{"id":2367,"date":"2017-09-10T21:01:20","date_gmt":"2017-09-10T21:01:20","guid":{"rendered":"https:\/\/www.projectsmallhouse.com\/blog\/?p=2367"},"modified":"2018-04-10T21:36:39","modified_gmt":"2018-04-10T21:36:39","slug":"draw-schedule","status":"publish","type":"post","link":"https:\/\/www.projectsmallhouse.com\/blog\/2017\/09\/draw-schedule\/","title":{"rendered":"Draw Schedule"},"content":{"rendered":"

When you get a construction loan, they don\u2019t just hand you the money all at once to put in the bank and pay people out of it.<\/p>\n

The lender disburses money to you and your contractor on a payment plan, called a Draw Schedule.<\/p>\n

Certain marks have to be met before more money is paid out.<\/p>\n

\"Building<\/a>
Draw Schedule<\/figcaption><\/figure>\n

This is our Draw Schedule:<\/p>\n

5% of Purchase Price upon loan closing.<\/p>\n

15% of Purchase Price when foundation walls are poured or block completed prior to spray\/waterproof<\/p>\n

30% of Purchase Price when framed, windows\/doors set, sheathing and felt paper applied prior to shingles<\/p>\n

30% of Purchase Price when mechanicals roughed in\/insulated\/drywall is hung, prior to tape and finish<\/p>\n

10% of Purchase Price when interior trim is hung, prior to cabinetry and countertops<\/p>\n

10% of Purchase Price when the home is substantially completed (\u201cFinal Draw\u201d)<\/p><\/blockquote>\n

That doesn\u2019t mean that 15% of the cost of the home is the foundation, 30% is wood and doors, etc. It is just a schedule. It basically keeps the bank from overpaying up front, then the contractor having no incentive to finish.<\/p>\n

\u201cThe goal is to make progress payments to the contractor as work is completed. You don\u2019t want to pay for materials that have not been delivered or work that is not complete.\u201d
\nwww.buildingadvisor.com<\/a><\/p><\/blockquote>\n

\u201cThe draw schedule is important because an accurate description of these milestones may promote your goal of making sure that the amount of money the builder has received is not significantly ahead of the progress of the work. For instance, if the builder has been paid 80% of the contract amount, but only 50% of the work has been completed, you may run into difficulties in having the builder complete your home in a timely and workmanlike manner.\u201d
\nwww.bryanwoodslaw.com<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

When you get a construction loan, they don\u2019t just hand you the money all at once to put in the bank and pay people out of it. The lender disburses money to you and your contractor on a payment plan, called a Draw Schedule. Certain …<\/a><\/p>\n","protected":false},"author":1,"featured_media":2368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[31],"tags":[],"class_list":["post-2367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-house"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2018\/04\/featured_image-draw_schedule.jpg?fit=810%2C431&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":15347,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2024\/12\/do-i-have-to-have-a-20-down-payment-to-buy-a-home\/","url_meta":{"origin":2367,"position":0},"title":"Do I have to have a 20% down payment to buy a home?","author":"Carla","date":"December 20, 2024","format":false,"excerpt":"No. You may not even have to have a down payment at all! You can borrow more than 80% of the price of the house you are buying. You can actually borrow a lot more. \u00a0If you are buying your first home, or haven\u2019t owned a home in three years,\u2026","rel":"","context":"In "Research"","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"Newly-completed homes in the Lincoln Park neighborhood of West Greenville, North Carolina Greenville Housing Division offers numerous programs to help low- to moderate-income buyers and homeowners.","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1746,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2018\/01\/excavation-report-engineered-footings\/","url_meta":{"origin":2367,"position":1},"title":"Excavation Report – Engineered Footings","author":"Carla","date":"January 22, 2018","format":false,"excerpt":"So, the engineer has been out to the land and has issued his Excavation Report. We are going to have to put in Engineered Footings. The standard footings are included in the cost of the house. We have to pay extra for anything beyond this. 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Part 2: Owner Financing, VA Loans, Freddie Mac or Fannie Mae","author":"Carla","date":"May 27, 2023","format":false,"excerpt":"If you are buying a manufactured home, your financing options are limited. Not every lender wants to extend credit to buy a trailer or mobile home. The same thing applies to any other non-conventional home. If you are working with a real estate agent, they can help. If you found\u2026","rel":"","context":"In "Research"","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"A manufactured house under construction in Grass Valley, California. 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Financing Be prepared to make a deposit. A land loan may require up to 50% down. The first step is making sure you have access to money. It is a waste of time to shop for\u2026","rel":"","context":"In "Our New House"","block_context":{"text":"Our New House","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/new-house\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2026\/04\/featured_image-our_house.jpg?fit=1140%2C607&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2026\/04\/featured_image-our_house.jpg?fit=1140%2C607&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2026\/04\/featured_image-our_house.jpg?fit=1140%2C607&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2026\/04\/featured_image-our_house.jpg?fit=1140%2C607&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2026\/04\/featured_image-our_house.jpg?fit=1140%2C607&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11791,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/05\/how-can-i-get-a-loan-to-buy-a-manufactured-home-part-1-hud-fha-insured-loans\/","url_meta":{"origin":2367,"position":4},"title":"How can I get a loan to buy a manufactured home? 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