Yes and no, many lenders are now allowing you to get a 10% payment at close of escrow but not all lenders participate. You will need a W9 from the supplier and an invoice from that suppler for most lenders. For FHA projects you can get up to 50% for materials with a purchase contract from your supplier. That check will be made to the supplier. HomeStyle® Renovation Mortgage not so hard. Many lenders will offer a 10-20% up front payment. We had a large project with construction costs over $500,00
Yes, you can get a 50% deposit with your FHA 203k loan there is no such provision for HomeStyle loans though some lenders are allowing it, one is allowing up to 10-20% up front to get started.
Go to https://203konline.com/203k911 for a more lenghty answer. In any case this should be a "last resort" solution. Get with your consultant and see if you can't figure this out 1st. Our 203k911 page on this site is there to offer solutions to many issues you might have with your construction project. Most of the time it is FREE.
Many more FAQ's on the 203k911 page on this site