Limited 203k, the new name for the old Streamlined k product with FHA. Where you get the money to purhase or refinance a 1-4 unit property and get the money to make the repairs or upgrades all in one low interest loan.
You can always tell when a lender is transitiioning into the standard 203k realm when they have been doing the limited 203k for so many years. It is easy because they ask for an invoice from the contractor for the items they want to get paid on. Not necessary for the lender to do that.
On a limited 203k that practice is common practice but on a Full or Standard 203k the draw request prevails and is the only required paperwork from the contractor.
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