12.24 CONSTRUCTION DRAWS (05/17/17)

Owned by Marsha Freeman
Last updated: Nov 17, 2018 by Kacey Olson
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© RHS HB-1-3555 SFH Guaranteed Loan Program Technical Handbook

Draws and disbursements will be managed by the approved lender. The lender is required to maintain a draw and disbursement ledger for any loan guarantee request. The borrower and lender will be jointly responsible for approving disbursements to the builder during the construction phase. Total disbursements should not exceed the value of the realized material cost and the percentage of work in place. When funds are disbursed, the lender is warranting to Rural Development the work was done as specified.