HomeStyle allows 15 months after closing to finish financed work — your commitment letter sets the exact clock. Scope, permits, and contractor capacity determine whether that window feels comfortable or tight.
A practical sequence that keeps draws and the completion deadline aligned.
01
Loan closes; rehab dollars and contingency sit in escrow ready for approved draws.
02
Permits, materials, and start dates lock against the written completion window.
03
Inspections release payments as work matches the bid package.
04
Final inspection clears remaining escrow before the deadline expires.
A cosmetic kitchen refresh may wrap in weeks. A structural gut with new systems, roofing, and interior finishes can consume most of the 15-month window — especially with permit backlogs or long lead-time materials.
FHA 203(k) Limited allows 9 months; Standard allows 12 months. HomeStyle's 15-month completion window is one reason borrowers with heavier scopes lean conventional when credit and occupancy allow.
Ryan and Steve build the draw calendar with your contractors so milestones, inspections, and the lender deadline stay on one sheet — not three conflicting ones.
A bid without a calendar is not a plan. Confirm crew availability before closing.
Waiting until after closing to discover a 10-week permit queue eats the window fast.
Unapproved extras stall draws and can push final inspection past the deadline.
One specialty trade delay can cascade — build buffer into critical-path items.
Related draw, contractor, and comparison guides.
Draw schedule that must fit the completion window.
Vendors who own the construction calendar.
After-improved value tied to the finished scope.
Cross-program completion windows.
Purchase-plus-rehab from closing to final draw.
Full program overview and guide directory.
Fannie Mae HomeStyle requires all financed work to be completed within 15 months after closing. Smaller scopes may finish much sooner; larger gut remodels need a realistic calendar from day one. Your commitment letter and lender overlays control the exact deadline.
Extensions are sometimes available when delays are documented — permits, materials, weather, or inspector backlogs — but they are not automatic. Request updates before the original deadline passes.
Once the loan closes and rehab funds are in escrow, licensed contractors can typically begin against the approved scope. Do not start financed work before closing unless the lender has approved a specific exception.
Unfinished scopes can stall final draw release, trigger lender remediation plans, or require borrower-funded completion. Plan contingency and contractor schedules against the written completion window.
Tell Ryan & Steve your scope and contractor availability — they will map HomeStyle’s completion window against a draw schedule that can actually finish on time.
HomeStyle is a registered trademark of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, LTV limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.