Delayed Financing ALTA/HUD Question

[Stefan D.]

Hey Bigger Pockets People,

I'm closing on a house very soon, (Tomorrow, Friday 9/6!)

I'm planning on paying cash, putting the rehab budget in escrow, and then using the Fannie Mae Delayed Financing provision.  I'm putting a bit extra in, in case the rehab goes over.  I'll have funds sent from the escrow to contractors as work is completed, and then the remainder will be sent to me, if there is anything left.

My question's are: 

Have any of you done this before? Made any mistakes?

Is anyone out there experienced with this and willing to take a look at my ALTA to make sure we've filled it out correctly, and will be able to use delayed financing?

Thanks so much!

[Ziad Almufti]

@Stefan D., I've sent you a PM.  Would love to hear what you've learned!  Using this strategy for the first time for a closing that's coming up in just under a week.