Is there a time period on the rehabilitation project?

Yes, the 203k Rehabilitation Loan Agreement addresses three provisions regarding the timeliness of the rehabilitation. The renovation must commence within 30 days of execution of the Agreement. The work should not cease prior to completion for longer than 30 consecutive days. The work must be completed by the time period established in the Agreement (the time period may not to exceed six months); the mortgage lender must not permit a time period greater than what is required to complete the work.

SOURCE: https://www.hud.gov/sites/documents/42404X12HSGH.PDF