Questions About Delayed Financing

[Jason Bohling]

Got a couple questions about the rehab portion on the HUD in a delayed financing scenario that hopefully y'all can help me understand:

1) does the work have to be performed by a contractor (similar to how an FHA 203K loan works) or can you do it yourself,

2) does the scope of work have to be line-itemed or is it just a bulk amount for the whole shebang,

3) in the event that the sun, stars and the moon all aligned and Mercury just happens to be in retrograde and the rehab actually came in under budget (say, $30k put on HUD for the rehab and it came in at $25k all said and done), is the excess amount returned or just what happens in that scenario?

Thanks in advance for the knowledge!