Homestyle
Updated: 03/02/2018
Article #: 68
Per FMC:
The borrower cannot self-fund renovation costs. They can self-fund contingency, but that is all.
Original question:
If a borrower is purchasing a primary residence using the HIML Program and has 20% down, as well as the additional funds needed for renovations (and is not financing the renovation costs), is there a need for the draws to be disbursed?
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