For a Standard 203(k) Rehabilitation Mortgage Insurance Program, the mortgagee may approve a maximum of five draw requests (four intermediate and one final).
For a Limited 203(k), the mortgagee may approve a maximum of two draw requests per contractor or the borrower (if acting as the contractor, under a Self-Help Agreement). When necessary, the mortgagee may arrange a payment schedule, not to exceed two releases, per specialized contractor (an initial release plus a final release).
For additional information see Handbook 4000.1 II.A.8.a.xviii.(C)(1)(d) at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh