FHA 203(k) Loan Draw Request Guide

How to access the funds from your home improvement loan Congratulations on closing your home improvement loan. Bank of America is dedicated to helping our customers become successful homeowners. We’re committed to providing the tools and information you need to efficiently draw funds from your FHA 203(k) loan. This guide is designed to make the draw process as clear and straightforward as possible. If you have questions at any time, please contact the Bank of America Disbursement Management Group at 1.800.293.8155, and we will be happy to help.

Draw Request Overview Each time you request a “draw,” you are simply requesting a portion of funds from your FHA 203(k) Rehabilitation Loan. The draw request process has five basic steps, which are outlined below. You will be responsible for completing the first three steps, with the help of your contractor and HUD-approved inspector, and Bank of America will be responsible for the final two steps. This guide will cover each step in detail.

STEP 1:

Submit a Draw Request Package

STEP 2:

Request a Change Order (if applicable)

STEP 3:

Submit a Final Draw Request Package

Your responsibility

STEP 4:

Release of Holdback Funds

STEP 5:

Payment of Interest from the Repair Escrow Account

Our responsibility

A few important things to note about the Draw Request Process: 1. Bank of America must receive a Draw Request Package no later than 30 days after a loan closing and, at a minimum, every 30 days thereafter. 2. Once you and your contractor have determined that a draw should be made it is your responsibility to schedule an inspection with your HUD-approved home inspector. You and your contractor should be present during the inspection in case any questions arise. If you need the name or contact information of your HUD-approved inspector, please contact your originating lender. 3. You can submit up to five draw requests as part of your 203(k) loan; please work with your contractor and inspector to ensure that you are appropriately requesting your home loan funds. 4. You must complete all your home improvements within six months, in compliance with your Rehabilitation Loan Agreement.

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Important Terms

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Please familiarize yourself with the following terms that you will need to know about the FHA 203(k) Draw Request process: Originating Lender — This guide will occasionally refer to your “originating lender.” This is the lender from whom you originally obtained your loan. Although Bank of America now owns your mortgage and will be responsible for its disbursement, you may need to contact your originating lender if you need information about the terms of your loan. HUD-Approved Inspector — Also referred to as a cost-consultant, fee-consultant or rehab consultant, your HUD-approved inspector is the person who processed your Initial Work Write-Up/Specification of Repairs. It is your responsibility to contact your inspector when you require an inspection; he or she will help guide you throughout your loan process. If you need the name or contact information of your HUD-approved inspector, please contact your originating lender. Repair Escrow Account — Funds for your home improvement project are held in an interest-bearing escrow account1 insured by the FDIC. These funds are released to you and your contractor(s) for repairs based on the original appraisal and contractor bid. Included in this account are funds to pay for planned repairs, contingencies, inspection, title and other miscellaneous improvement fees. Property Lien — A lien is a form of collateral that ensures payment of a debt. Contracts for home improvement work often allow contractors to place a lien against the title of the property in the event they are not paid. If your property has a lien against it, you will not be able to sell or refinance the property until the lien has been cleared. Bank of America will ensure your title is clear of any liens before issuing your final disbursement.

1

Holdback Funds — As indicated in your Borrower Acknowledgement form, 10% of the total draw request amount will be deducted and held in the repair escrow account until the entire project is complete. For example, if $1,000 is requested, Bank of America will issue a check for $900. The $100 difference will remain in the repair escrow account. All monies held back will be released after all work is complete and Bank of America has ensured that the property’s title is clear of any liens. Contingency Fund — This reserve of funds is held in the repair escrow account for the purpose of covering unplanned repairs that become necessary due to health or safety issues. No portion of this money may be used for building material changes or repairs. Be sure to contact Bank of America before authorizing your contractor to make repairs that will cost more than the estimate provided in the original contractor bid. Unused contingency funds will be applied toward the principal balance on your loan. Note that contingency funds are not part of the holdback funds. Inspector/Lender Modification of the Draw Request — When the inspector submits the Draw Request Package (reviewed in Step 1), both the inspector and Bank of America may adjust the amount requested, if appropriate. You will be notified of any modification to the draw request. Modification may occur if a contractor requests payment for materials prior to installation or requests payment in excess of the previously agreed-upon amount but does not submit a Change Order Request for approval.

As required by the IRS, a 1099-INT form will be issued for taxable interest paid.

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STEP 1: Submit a Draw Request Package

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Each time your contractor requires payment for finished work, the HUD-approved inspector must submit a complete Draw Request Package. As previously stated, you may submit a maximum of five Draw Request Packages (including the Final Request, Step 3 of this guide). A complete package must contain the following documentation:

A) D  raw Request Form. (HUD 9746-A, Page 1) Signed by you, the contractor and the inspector.



B) L ien Releases. Signed by the general contractor and all subcontractors.



 orrower Receipts (self help only). C) B If you signed a Self Help Agreement, you must submit paid receipts for all building materials and supplies for which you need to be reimbursed.

A) Draw Request Form (HUD 9746-A, Page 1) The Draw Request Form needs to be completed by you, your contractor and your inspector. In order to help you better understand how this form must be completed, we will review the one form in four separate sections. These sections can best be described as:

Section 1 – Borrower Information Section 2 – Draw Request Information Section 3 – Consent and Signatures Section 4 – Rehabilitation Inspection Report

Sample Draw Request Form

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STEP 1: Submit a Draw Request Package (continued)

FHA 203(k) Loan Draw Request Guide | 04

Section 1 - Borrower Information The first section of the Draw Request Form contains general information about you and your 203(k) loan.  1 Borrower’s Name & Property Address Please type or print your name and the complete address of the property.  2 Lender’s Name & Address Bank of America 1800 Tapo Canyon Road Simi Valley, CA 93063 3 FHA Case Number Leave blank if you do not know this number. 4 This Draw Number If this is the first draw, indicate #1, if it is the second, indicate #2, and so forth. Cross section of sample Draw Request Form

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5 Date The date you completed the form.

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STEP 1: Submit a Draw Request Package (continued)

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Section 2 - Draw Request Information This section contains the specific details of your draw request. It will be completed with the help of your contractor and inspector.   otal Escrow, Column 1 6 T This will be completed by your HUD-approved inspector.  7 Total Cost of Rehabilitation/ Previous Draw Totals, Column 2 If it is the first draw, leave this column blank. Otherwise, indicate the total cost of previous draws for each item, including amounts held back. You should be able to copy this directly from your previous Draw Request. Your contractor or inspector will be able to assist you, if needed. 8 Total Cost of Rehabilitation/Previous  Draw Totals, Column 2, Percentage The inspector will help you determine the percentage of work completed for each line item. You, the contractor and the inspector may complete this column jointly if all are present during the inspection.  9 Total Cost of Rehabilitation/ Request for this Draw, Column 3 The inspector will help you determine the dollar amount for each line item request. You, the contractor and the inspector may complete this column jointly if all are present during the inspection. Cross section of sample Draw Request Form

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STEP 1: Submit a Draw Request Package (continued)

FHA 203(k) Loan Draw Request Guide | 06

Section 2 - Draw Request Information (continued)

 10 Total Cost of Rehabilitation/Request for this Draw, Column 3, Percentage The inspector will help you determine the percentage of work completed for each line item. You, the contractor and the inspector may complete this column jointly if all are present during the inspection.  11 Item #36 Totals/Request for this Draw, Column 3 Add all of the line item dollar amounts under Column 3. The total is the amount of money you should receive for this draw, providing your inspector agrees with this amount. (Please see the note below for further details.) As referenced earlier in this guide, 10 percent of the total will be held back. You will receive a check for 90 percent of the amount requested, made payable to you and your contractor. Note: If the inspector does not agree with the amount requested in Column 3, he or she will indicate an adjusted amount in Column 4. The inspector may also request additional documentation, such as subcontractor lien waivers, copies of permits or signed inspection cards. If this occurs you will receive the total amount indicated in Column 4, rather than Column 3 for this draw, minus the 10 percent, which will be held back. Cross section of sample Draw Request Form

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STEP 1: Submit a Draw Request Package (continued)

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Section 3 - Consent and Signatures This section of the Draw Request Guide is where you, the contractor and the inspector will sign and date to indicate that all work has been completed in a workmanlike manner.  12 Borrower’s Signature & Date Check the appropriate box to indicate whether you will live in the home or if you will rent to a tenant. Sign and date on the line indicating satisfaction with work completed and agreement to the amount to be released. Only individuals who have signed the mortgage note may sign this form authorizing release of funds. 

Note: Before signing the Draw Request Form, make sure that your contractor has acquired the necessary permits from local building authorities. This is the responsibility of both you and your contractor.

 eneral Contractor’s Signature & Date 13 G The contractor will sign and date on the line provided. If you use more than one contractor, all contractors that require payment for work completed during that draw period must sign and date the form. If you are not completing this form with your inspector, you will need to submit the form to the HUD-approved inspector after completing steps 1-13.

Cross section of sample Draw Request Form

 14 Inspector’s Signature & Date — Do not fill in this area. The inspector will sign and date the form once he or she has completed a review to determine if the amount requested is appropriate for your home improvement project.

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Approved for Release 15 — Do not fill in this area. The totals will be filled in on the right side of this section by Bank of America.

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STEP 1: Submit a Draw Request Package (continued)

FHA 203(k) Loan Draw Request Guide | 08

Section 4 - Rehabilitation Inspection Report The inspection report is on the second page of the Draw Request Form, shown below for reference, and must be completed by the inspector. Draw funds cannot be released without an approved inspection.

Cross section of sample Draw Request Form

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STEP 1: Submit a Draw Request Package (continued)

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B) Lien Waivers Lien waivers prevent contractors from placing liens against your property when they have already been paid. You must submit a signed lien waiver for every contractor for whom you’re requesting a full or partial payment. There are two types of lien waivers and two forms for each. Note: Contact your contractor or inspector for the proper lien waiver forms. You may also contact Bank of America for sample forms.

CONDITIONAL WAIVER RELEASE UPON PROGRESS PAYMENT Upon receipt by the undersigned of a check from in the sum of $

1,200 (Amount of Check)

CONDITIONAL WAIVER AND RELEASE UPON FINAL PAYMENT

BANK OF AMERICA, N.A. (Maker of Check)

payable to

Upon receipt by the undersigned of a check from

Fox Construction (Payee or Payees of Check)

in the sum of $

1,200 (Amount of Check)

BANK OF AMERICA, N.A. (Maker of Check)

payable to

Fox Construction (Payee or Payees of Check)

and when the check has been paid properly endorsed and has been paid by the bank upon which

and when the check has been paid by the bank upon which it is drawn, this document shall

it is drawn, this document shall become effective to release pro tanto any mechanic's lien, stop

become effective to release any mechanic's lien, stop notice, or bond right the undersigned has

notices, or bond right the undersigned has on the job of

on the job of

located at

1234 Main Street, Anytown, CA (Address or Legal Description)

John Smith (Owner) to the following extent.

John Smith (Owner)

located at

1234 Main Street, Anytown, CA (Job Description)

The undersigned does hereby certify that all laborers, material, equipment, and services used for The above referenced job have been paid in full.

Conditional Lien Waiver If the requested funds will pay your contractor directly (i.e., you have not paid your contractor out of pocket), you will use a Conditional Lien Waiver. In signing this waiver, the contractor agrees to refrain from putting a lien on your property on the condition that they will be paid.

This release covers a progress payment for labor, services, equipment or materials Fox Construction (Your Customer)

furnished to

through to

4/20/10 (Date)

This release covers a progress payment to the undersigned for all labor, services, equipment or . material furnished on the job, except for disputed claims against extra work in the amount -0-

of $

Before any recipient of this document relies on it, the party should verify evidence of payment

should verify evidence of payment to the undersigned.

to the undersigned. Dated: Dated:

By:

By:

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00-0000

Bill Brown, Owner

Bill Brown, Owner Federal Tax Payer ID #

Final Waiver Form: If you are submitting one draw request for the entire loan amount and/or you are submitting a request after all work is complete, you’ll need a Final Waiver Form.

Fox Construction (Company Name)

4/20/10

Fox Construction (Company Name)

4/20/10

Federal Tax Payer ID #

There are two forms for the Conditional Lien Waiver. Progress Waiver Form: If you are submitting multiple draw requests while work is in progress, you’ll need a Progress Waiver Form.

. Before any recipient of this document relies on it, the party

only and does not cover any retention or items after said date.

00-0000

Address:

1234 Circle Lane Los Angeles, CA

Address:

1234 Circle Lane

City, State:

City, State:

Los Angeles, CA

Telephone Number: LA0000

Telephone Number: LA0000

Sample Conditional Waiver Release Forms

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STEP 1: Submit a Draw Request Package (continued)

Unconditional Lien Waiver If you have paid a contractor with your own money and need to be reimbursed, you will use an Unconditional Lien Waiver. As they have already received payment, when contractors sign this waiver, they agree to refrain from putting a lien on your property unconditionally. This situation is uncommon and in most cases you should not pay contractors out of pocket.

FHA 203(k) Loan Draw Request Guide | 10

UNCONDITIONAL WAIVER RELEASE UPON FINAL PAYMENT

UNCONDITIONAL WAIVER RELEASE UPON PROGRESS PAYMENT The undersigned has been paid and has received a progress payment in the sum of $

1,200

for labor, services, equipment or material furnished to

1234 Main Street, Anytown, CA on the job of (Job Description)

John Smith (Owner)

and does hereby release pro tanto any mechanic's lien, stop notice or bond right that the undersigned has on the above referenced job to the following extent. This release covers a

The undersigned has been paid in full for labor, services, equipment, or material furnished to Fox Construction (Your Customer)

As with the Conditional Lien Waiver, the Unconditional Lien Waiver has both a Progress Waiver Form and a Final Waiver Form.

DATED

through

Fox Construction (Company Name)

4/20/10 By:

Progress Waiver Form: If you are submitting multiple draw requests while work is in progress, you’ll need a Progress Waiver Form. Final Waiver Form: If you are submitting one draw request for the entire loan amount and/or if you are submitting a request after all work is complete, you’ll need a Final Waiver Form.

Federal Tax Payer ID #

4/20/2010 (Date)

Bill Brown, Owner

against a labor or material bond on the job, except for disputed claims against extra work in the amount of $

2,000

.

The undersigned does hereby certify that all suppliers, laborers, services and equipment used on the above noted job has been paid in full. DATED

1234 Circle Lane

City, State:

Los Angeles, CA

Fox Construction (Company Name)

4/20/10 By:

00-0000

Address:

Federal Tax Payer ID #

Telephone Number: LA0000 NOTICE: THIS DOCUMENT WAIVES RIGHTS UNCONDITIONALLY AND STATES THAT YOU HAVE BEEN PAID FOR GIVING UP THOSE RIGHTS. THIS DOCUMENT IS ENFORCEABLE AGAINST YOU IF YOU SIGN IT, EVEN IF YOU HAVE NOT BEEN PAID. IF YOU HAVE NOT BEEN PAID, USE A CONDITIONAL RELEASE FORM.

John Smith (Owner)

and does hereby waive and release any right to a mechanic’s lien, stop notice, or any right

progress payment for labor, services, equipment, or material furnished to Fox Construction (Your customer)

on the job of

1234 Main Street, Anytown, CA (Job Description)

located at

Bill Brown, Owner

00-0000

Address:

1234 Circle Lane

City, State:

Los Angeles, CA

Telephone Number: LA0000

NOTICE: THIS DOCUMENT WAIVES RIGHTS UNCONDITIONALLY AND STATES THAT YOU HAVE BEEN PAID FOR GIVING UP THOSE RIGHTS. THIS DOCUMENT IS ENFORCEABLE AGAINST YOU IF YOU SIGN IT, EVEN IF YOU HAVE NOT BEEN PAID. IF YOU HAVE NOT BEEN PAID, USE A CONDITIONAL RELEASE FORM.

Sample Unconditional Waiver Release Forms

C) Borrower Receipts (self help only) If you have signed a Self Help Agreement, you must submit paid receipts for all materials and supplies in order to be reimbursed. (Remember, you will not be reimbursed for your labor under this agreement.) Please keep copies of your receipts for your records.

Submitting the Draw Request Package The inspector will send the completed Draw Request Package, including all required documentation, directly to Bank of America. Once Bank of America receives a completed Draw Request Package, a check will be sent within five business days, via express carrier. Checks will be payable to both you and your contractor. Please make arrangements with your contractor to endorse and cash the check.

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STEP 2: Request a Change Order

(if applicable)

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Prior approval by Bank of America is required for any cost overruns or changes involving the contractor, type of work, quality of materials or amount of materials. In the event of such a change, you must complete a Request for Acceptance of Changes in Approved Drawings and Specifications (HUD Form 92577), which is also known as a Change Order Request. This form must be signed by you, the contractor and the inspector and then sent to Bank of America for review and approval. Note: Change orders are usually submitted with the draw request and are processed at the same time. Change of a Contractor — Please notify Bank of America before changing contractors. If you change contractors, we will complete a property inspection to document how much work the original contractor completed and the payment amount owed. In addition to a Change Order Request, you must submit a new Homeowner/Contractor Agreement form before approval can be given for any future draw requests from a new contractor. Bank of America will pay only the contractor who has signed a Homeowner/Contractor Agreement for Work and Materials as shown on the approved Specification of Repairs.

Sample Change Order Request Form

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STEP 2: Request a Change Order

(continued)

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Complete your Change Order Request. A Change Order Request should be completed as follows:  1 Property Address Type or print your name and complete property address, including street, city, state and zip code.  2 Case(s) No. Include the FHA Case Number(s). 3 Request No.  Indicate how many change order requests you have submitted to date. For example, enter “1” if this is the first change order and “2” if it is the second.

Cross section of sample Change Order Request Form

4

Mortgagee’s Name and Address Bank of America 1800 Tapo Canyon Rd. MS: CA6-914-01-91 Simi Valley, CA 93063

5 We Request Leave this blank. Put an “X” in the checkbox labeled “We Do Not Request.”

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STEP 2: Request a Change Order

(continued)

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Complete your Change Order Request. (continued)

 6 Description List the changes you would like to request. Indicate new expenses and savings from line items by placing the funds in [brackets] and additions to line items without brackets. For example, if you saved $1,000 on a particular item, list it as: [$1,000]; however, if you went over budget by $1,000, list it as: $1,000. 7 Builder’s Estimate of cost on each change  Enter the contractor’s estimated cost for the change next to each item discussed in the description box.

Cross section of sample Change Order Request Form

8 HUD/VA Estimate of effect on cost  of each change This is the same as #7, except it is the inspector’s estimate.

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STEP 2: Request a Change Order

(continued)

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Complete your Change Order Request. (continued)

 9 Borrower Signature/Date Sign and date indicating your approval of the Change Order Request.  10 Builder or Sponsor Contractor signs and dates the form indicating approval of the Change Order Request.  11 For Mortgagee Your inspector will sign and date the form indicating approval of the Change Order Request.

Cross section of sample Change Order Request Form

Submit your Change Order Request. Send the signed form to the Bank of America Disbursement Management Department at: Fax: 1.805.306.7041 Email: [email protected] Mail: Bank of America 1800 Tapo Canyon Rd. MS: CA6-914-01-91 Simi Valley, CA 93063

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STEP 3: Submit a Final Draw Request Package

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Please contact Bank of America when your home improvement project is complete. At that time, we will send you a Mortgagor’s Letter of Completion, which you will complete and send back to us for processing. (Please see sample below.) In the meantime, you may call your inspector and contractor to schedule the final Draw Request inspection.

Sample Mortgagor’s Letter of Completion

Within approximately five business days of receipt of the final Draw Request Package, including your signed Mortgagor’s Letter of Completion, Bank of America will send you a check in the amount of the remaining funds, minus the 10 percent holdback amount, via express carrier.

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STEP 4: Release of Holdback Funds Before issuing a check for the balance of your loan, Bank of America must conduct a title search to be sure your title is clear of liens. (The highlighted text in the sample form to the right indicates that this property is clear of all liens.) For properties in most states, we will check the title 35 days after we receive your final draw request. This is because most states allow contractors 35 days after work is complete to file a lien on your property. In some states this time period is longer and in these instances we may wait the extra time before checking your title. If you do not know the timeframe for your state, please consult your contractor, inspector or originating lender. If a title search indicates that a lien has been placed on your property, Bank of America will notify you and assist you in removing the lien. Once we verify that your title is clear, you will be sent a check, payable to both you and your contractor, within 5 business days, via express carrier. Funds cannot be sent through a bank wire transfer; a check must be issued. Please make arrangements with your contractor to endorse and cash the check.

FHA 203(k) Loan Draw Request Guide | 16

TITLE COMPANY PHONE: (000) 000-0000 FAX: (000) 000-0000 st 1234 1 Street Anytown, CA 00000

TO:

PHONE: FAX: ATTENTION: LOAN NUMBER:

800-293-8155 805-306-7041 Disbursement Management Group 123456789

MORTGAGE INFORAMTION

BORROWER:

Note: If you have paid out-of-pocket funds to a contractor, please submit a signed Unconditional Lien Waiver for each contractor you’ve paid, along with all cancelled checks or paid receipts. Please see page 9 for more information about Unconditional Lien Waivers.

Bank of America 1800 Tapo Canyon Rd MS: CA6-914-01-91 Simi Valley, CA 93063

COUNTY: ORIGINATION DATE: PROPERTY ADDRESS:

John Smith Any County, CA 03/01/2010 1234 Main Street

RECORDING DATE: LENDER:

Bank of America

Inst.#/CFN: SEARCH REQUESTED: COMMENTS:

Mechanics Liens No mechanics liens found

Sample title free of liens

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STEP 5: Payment of Interest from the Repair Escrow Account

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Once Bank of America has released the final balance of funds including holdback funds, any amount remaining in the repair escrow account will be applied toward the balance of the loan. This includes any unused contingency funds, inspection fees or mortgage payments. These funds are interest-bearing and interest is accounted for and distributed to you based on your given instructions at the time of loan processing.

If you have any questions regarding your rehabilitation loan, please contact: Bank of America Disbursement Management Group Phone: 1.800.293.8155

Fax: 1.805.306.7041

Email: [email protected]

Mail: Bank of America 1800 Tapo Canyon Rd. MS: CA6-914-01-91 Simi Valley, CA 93063

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. Equal Housing Lender. © 2010 Bank of America Corporation. –ARG4V1J6–BRO-02-10-0645– 07-2010

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