How do 203k Reno Loan Contractors get Paid?

This question comes up all the time and often when its too late. Make sure you and your contractor know how contractors get paid when working on your FHA 203k, Conventional Homestyle, VA Reno, or USDA reno loan project.

Check out the different types of projects and how they are paid below.

• 203k Limited (projects under $30k) : 1/2 up front and 1/2 once the job is done
• 203k Standard (projects over $30k) : draw inspections that pay the contractor for completed work based on his/her bid
• Conventional Homestyle Reno Loan : draw inspections that pay the contractor for completed work based on his/her bid
• VA Reno Loan : draw inspections that pay the contractor for completed work based on his/her bid
• USDA Reno Loan : draw inspections that pay the contractor for completed work based on his/her bid