Fha 203K Form PDF Details

When embarking on home improvements and renovations, navigating financial and bureaucratic hurdles is a crucial step for homeowners. The FHA 203K form is designed to facilitate this process, offering a structured way to request initial disbursements for projects that fall under the scope of FHA 203K loans. This form serves as a request from the borrower to the lender, seeking the release of funds held in escrow, specifically for the purchase of materials and permits necessary to begin or continue home renovation projects. It outlines the amount of the initial disbursement, which cannot exceed 50% of the total contract amount, emphasizing that the funds are intended solely for materials and permits. The form requires detailed information, including the borrower's name, property address, contractor details, and the total contract amount, alongside signatures from the borrower(s), contractor, and DE underwriter, ensuring all parties are in agreement with the terms specified. Not only does it act as a financial request, but it also binds the contractor to utilize the funds exclusively for the mentioned project, thereby safeguarding the lender and homeowner from potential misallocation. Furthermore, it incorporates a layer of legal protection by addressing lien releases and the indemnification of the lender against claims from third parties related to the disbursement. This initial disbursement request and its accompanying certifications encapsulate the parties' consensus on the project’s financial and legal aspects, laying a foundational stone for the renovation journey ahead.

Form NameFha 203K Form
Form Length2 pages
Fillable fields0
Avg. time to fill out30 sec
Other namesinitial disbursement request, pag ibig loan form, initial disbursement form template, 203k disbursement request form

Form Preview Example

FHA 203K(S) Initial Disbursement Request

Date: ____________ Loan# __________________ FHA Case # _____________________

Borrower(s): ____________________________________________________________

Property Address: _______________________________________________________

City: _________________ State: ______________ Zip Code ______________________

Contractor: _______________________________ Total Contract Amount: $ ______________

Initial Disbursement Request Amount: $ ______________

(Initial disbursement may not exceed 50% of total contract amount and may only include actual cost of materials and permits)

The above referenced borrower(s) hereby request an initial release of funds held in escrow by

_________________________________, its successors and/or assigns (hereinafter referred to

as Lender ) for materials required for completing improvements and/or renovations on Contract or Homeowner/Contractor Agreement (hereinafter referred to as Contract ) by and between the contractor named in said contract and borrower dated ________________. The

undersigned hereby authorizes lender to release an advance of up to 50% of the amount listed in the contract for the purpose of defraying the cost of materials required to complete the work set forth in said contract. The undersigned authorizes the release of said funds directly to contractor.

Contractor herein certifies that it has and will meet all applicable jurisdictional licensing and bonding requirements, if any apply. It also certifies that it cannot or is not willing to defer payment until completion of the project and that said amount is necessary for the inception of the project. If requested by lender, contractor agrees that it shall provide an invoice from all suppliers of material for this project, prior to the release of any funds by lender.

Borrower and Contractor agree and certify that the amount of this release of funds and any liens is acceptable to both parties. Contractor also agrees and certifies that these funds will be used only for materials necessary for the inception and completion of improvements located on

the above described real property, all as described in the contract referenced herein. By acceptance of the disbursement amount set forth herein, Contractor hereby releases and discharges, and by these present these present does hereby release and discharge the above described real property from any and all liens held by the undersigned, its successors, assigns and subcontractors. In signing this 203K(S) Initial Disbursement Request and Release, it is the intent of Contractor to release any and all liens and claims which might arise from this initial disbursement and, therefore, Contractor agrees to indemnify and hold harmless lender from any and all sums owing or claimed to be owed by any party who has performed work on the above described real property in regard to this initial disbursement.

By their signatures below, the undersigned hereby acknowledge the matters set forth in the above certification. ALL SIGNATURES REQUIRED PRIOR TO RELEASE OF FUNDS.

Borrower’s Signature


Co-Borrower’s Signature






Contractor Signature




Contractor/Company Name: _________________________________________________

Mailing Address: ___________________________________________________________

Telephone Number: ________________________________________________________

DE Underwriter’s Acknowledgement of Above Certificate

DE Underwriter Signature




DE Underwriter Name: ______________________________________

CHUMS ID#: _________________________

Correspondent/Broker Name _________________________________

Phone Number: _______________________ Email: __________________________________

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1. The pag ibig loan form requires certain information to be typed in. Ensure that the subsequent blanks are completed:

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2. Once the last segment is completed, you're ready to add the needed details in The above referenced borrowers, undersigned hereby authorizes, in the contract for the purpose of, set forth in said contract The, contractor, Contractor herein certifies that, bonding requirements if any apply, payment until completion of the, the project If requested by lender, suppliers of material for this, and Borrower and Contractor agree and allowing you to move on further.

The above referenced borrowers, Contractor herein certifies that, and payment until completion of the inside pag ibig housing loan forms download

3. Within this step, have a look at Borrowers Signature Date, Contractor Signature Date, ContractorCompany Name, Mailing Address, Telephone Number, and DE Underwriters Acknowledgement of. All of these will need to be completed with highest accuracy.

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4. Completing DE Underwriter Signature Date, DE Underwriter Name, CHUMS ID, CorrespondentBroker Name, and Phone Number Email is key in this next part - you'll want to invest some time and fill in every single blank!

DE Underwriter Signature Date, CHUMS ID, and Phone Number  Email of pag ibig housing loan forms download

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