FHA 203k Rehab Loans. How to Use a 203k Rehab Loan to Move Your Listings and Put Buyers into Homes!

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1 FHA 203k Rehab Loans How to Use a 203k Rehab Loan to Move Your Listings and Put Buyers into Homes!

2 Today s s Agenda 203k Loan Overview How to Use the Program as a Tool to Market Your Properties How to Use a 203k Loan to Get Buyers into Homes

3 203k Loan Overview

4 What is a 203k Loan? The 203(k) loan was designed by HUD to rehabilitate the current housing stock in the United States.

5 What is a 203k Loan? Available to owner occupants of a property Purchase and refinance transactions are eligible One single loan covers the purchase price (or existing lien amount) and proposed improvements All repairs/improvements are performed after the loan closes Home sold as is in purchase transactions - The seller is never responsible for repairs Repair funds are escrowed and disbursed up to 5 times throughout the rehab process

6 Highlights of the Program Only need a foundation to qualify Certificate of occupancy must have been issued at some point; cannot use 203(k) loan to finish new construction Property or foundation must be at least 1 year old Can place a new house on an old foundation Can move an existing house to a new foundation

7 Highlights of the Program Finance up to 6 months of mortgage payments, if the home will not be habitable during renovations Contingency funds included in case of overruns Funds may be used to make home handicap accessible Appliances may be included May be part of the $5,000 minimum if permanently built-in Funds may be used to convert multi-family housing into 1-4 units with 1-1/2 firewall

8 Eligible Properties Owner-occupied property only 1-4 unit dwelling Existing structure or foundation must be at least 1 year old Home (after improvements) must meet the minimum property standards set forth by HUD Before After

9 203k Loan Options 203(k) Loan $5,000 minimum repair cost No maximum repair cost Major remodeling is eligible: Room additions Relocation of load bearing walls HUD Inspector and General Contractor Required Streamlined 203(k) Loan No minimum repair cost $35,000 maximum repair cost Minor remodeling is eligible: Roof repair Kitchen cabinets New Bathroom Up to 3 separate contractors no General Contractor Required No HUD Inspector

10 How the 203k Loan Works Gather the three main pieces of information needed Purchase price or existing lien amount on the property Amount of rehabilitation/improvements needed (Estimate for Repairs) Anticipated after-improved value (Appraisal) On FULL 203k loans a HUD trained inspector walks through the property Determines dollar amount allowed for materials and labor Provides a report that indicates repairs to be completed (Work Write Up or Specification of Repairs) to an appraiser Appraiser will appraise the house assuming all repairs are complete Provides an as is and estimated after-improved value

11 Maximum Mortgage Amount Maximum mortgage amount is determined by the value of the property after improvements are made Borrower/owner can finance up to 110% of the estimated after-improved value Borrower must have at least a 3.5% investment in the property Loan amount cannot exceed HUD s maximum loan limit for the county the property is located in

12 FHA 203(k) Purchase Transactions Basis for down payment calculation Purchase Price Total amount of rehabilitation/ improvements + = Dollar amount to use for FHA down payment calculation

13 Disbursement of Funds Streamline 203k Loan 50% Disbursed at Closing 50% Disbursed upon completion of repairs ( verified by a final inspection) Full 203K Loan The 203(k) loan is a single loan consisting of two different buckets of money First bucket contains funds to payoff the purchase price or existing lien on the property Second bucket contains rehabilitation funds, which will be held in escrow Rehabilitation funds are released on an as-finished basis Contractors receive payment for work after it is completed Funds released in draws Maximum of five draws per property

14 How to Use the Program as a Tool to Market Your Properties

15 What Properties are the Right Fit for the Program? Properties that need updating Older Kitchens, Bathrooms, Carpeting, etc Properties in need of repair Heating Problems, Plumbing Problems Due to Improper Winterization Roof Repairs, Decks Problems from ICE DAMNS OVER THE WINTER!!!!!! Properties with Potential Adding an addition to the home would increase the value Adding a Bedroom, Bathroom or Garage Tear Downs Properties that need to be torn down to the foundation and rebuilt

16 What Properties are the Right Fit for the Program? You must always consider the FHA Maximum Mortgage Amount when determining if a property qualifies. Your Maximum Mortgage Amount in for a SINGLE FAMILY in CT are as follows: Tolland, Hartford, Middlesex $440,000 - Windham $272,500 New London $398,750 New Haven $387,500 Litchfield $375,000 Fairfield $708,750 This INCLUDES the purchase of the property and the cost for the repairs!

17 Get Creative With Your Ads Use the Product to Attract Potential Buyers! Rehab Loan Available Only 3.5% Down Purchase and Remodel this home with 3.5% Down Remodel and Make this home yours with a 203k Rehab Loan only 3.5% down Finance the purchase and repairs of this home only 3.5% down required Consider what the home could be and advertise the potential Partner with a contractor to come up with a plan to remodel the home, the specs etc. Advertise the home just like a pre-construction home Create the vision of being able to pick out flooring, wall colors, appliances, fixtures etc

18 Become a 203k Specialist! Set Your Self Apart from Your Competition Market Yourself as a Rehab Specialist Show your potential clients how you can utilize this advertising approach to help sell their homes Show your potential clients how you utilize a Team approach to handle the process making it easy for a potential buyer to obtain financing, receive quotes for repairs and have a contract written

19 How to Use a 203k Loan to Get Buyers into Homes

20 The Advantage to a Buyer Program only requires a 3.5% down payment Down Payment Funds can be gifted Seller can pay up to 6% towards the borrowers closing costs, pre-paids and escrows Minimum FICO Score is 640. The borrower does not need perfect credit

21 Identify Opportunities Look for buyers that want deals given today s real estate marketplace but do not have the cash to take advantage Look for buyers that are looking to go into a home but can t seem to find exactly what they are looking for. Ask Questions! Would you be interested in considering a home that needs repair, remodeling or complete renovation if I can show you a program in which you can purchase it and remodel it in one easy step?

22 The Advantage to a Buyer Consider this Does a buyer with only 3.5% down have the ability to build a new home? No. Construction financing requires a minimum of 5% down. Recent events are finding the requirement to be 10%. Does a buyer with a 640 FICO score have the ability to build a new home? No. Construction loans require at a minimum a 700 FICO score in most cases.

23 Purchase & Sales Contract The buyers attorney should be involved in writing the contract the person should be familiar with the product Does NOT list repairs to the property It should reference being Subject to 203k Mortgage Commitment including the amount of the repairs of the property required by the buyer to purchase Commitment dates should allow the appropriate amount of time to receive estimates for work and appraisal 30 days

24 Contractor Must use a licensed contractor The contractor must have been licensed for 3 years or more The contractor must be insured

25 Question & Answer Time Skart M. Paul Branch Manager Primary Residential Mortgage, Inc. 211 West Town St 1st Floor Norwich CT Office Cell Phone E Fax NMLS ID # Fl ID# TeamPrimary.com Matthew S Biggins District Manager NMLS ID #18151, CT, MA & RI Licensed 203k and VA Specialist Cell efax Follow me on Facebook at:

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