interests
between Partiesallowed
Sale between familymembers allowed; No
other instances ofIdentity of Interest orConflict of Interests
between Partiesallowed
Sale between familymembers allowed; No
other instances ofIdentity of Interest orConflict of Interests
between Partiesallowed
Max ProjectTerm 6 Months
6 months, Projectcannot displace borrower'sfrom property more than
15 days
6 Months6 months, Project
cannot displace borrower'sfrom property more than
15 days
6 Months6 months, Project
cannot displace borrower'sfrom property more than
15 days
Purchase Standard203K (Full)
Purchase Limited203K (Streamline)
Refinance Owned >12 Months Standard
203K (Full)
Refinance Owned > 12Months Limited 203K
(Streamline)
Refinance Owned <12 Months Standard
203K (Full)
Refinance Owned <12 Months Limited203K (Streamlined)
203k Standard and Limited FGMC Program Reference Guide | v0816 | Page 4
203k Standard and LimitedFGMC Program Reference Guide
For More Information: ConstructionResourceTeam.com
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