Financing Options to support Energy Efficiency & Contractors

Size: px
Start display at page:

Download "Financing Options to support Energy Efficiency & Contractors"

Transcription

1 Financing Options to support Energy Efficiency & Contractors

2 Renovation Loan Overview Renovation Loans offer a buyer the opportunity to buy a property and close as-is, financing both the purchase and repair money in one mortgage transaction. The appraisal assignment is done as if the property were complete and there is no requirement for a certificate of occupancy prior to closing. We close AS IS, payoff the seller and set up an escrow for repairs. Products: Ø Full (Standard) 203k repairs > $35,000 Ø Streamline 203k repairs < $35,000 Ø PowerSaver v HomeStyle Conventional Renovation Mortgage

3 203(k) Endorsement History 02/18/ FY FY = FISCAL YEAR (ENDING SEPTEMBER)

4 FHA Maximum Loan Limit for most counties in Kentucky What s your counties limit? https://entp.hud.gov/idapp/html/hicostlook.cfm

5 Go Green Environmentally-friendly home improvements Approved renovations Minimum $3,500 Save Green Monthly utility savings Get Green AmeriFirst pays your FHA 203k mortgage closing costs Approximately $2,000 for the average buyer & home

6 Whole-house sealing Interior/exterior sealing; weather stripping; caulk, etc. Insulation upgrades Attic: adds at least R-19 in existing insulation Wall: must add at least R-10 continuous insulation Crawl space: covers at least 500 square feet of crawl space, other specs Duct sealing Window & door replacement Windows must meet Energy Star requriements

7 Heating system upgrade Must meet current Energy Star specs Water heater Replace natural gas, propane or electric Must meet current Energy Star specs Ground source heat pump system Renewable energy upgrades Solar panels Fuel cells Micro turbine Wind turbine

8 At least $3,500 of eligible improvements into FHA 203k AmeriFirst Home Mortgage pays closing costs: 1% origination fee Underwriting fee Appraisal fee Up to $500 for a home energy audit Average: about $2,000 Home purchase price Upgrades (including $3,500 in eligible improvements) Total acquisition cost (purchase + upgrades) $80,000 $20,000 $100,000 1% origination fee $1,000 Underwriting fee $600 Appraisal fee (example, may differ by appraiser) $400 Energy audit (optional) $500 Your closing costs paid by AmeriFirst

9

10 Some items possibly eligible for PowerSaver Grant refinance: Room addition Bathroom remodel Upgrade furnace, air conditioning, hot water heater Kitchen remodel New roof New Windows and/or replacement Solar panels Increase insulation New Windows and Doors.

11 Typical Renovation Projects after closing New Homeowner Minor or major kitchen and bath renovations Cosmetic changes Exterior (Deck/fence) Garage Addition Finish a lower level (basement) Change in household Bathroom Addition Room Addition Two Story Addition Home Office Long-Term Homeowner Major Kitchen and Bath HVAC Replacement Doors/Windows/Siding Plumbing Update Emergency Repairs Maintenance

12 The New Homeowner Long Term Homeowner Savings Credit Cards Personal Loan Some Home Equity Home Equity Savings Credit Card FINANCING OPTIONS Change in Household Home Equity Savings Credit Card Emergency Credit Card Consumer Loan Savings

13 After the first year, major home improvement projects return an average of 86% of their investment. Minor Kitchen Remodel Bathroom Addition Major Kitchen Remodel Two Story Addition Project Type Master Suite Attic Bedroom Family Room Addition Bathroom Remodel Deck Addition Replace Siding Home Office Replace Windows 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % Cost Recouped each year, National Average

14 Not all home improvements or energy upgrades add dollar for dollar value But FHA allows lenders to use 110% of the as-completed value.

15 Top 5 mid-range home improvements Project Entry door replacement (steel) Deck addition (wood) Attic bedroom conversion Garage door replacement Minor kitchen remodel Average Cost Average Resale Value $1,162 $1, % $9,539 $8, % $49,438 $41, % $1,534 $1, % $18,856 $15, % Percent of Cost Recovered

16 Top 5 upscale home improvements What are the Most Valuable Home Improvements to a Homeowner?

17 Eligible/Non-Eligible Borrowers Eligible U.S. citizens Non-occupant coborrowers Permanent resident aliens Non-permanent resident aliens Non-Eligible Investors Nonprofit organizations and other government agencies per FHA guidelines.

18 The Full 203k loan HUD Consultants are required Major rehab project Up-front Feasibility Study (similar to a Whole House inspection) Repairs/Updates/Improvements BIDS $30, %, 15% or 20% Contingency Reserve required Finance up to 6 months into the loan Required when structural repairs or landscaping is part of the renovation project Minimum $5,000 of repairs No Identity of Interest allowed among parties

19 What s Structural?

20 HUD s Minimum $5, in Repairs on Full 203k loans Elimination of health and safety issues. Roofing, gutters & downspouts. Flooring, tiling and carpeting. Energy conservation improvements. Major landscape work & site improvement. Improvements for handicapped accessibility. Total repair/renovation budget > $35,000 Inclusive to Contingency reserve, title updates, other fineable costs.

21 What Properties Are Eligible On 203(k) s? 1 to 4 unit properties that have been completed for at least one year. Owner-occupied! FHA approved* condo s Properties have to be at least 1 year old.

22 Additional Property Type Examples Conversion of a single unit property to a 2,3 or 4 unit dwelling property or vice versa Homes that have been demolished but have an intact foundation that will be used Mixed Use Property.. Maximum Square Footage Requirements* What is Commercial Space No repairs to commercial space nor monies borrowed. (work must be done prior to close) Move a existing house from one site to another.

23 Ineligible Properties Log Homes - exceptions? Homes that have never been completed (new construction) Homes that have been completely demolished including the foundation. Note: All work that is licensed work must be bid out, completed and/or inspected by a licensed contractor.

24 The 203k Streamline Loan Introduced December 2005 Intention was to increase the number of 203k nationally by streamlining some of the requirements of the full 203k. Gradually became more popular after increasing the repair amount from $15,000 to $35,000. Eliminated the need for the HUD Consultant. Great alternative for homes that needed cosmetic repairs, upgrades versus gut rehabs.

25 Streamline 203k Highlights HUD Consultants are NOT required. Repairs/Improvements/Upgrades < $30,000 No Structural or other major repairs are allowed No Landscaping, no major mold. Self-help is highly discouraged Lower fees No general contractor is required but all work must be performed by a licensed and bonded contractor is required by local or state laws. No financing of mortgage payments

26 Streamline Eligible Repairs Use of the Streamline 203(k) program is limited to properties with the following work category items: Repair/Replacement roofs, gutters and downspouts Repair/Replacement/Upgrade of existing HVAC systems Repair/Replacement/Upgrade of plumbing and electrical systems Repair/Replacement of flooring Minor remodeling, such as kitchens, which does not involve structural repairs Exterior and interior painting Weatherization: including storm windows and doors, insulation, weather stripping, etc. Purchase and installation of appliance,- including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves Improvements for accessibility for persons with disabilities Lead-based paint stabilization or abatement of lead-based paint hazards Repair/replace/add exterior decks, patios, porches Basement finishing and remodeling, which does not involve structural repairs Basement waterproofing Window and door replacements and exterior wall re-siding Septic system and/or well repair or replacement

27 Self Help on 203k Streamlines "Self-help" arrangements in which the borrower is performing some or all of the work items are strongly discouraged unless the borrower's ability to competently perform the work in a timely and workmanlike manner is self-evident and easily documented. They must also satisfy the following requirements: Self-Help Agreement signed/dated, Written estimates from the suppliers of the materials the borrower will purchase. Cash reserves/credit sufficient to fund rehab costs until draw requests are processed, and Proof that they are a general contractor or have successfully completed rehabilitation projects. Note: Sweat equity is not permitted, which means that borrowers will not be compensated for their labor.

28 HomeStyle - A Conventional Renovation Program

29 HomeStyle Renovation Conventional rehab loan with higher loan sizes Investors allowed on 1unit properties who lease/flip with rehab funds all in one loan Second homes Purchase or Refinance & remodel From structural expansions/changes to new appliances and even swimming pools Less regulations than 203k & more flexibility Great for clients with 10% or more down payments or equity in their homes 203k Alternative most don t know about 29

30 2014 Conventional Loan Limits 1 Unit for HomeStyle in Illinois $417,000 2 Units $533,850 3 Units $645,300 4 Units $801,950 Higher loan limits HomeStyle is used for bigger projects & higher priced listings than the Maximum rehab $ amount equal to 50% of as completed value

31 Successful Strategies for You after today! Closed more deals! Offer a financing solution for almost any job. Inform homeowners about the PowerSaver Grant Sell large ticket items at $6.00/$1,000 Stop chasing bad checks and filing law suits. Work with general contractors who know and understand Renovation Mortgages.

32 Notes: HomeStyle Renovation Mortgage

http://www.allregs.com/tpl/documentprint.aspx?did3=fbac4aa6751c4ea0b8e44256c659d9f...

http://www.allregs.com/tpl/documentprint.aspx?did3=fbac4aa6751c4ea0b8e44256c659d9f... Page 1 of 5 Lending Library / Correspondent Seller Guide / 500. Products / 508. HIP Full FHA 203(k) 508. HIP Full FHA 203(k) HIP Full FHA 203(k) Product Matrix/Guidelines The FHA 203(k) program (i.e. Full

More information

All contents copyright 2009 2011 by 203KMortgageLender.com. All rights reserved. No part of this document or the related files may be republished to

All contents copyright 2009 2011 by 203KMortgageLender.com. All rights reserved. No part of this document or the related files may be republished to All contents copyright 2009 2011 by 203KMortgageLender.com. All rights reserved. No part of this document or the related files may be republished to any website, blog, ebook etc. without prior wri en permission.

More information

203K Loan Parameters

203K Loan Parameters Full documentation only. 203K Loan Parameters AUS approval required, no manual underwriting permitted. Maximum DTI ratios of 31%/43% regardless of AUS findings. Both purchase or rate and term refinance

More information

203K Streamline. Help qualified borrowers purchase or refinance AND renovate..with a single loan!

203K Streamline. Help qualified borrowers purchase or refinance AND renovate..with a single loan! 203K Streamline Help qualified borrowers purchase or refinance AND renovate..with a single loan! Why FHA 203K Streamline Offers a solution that helps borrowers obtain financing that covers both the acquisition

More information

PRMI 203K Streamline Loan. FHA Renovation Loan

PRMI 203K Streamline Loan. FHA Renovation Loan PRMI 203K Streamline Loan FHA Renovation Loan Put the finishing touches on your borrowers Dream home. Purchase or Refinances Help you to sell more homes, and represent more buyers. Work with contractors

More information

NMLS ID: 110139 AmeriFirst Home Mortgage 800.466.5626

NMLS ID: 110139 AmeriFirst Home Mortgage 800.466.5626 How do you turn a fixer upper into your dream home? The Solution the FHA 203(k) Loan! The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy

More information

April K Training CALL FHA. Servicing the American Homebuyer Since 1934

April K Training CALL FHA. Servicing the American Homebuyer Since 1934 April 2009 203K Training 1 Presenters Thomas Baker Vaun Bateman Angela Escobedo Connie Schoenwald Linda Thompson 2 3 STREAMLINED (K) 4 Why 203(k)? Current owners stay in their homes and renovate Investors

More information

FHA Streamline 203(k)

FHA Streamline 203(k) Financing Provided by: Family Finance FHA Streamline 203(k) The Answer How many times have your customers said the following: 1. Needs carpet 2. Needs paint 3. Needs a new kitchen 4. Bathroom is ugly 5.

More information

FHA Streamline (K) Limited Repair Program

FHA Streamline (K) Limited Repair Program Training Mortgage Professionals FHA Streamline (K) Limited Repair Program Facilitator: XXXXXXXXX The Streamline (K) Overview General Characteristics Eligible/Ineligible Improvements Documentation Requirements

More information

The Ultimate. Improvement Loans

The Ultimate. Improvement Loans The Ultimate Guide to Home Improvement Loans Page 2 THE ULTIMATE GUIDE TO HOME IMPROVEMENT LOANS Section 1: What is a Renovation Mortgage? Page 4.What is a Renovation Mortgage? Section 2: Home Improvement

More information

Enhancements to Streamlined (k) Limited Repair Program

Enhancements to Streamlined (k) Limited Repair Program U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER December 29, 2005 MORTGAGEE LETTER 2005-50 TO: ALL APPROVED MORTGAGEES

More information

Presents. FHA Streamlined(K) & 203(k) Training. July 20, 2011 7/18/2011. FHA Streamlined(k) Rehab Program

Presents. FHA Streamlined(K) & 203(k) Training. July 20, 2011 7/18/2011. FHA Streamlined(k) Rehab Program Presents FHA Streamlined(K) & 203(k) Training July 20, 2011 FHA Streamlined(k) Rehab Program Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through

More information

FHA 203k Inspections Changing climate in home buying markets: FHA 203k Inspections. FHA 203k Inspections. FHA 203k Inspections. FHA 203k Inspections

FHA 203k Inspections Changing climate in home buying markets: FHA 203k Inspections. FHA 203k Inspections. FHA 203k Inspections. FHA 203k Inspections Changing climate in home buying markets: Mortgage qualifying still a challenge More people buying foreclosed/distressed properties Appraisals stricter Lower valuations of properties Increase in appraisal

More information

THE BASICS: 203(k) Limited. FHA Limited 203(k) ssss. Andrew Allen Updated 10/20/15

THE BASICS: 203(k) Limited. FHA Limited 203(k) ssss. Andrew Allen Updated 10/20/15 SLIDE 1 R THE BASICS: Limited 203(k) ssss FHA Limited 203(k) Andrew Allen Updated 10/20/15 SLIDE 2 FHA Limited 203(k) Questions Limited 203(k) Explained What is the FHA Limited 203(k)s Loan Program? What

More information

FHA Streamlined 203(k) Loan Program

FHA Streamlined 203(k) Loan Program FHA Streamlined 203(k) Loan Program 8/7/14 Overview FHA Streamlined 203(k) Program Through the Federal Housing Administration s (FHA) Streamlined 203(k) program, Borrowers can purchase or refinance their

More information

SLIDE 1 OUT OF 42. THE BASICS: 203(k) FHA Standard 203(k) Andrew Allen COPYRIGHT 2013 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED

SLIDE 1 OUT OF 42. THE BASICS: 203(k) FHA Standard 203(k) Andrew Allen COPYRIGHT 2013 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED SLIDE 1 OUT OF 42 R THE BASICS: 203(k) FHA Standard 203(k) Andrew Allen SLIDE 2 OUT OF 42 FHA 203K Questions 203k Explained What is the FHA 203(k) Loan Program? What are the program guidelines? What types

More information

HOMESTYLE RENOVATION. Look at the possibilities

HOMESTYLE RENOVATION. Look at the possibilities HOMESTYLE RENOVATION Look at the possibilities HOMESTREET: WHO ARE WE? Based in the Northwest, HomeStreet Bank if one of the largest community banks in the Northwest and Hawaii. HomeStreet began in 1921

More information

Renovating and Rebuilding America - One Home at a Time NMLS# 338923. Everything You Need To Know. 203K Manual

Renovating and Rebuilding America - One Home at a Time NMLS# 338923. Everything You Need To Know. 203K Manual Renovating and Rebuilding America - One Home at a Time Everything You Need To Know 203K Manual Everything YOU Need to Know FHA 203K Manual You just found the deal of a lifetime! With improvements to this

More information

Understanding the benefits and process of a Residential Renovation Loan for Realtors

Understanding the benefits and process of a Residential Renovation Loan for Realtors Understanding the benefits and process of a Residential Renovation Loan for Realtors What is a Renovation loan and how does it work? Why do you need to know about Renovation loans? How will Renovation

More information

More than 35 Mortgage Loan Officers who live and work in your neighborhood. Lending in MA, NH, RI, ME, CT & FL

More than 35 Mortgage Loan Officers who live and work in your neighborhood. Lending in MA, NH, RI, ME, CT & FL Founded in 1855 More than 35 Mortgage Loan Officers who live and work in your neighborhood. Lending in MA, NH, RI, ME, CT & FL Largest servicer of mortgage loans headquartered in New England. Finances

More information

Understanding The Standard FHA 203(k) Standard Rehab Loan Program

Understanding The Standard FHA 203(k) Standard Rehab Loan Program Understanding The Standard FHA 203(k) Standard Rehab Loan Program FHA s 203K Rehab Program The FHA 203(k) program is HUD s primary program for the rehabilitation and repair of residential properties This

More information

Renovation Financing 1

Renovation Financing 1 Renovation Financing 1 Renovation Financing The Win, Win, Win Scenario Presented By Lisa Marra The Marra Mortgage Group 2 What is a Renovation Loan? A renovation loan allows a borrower to secure financing

More information

FHA 203(k) Information Package

FHA 203(k) Information Package PO Box 2395 Birmingham, MI 48012-2395 Office: 248 644 8798 Fax: 248 644 8947 Email: PropInspEngineer@aol.com Web: http://www.propertyinspectionengineers.biz FHA 203(k) Information Package Program Overview:

More information

Welcome to the world of Renovation loans

Welcome to the world of Renovation loans Welcome to the world of Renovation loans What is a 203K loan? How can a 203K loan be used? Advantages of 203K loans The process of obtaining a 203K loan Why we are the experts A 203K is FHA s Rehabilitation

More information

Understanding 203k Loans 2 Hour Continuing Education Course Outline

Understanding 203k Loans 2 Hour Continuing Education Course Outline 1. Course overview and requirements. a. Course length of 2 hours with a 10 minute break each hour on the hour. b. Making sure all attendees have a course outline. c. There will be a 10 question test at

More information

HUD Real Estate Owned (REO) Loan Program Guide

HUD Real Estate Owned (REO) Loan Program Guide Table of Contents HUD Real Estate Owned (REO) Loan Program Guide Wholesale Lending January 9, 2014 Program Guide... 2 Pacific Union Financial Credit Philosophy... 2 Ability to Repay and Qualified Mortgages...

More information

FHA 203(k) Rehabilitation Mortgage Insurance Program

FHA 203(k) Rehabilitation Mortgage Insurance Program FHA 203(k) Rehabilitation Mortgage Insurance Program This document is a reflection of current policy related to this topic. Its content is approved for use in FHA-related lender training. FHA 203(k) Rehabilitation

More information

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

FHA 203k Rehab Loans. How to Use a 203k Rehab Loan to Move Your Listings and Put Buyers into Homes! FHA 203k Rehab Loans How to Use a 203k Rehab Loan to Move Your Listings and Put Buyers into Homes! Today s s Agenda 203k Loan Overview How to Use the Program as a Tool to Market Your Properties How to

More information

Fannie Mae HomeStyle: LifeStyle Home Improvement Loan 8/29/14

Fannie Mae HomeStyle: LifeStyle Home Improvement Loan 8/29/14 Fannie Mae HomeStyle: LifeStyle Home Improvement Loan 8/29/14 What is a Fannie Mae LifeStyle Home Improvement Loan? Offers a solution to help Borrowers obtain financing that covers both the acquisition

More information

Renovate your home your way. The FHA 203(k) Renovation Loan

Renovate your home your way. The FHA 203(k) Renovation Loan Renovate your home your way The FHA 203(k) Renovation Loan Agenda What is an FHA 203(k) Renovation Loan? Advantages of an FHA 203(k) Renovation Loan FHA 203(k) Renovation Loan: Standard vs. Streamline

More information

Purchase and rate/terms only. Streamline Standard (aka full consultant) Cash out to borrowers is not allowed

Purchase and rate/terms only. Streamline Standard (aka full consultant) Cash out to borrowers is not allowed February 2014 The FHA 203K program is HUD s primary program for the rehabilitation and repair of residential properties There are 2 different 203(k) programs offered: Streamline Standard (aka full consultant)

More information

SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited

SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited 4.1 Program Descriptions 4.2 Borrower Eligibility 4.3 Property Eligibility 4.4 Principal Residence Requirement 4.5 Rehabilitation Loan

More information

Feasibility Site Report

Feasibility Site Report Required Document for HomeStyle: Total rehabilitiation cost exceeds 15,000 OR At the recommendation of the HomeBridge Renovation Concierge Department Feasibility Site Report (AKA Feasibility Study) SUBJECT

More information

FHA Purchase and Refinance Loans

FHA Purchase and Refinance Loans FHA Purchase & Refinance Loans Also known as a "government loan," an FHA loan is guaranteed by the Federal Housing Administration (FHA). The FHA provides mortgage insurance on loans made by FHA-approved

More information

Renovation. Your Guide Through the Process

Renovation. Your Guide Through the Process Renovation Your Guide Through the Process Renovation Financing: An Investment in the Future TABLE OF CONTENTS An Investment in the Future.......... 1 An Opportunity for Everyone......... 2 Who can benefit

More information

FHA 203(k) Rehabilitation Loans

FHA 203(k) Rehabilitation Loans Everything You Need to Know About FHA 203(k) Rehabilitation Loans Presented April 10, 2009 Senior Loan Officer, FHA Consultant Bill@YourFhaGuru.com http://www.yourfhaguru.com FHA/VA Since 1970 CLASS TOPICS

More information

Renovation. Your Guide Through the Process

Renovation. Your Guide Through the Process Renovation Your Guide Through the Process Renovation Financing: An Investment in the Future TABLE OF CONTENTS An Investment in the Future.......... 1 An Opportunity for Everyone......... 2 Who can benefit

More information

Home Purchase Rehabilitation Pilot Program Procedures Manual

Home Purchase Rehabilitation Pilot Program Procedures Manual Home Purchase Rehabilitation Pilot Program Procedures Manual Department of Housing and Community Development Home Purchase Assistance Program (HPAP) Residential and Community Services Division 1800 Martin

More information

Introduction to the Fannie Mae HomeStyle Renovation Mortgage. Presented by Damon Richardson, Program Specialist - American Financial Resources, Inc.

Introduction to the Fannie Mae HomeStyle Renovation Mortgage. Presented by Damon Richardson, Program Specialist - American Financial Resources, Inc. Introduction to the Fannie Mae HomeStyle Renovation Mortgage Presented by Damon Richardson, Program Specialist - American Financial Resources, Inc. About the Presenter With 12 years of mortgage industry

More information

FHA Streamline 203(k) Guide. Effective as of April 2, 2015 Primary Capital Mortgage

FHA Streamline 203(k) Guide. Effective as of April 2, 2015 Primary Capital Mortgage FHA Streamline 203(k) Guide Effective as of April 2, 2015 Primary Capital Mortgage Contents 1. Overview... 2 2. Documentation... 2 2.1 Allowable Age of Credit Documents... 2 2.2 Allowable Age of Federal

More information

A Guide To An FHA 203(k) Loan

A Guide To An FHA 203(k) Loan A Guide To An FHA 203(k) Loan US Mortgage Corporation (NMLS ID#3901). Corporate Office is located at 201 Old Country Road, Suite 140, Melville, NY 11747; 631-580-2600 or (800) 562-6715 (LOANS15). Licensed

More information

MARS DISCLOSURE FOR CONSUMER SPECIFIC COMMERCIAL COMMUNICATION

MARS DISCLOSURE FOR CONSUMER SPECIFIC COMMERCIAL COMMUNICATION MARS DISCLOSURE FOR CONSUMER SPECIFIC COMMERCIAL COMMUNICATION The disclosure below is required by 16 C.F.R. 322.4(b) in every consumer-specific commercial communication for any mortgage assistance relief

More information

Full A Service. Construction Company. Quality. Bradley Construction. is non-negotiable.

Full A Service. Construction Company. Quality. Bradley Construction. is non-negotiable. Full A Service Construction Company Quality When is non-negotiable. Bradley Construction Location and Contact Information Office Address: Bradley Construction LLC 112 Clair Drive Piedmont, SC 29673 Mailing

More information

MUNICIPAL HOUSING REHABILITATION PROGRAM HANDBOOK

MUNICIPAL HOUSING REHABILITATION PROGRAM HANDBOOK MUNICIPAL HOUSING REHABILITATION PROGRAM HANDBOOK For further information or inquiries please write or call your municipality s Small Cities Consultants: Lisa Low & Associates 293 Riggs Street Oxford,

More information

HUD REO M & M III. FHA Webinar on HUD REO 203-K Standard 203-K Streamline. HUD REO (Real Estate Owned) 203(k) Streamline.

HUD REO M & M III. FHA Webinar on HUD REO 203-K Standard 203-K Streamline. HUD REO (Real Estate Owned) 203(k) Streamline. FHA Webinar on HUD REO 203-K Standard 203-K Streamline HUD REO (Real Estate Owned) 203(k) Streamline 203-K Standard National Servicing Center (NSC) is responsible for direct oversight of the MCM contractor:

More information

THE BASICS: Andrew Allen Updated 3/24/2015 COPYRIGHT 2013 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED

THE BASICS: Andrew Allen Updated 3/24/2015 COPYRIGHT 2013 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED R THE BASICS: Andrew Allen Updated 3/24/2015 The Formula for Success = AFR s Wholesale division is the #1 203(k) lender in the country for sponsored originations. HomeStyle Questions HomeStyle Explained

More information

PROGRAM DESCRIPTION HOMEOWNER REHABILITATION LOAN FOR INCOME ELIGIBLE CITY OF MOBILE HOMEOWNERS

PROGRAM DESCRIPTION HOMEOWNER REHABILITATION LOAN FOR INCOME ELIGIBLE CITY OF MOBILE HOMEOWNERS CITY OF MOBILE COMMUNITY PLANNING & DEVELOPMENT CITYWIDE III HOMEOWNER REHAB PROGRAM HOMEOWNER REHABILITATION LOAN PROGRAM DESCRIPTION FOR INCOME ELIGIBLE CITY OF MOBILE HOMEOWNERS Our Home Rehab Program

More information

CITY OF MOBILE COMMUNITY PLANNING & DEVELOPMENT DEPARTMENT

CITY OF MOBILE COMMUNITY PLANNING & DEVELOPMENT DEPARTMENT CITY OF MOBILE COMMUNITY PLANNING & DEVELOPMENT DEPARTMENT HOMEOWNER REHAB LOAN PROGRAM FOR ELIGIBLE RESIDENTS CITY WIDE Are You Having Problems with Your Plumbing? Do You Need a New Roof? Are Your Windows

More information

CITY OF BAY VILLAGE DEPARTMENT OF COMMUNITY SERVICES DOWN PAYMENT ASSISTANCE PROGRAMS

CITY OF BAY VILLAGE DEPARTMENT OF COMMUNITY SERVICES DOWN PAYMENT ASSISTANCE PROGRAMS CITY OF BAY VILLAGE DEPARTMENT OF COMMUNITY SERVICES DOWN PAYMENT ASSISTANCE PROGRAMS Cuyahoga County Loan and Grant Programs for Residents For application forms or more information on the programs below,

More information

FNMA HomeStyle Renovation

FNMA HomeStyle Renovation Product Types 10-30 year fixed Sales Focus HomeStyle enables homebuyers and homeowners to finance either the purchase or a refinance of a house and the cost of its rehabilitation through a single mortgage.

More information

Dream It. FInance It. BuIlD It.

Dream It. FInance It. BuIlD It. Dream It. FInance It. BuIlD It. Construction loans designed to your specifications You ve got You ve US! got US! Banking Loans Investments Tax & Payroll Insurance CONSTRUCTION/PERMANENT MORTGAGE PROGRAM

More information

Buy a home, plus make improvements, with just one loan

Buy a home, plus make improvements, with just one loan Homebuyer guide to a mortgage with built-in renovation financing Buy a home, plus make improvements, with just one loan Learn how Are you thinking of buying a home that needs work? Well Fargo is here to

More information

renovation loans for REALTORS LEARN HOW renovation loans CAN BUILD YOUR BUSINESS STEP BY STEP INSTRUCTIONS COMPARISON OF PRODUCTS SIDE BY SIDE

renovation loans for REALTORS LEARN HOW renovation loans CAN BUILD YOUR BUSINESS STEP BY STEP INSTRUCTIONS COMPARISON OF PRODUCTS SIDE BY SIDE renovation loans for REALTORS LEARN HOW renovation loans CAN BUILD YOUR BUSINESS COMPARISON OF PRODUCTS SIDE BY SIDE STEP BY STEP INSTRUCTIONS table of CONTENTS 3 4 5 6 7 8 9 10 11 12-13 14 15-16 17 Introduction

More information

You cannot receive Georgia C.E. credit for this course if you have taken it in the last 366 days.

You cannot receive Georgia C.E. credit for this course if you have taken it in the last 366 days. Selling the Good, the Bad and the Ugly with a Renovation Loan Brian Stephens Wednesday, February 5, 2014 Part 1 8:00 a.m. 9:20 a.m. Part 2 9:20 a.m. 10:20 a.m. Part 3 10:45 a.m. 11:45 a.m. GREC Course

More information

OWNER-OCCUPIED REHABILITATION PROGRAM

OWNER-OCCUPIED REHABILITATION PROGRAM COMMUNITY DEVELOPMENT PROGRAM BENEFITING THE PROPERTY OWNER OWNER-OCCUPIED REHABILITATION PROGRAM Funded By: Sponsored By: New York State Office of Community Renewal Town of Preble James Doring, Supervisor

More information

FHA 203(k) Streamline Training

FHA 203(k) Streamline Training FHA 203(k) Streamline Training Guidelines Forms Point MyKey 12/11 FHA 203(k) Streamline Help qualified borrowers purchase and renovate a primary residence all with a single loan Allows Loan Officers to

More information

A Little TLC Goes. A Long Way! FHA 203k. Home Loan. Compliments of Certified Mortgage Advisor. Kevin Walton

A Little TLC Goes. A Long Way! FHA 203k. Home Loan. Compliments of Certified Mortgage Advisor. Kevin Walton ! FHA 203k Compliments of Certified Mortgage Advisor Kevin Walton Buying a fixer-upper? Buying an as-is condition property? Having problems obtaining lender approval due to an undesirable property? Purchase

More information

FHA 203K Rehab Remodel Repair

FHA 203K Rehab Remodel Repair 1 FHA 203K Rehab Remodel Repair What is an FHA 203K? FHA stands for Federal Housing Administration (FHA) and is part of the Department of Housing and Urban Development (HUD). FHA administers a number of

More information

#1) BEFORE Purchasing Land Here Is A Checklist Of Things You Should Check

#1) BEFORE Purchasing Land Here Is A Checklist Of Things You Should Check #1) BEFORE Purchasing Land Here Is A Checklist Of Things You Should Check Zoning laws Deed restrictions on home size, foundation style, roof pitch, etc. Suitability (slope, wetland issues, etc.) Accessibility

More information

6310 Lakeshore Dallas, TX 75214 214 213 8967 www.texasrehabloan.com Fax: 214 242 3753

6310 Lakeshore Dallas, TX 75214 214 213 8967 www.texasrehabloan.com Fax: 214 242 3753 Rehab/Hard Money property/deal Application www.texasrehabloan.com - Hard Money - Monty Busch 214-824-0417 YOU WILL NEED THE FOLLOWING items to close and order appraisal, very simple process for investment

More information

CITY OF WINTER PARK SENIOR AND DISABLED PERSONS HOUSING REHABILITATION GRANT PROGRAM

CITY OF WINTER PARK SENIOR AND DISABLED PERSONS HOUSING REHABILITATION GRANT PROGRAM CITY OF WINTER PARK SENIOR AND DISABLED PERSONS HOUSING REHABILITATION GRANT PROGRAM Funded by a Community Redevelopment Block Grant from Orange County, the City of Winter Park has developed a housing

More information

PURCHASE/REHABILITATION PROGRAM PROGRAM OUTLINE

PURCHASE/REHABILITATION PROGRAM PROGRAM OUTLINE PURCHASE/REHABILITATION PROGRAM PROGRAM OUTLINE PROGRAM STRUCTURE The improvement/rehabilitation portion of the first mortgage loan will be limited to a minimum of $2,000 and not to exceed a maximum of

More information

SPECIAL REPORT: How to Use the 203K Loan Program to Profit From the Foreclosure Crisis

SPECIAL REPORT: How to Use the 203K Loan Program to Profit From the Foreclosure Crisis SPECIAL REPORT: How to Use the 203K Loan Program to Profit From the Foreclosure Crisis Presented By: RGR Construction, Ltd. 1-877-289-7231 Welcome, and thank you for ordering this report from RGR Construction

More information

APPLICATION NUMBER MSC-20 PART I: The following information is optional and is used for statistical purposes only

APPLICATION NUMBER MSC-20 PART I: The following information is optional and is used for statistical purposes only APPLICATION FOR HOME IMPROVEMENT LOAN LEELANAU COUNTY HOUSING REHABILITATION PROGRAM EQUAL HOUSING OPPORTUNITY: BUSINESS CONDUCTED IN ACCORDANCE WITH THE FEDERAL FAIR HOUSING ACT OF 1988 FOR OFFICE USE

More information

Lending Guide Investor Rehab Loan Program

Lending Guide Investor Rehab Loan Program Program Description The Rehab loan program is an asset-based financing option designed for borrowers who wish to acquire, rehabilitate, and sell residential real estate. This program is well suited for

More information

First Time Home Buyers Energy Efficiency Workshop Guide

First Time Home Buyers Energy Efficiency Workshop Guide First Time Home Buyers Energy Efficiency Workshop Guide Why is efficiency important when buying a home? Affordability: lower utility bills Environmental responsibility: reduces your carbon footprint and

More information

CITY OF HICKORY HOUSING REHABILITATION LOAN PROGRAM

CITY OF HICKORY HOUSING REHABILITATION LOAN PROGRAM CITY OF HICKORY HOUSING REHABILITATION LOAN PROGRAM 1.0 INTRODUCTION Housing rehabilitation is a term applied to the repair and improvement of homes that have fallen into a substandard condition. The principle

More information

Free Technical Assistance. Does my house qualify for the Heritage Home Program Loan?

Free Technical Assistance. Does my house qualify for the Heritage Home Program Loan? The Heritage Home Program is available to homeowners in participating cities that are 50 years and older. Heritage Home Program Specialists are available to answer home maintenance and improvement questions

More information

Open House and Home Tour Checklist

Open House and Home Tour Checklist 1 The House Address: Number of floors: Listing price: Basement? Property tax: Outdoor space? Eugh closet space? Style: Eugh storage space? Square footage: Room for expansion? Number of bedrooms: What appliances

More information

Kentucky Housing Corporation

Kentucky Housing Corporation Kentucky Housing Corporation HouseWorks Repair Program 2012 Kentucky Housing Corporation 1231 Louisville Road Frankfort, KY 40601 (502) 564-7630 Kentucky Housing Corporation Kentucky Housing Corporation

More information

The Only Mortgage Loan Options. Guide You Need. (How To Find The Right Mortgage Loan To Buy The Right Home)

The Only Mortgage Loan Options. Guide You Need. (How To Find The Right Mortgage Loan To Buy The Right Home) The Only Mortgage Loan Options Guide You Need (How To Find The Right Mortgage Loan To Buy The Right Home) Page 2 The Only Mortgage Loan Options Guide You Need (Or: How to Find the Right Mortgage Loan for

More information

FHA 203K ACQUISITION & REHABILITATION LOANS FOR HOMESTEADS & 1 4 APARTMENTS

FHA 203K ACQUISITION & REHABILITATION LOANS FOR HOMESTEADS & 1 4 APARTMENTS FHA 203K ACQUISITION & REHABILITATION LOANS FOR HOMESTEADS & 1 4 APARTMENTS Rehab a Home w/hud's 203(k) The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development

More information

203kLender.com. The 10 Step Quick Start Guide. What s Included: Types of 203k Loans. 10 Quick Steps To Get You Started

203kLender.com. The 10 Step Quick Start Guide. What s Included: Types of 203k Loans. 10 Quick Steps To Get You Started 203kLender.com The 10 Step Quick Start Guide What s Included: & Types of 203k Loans 10 Quick Steps To Get You Started The FHA 203K Loan 10 Step Quick Start Guide If there was a way to create your dream

More information

NSP3 Rehabilitation Standards Certification

NSP3 Rehabilitation Standards Certification Initial Certification: Subrecipient confirms that it has included in the scope of work all items necessary for the project to meet the NSP1 Rehabilitation Standards upon project completions. Second and

More information

Before we begin the process of finding your new home, let s go through some very important points you should know to make this experience more

Before we begin the process of finding your new home, let s go through some very important points you should know to make this experience more Before we begin the process of finding your new home, let s go through some very important points you should know to make this experience more enjoyable. DON T WORRY...you will find the right home!..you

More information

Housing Rehabilitation Program Guidelines for FY2013

Housing Rehabilitation Program Guidelines for FY2013 Housing Rehabilitation Program Guidelines for FY2013 Program Overview & Priorities: The Housing Rehabilitation Program is a collaborative program of HECH and the CDP and is funded through an annual Community

More information

A Seller s Guide to the Home Inspection

A Seller s Guide to the Home Inspection A Seller s Guide to the Home Inspection What Is A Home Inspection? Who are the Key Players? 13277 Illinois Street, Suite 120, Carmel, IN 46032 - Indianapolis/Carmel - (317) 848-1744 Toll Free - (800) 878-1744

More information

FLORIDA SOLAR ENERGY CENTER

FLORIDA SOLAR ENERGY CENTER FLORIDA SOLAR ENERGY CENTER Creating Energy Independence High Performance Existing Homes Partnerships and Research Janet McIlvaine Research Analyst, Florida Solar Energy Center A Research Institute of

More information

FHA: Standard and Jumbo/High Balance Eligibility Matrix

FHA: Standard and Jumbo/High Balance Eligibility Matrix FHA: Standard and Jumbo/High Balance Loan Purpose FICO Maximum LTV 1 Maximum CLTV Maximum DTI 3 >620 100.00% 2 45%/55% Purchase Rate and Term Refinance Cash-out Refinance 4 580-619 31%/43% 500-579 90.00%

More information

ENERGY EFFICENCY IN THE HOME BUYING PROCESS. October 16 th 2014

ENERGY EFFICENCY IN THE HOME BUYING PROCESS. October 16 th 2014 ENERGY EFFICENCY IN THE HOME BUYING PROCESS October 16 th 2014 Today s Presenters Shannon Peer Brothers Redevelopment / Colorado Housing Connects Peter Rusin Colorado Energy Office Kate Gregory Environmental

More information

APPLICATION FOR NON-SUBSTANTIAL DAMAGE / IMPROVEMENT REVIEW

APPLICATION FOR NON-SUBSTANTIAL DAMAGE / IMPROVEMENT REVIEW APPLICATION FOR NON-SUBSTANTIAL DAMAGE / IMPROVEMENT REVIEW Parcel Number: Owner s Name: Co-Owner s Name: Owner s Mailing Address: Owner Phone Number: FIRM Panel: Lowest Floor Elevation (excluding garage):

More information

Your Blueprint For Constructing or Renovating Your Dream Home

Your Blueprint For Constructing or Renovating Your Dream Home Your Blueprint For Constructing or Renovating Your Dream Home An informational guide for completing a successful construction or remodel through the construction loan process. Provided to you by: Table

More information

Introduction to Renovation Lending. Presented by: Jane King Freedom Mortgage

Introduction to Renovation Lending. Presented by: Jane King Freedom Mortgage Introduction to Renovation Lending Presented by: Jane King Freedom Mortgage Agenda Renovation Lending Overview of renovation products Identifying the right borrower Identifying the right property Evaluating

More information

How to Finance Energy Upgrades Green Building for Cool Cities Rick Williams CGBP, CMPS

How to Finance Energy Upgrades Green Building for Cool Cities Rick Williams CGBP, CMPS How to Finance Energy Upgrades Green Building for Cool Cities Rick Williams CGBP, CMPS October 9, 2010 Energy Upgrade California Financial Clearinghouse Web Portal One-stop shopping by zip code for local

More information

QUESTIONS AND ANSWERS REGARDING PARTICIPATION IN THE NATIONAL FLOOD INSURANCE PROGRAM

QUESTIONS AND ANSWERS REGARDING PARTICIPATION IN THE NATIONAL FLOOD INSURANCE PROGRAM QUESTIONS AND ANSWERS REGARDING PARTICIPATION IN THE NATIONAL FLOOD INSURANCE PROGRAM 1. What are the consequences of not joining the NFIP? Specifically regarding FEMA reimbursement funds and damage to

More information

Application for Real Estate Financing Construction and Permanent

Application for Real Estate Financing Construction and Permanent 1224 Race Street, Cincinnati, OH 45202 (513) 721-7211 Fax (513) 721-7214 www.cindevfund.org Note: Please use the Save As feature to save a version of this application to your computer or local server.

More information

A Seller s Guide to the Home Inspection By

A Seller s Guide to the Home Inspection By A Seller s Guide to the Home Inspection By 13277 N. Illinois Street, Suite 120 Carmel, IN 46032 Indianapolis/Carmel - (317) 848-1744 Toll Free - (800) 878-1744 Lafayette (765) 420-7200 Fax (317) 573-2089

More information

Inspection Report. Dream Home Inspections. www.timinspects.com. 415 Second Ave. Frisco CO 80443-1789 (970) 368-2668

Inspection Report. Dream Home Inspections. www.timinspects.com. 415 Second Ave. Frisco CO 80443-1789 (970) 368-2668 Inspection Report Property Address: 123 Dream Home Way Frisco, CO 80443 Prepared for: Inspector: Tim Nixon Tim Nixon Inspection date: 3/28/2014 1 of 9 General Information Property Information Address:

More information

PROPERTY INSPECTION REPORT

PROPERTY INSPECTION REPORT Whisper Computer Solutions, Inc. P.O. Box 690502 San Antonio, TX 78269-0502 Phone: (210)681-6325 Fax: (210)681-6325 Email: support@whispersolutions.com PROPERTY INSPECTION REPORT Prepared For: Concerning:,

More information

City of Treasure Island FEMA Cost Breakdown Worksheet For Substantial Improvement / Damage

City of Treasure Island FEMA Cost Breakdown Worksheet For Substantial Improvement / Damage City of Treasure Island FEMA Cost Breakdown Worksheet For Substantial Improvement / Damage Property Address: Company Name: Contractor Name: Contractor Address: City: State: Zip: License Number: Phone Number

More information

A Guide to Building Permits for Home Owners / Renovators. Address: 1 Carden Street Guelph, Ontario N1H 3A1

A Guide to Building Permits for Home Owners / Renovators. Address: 1 Carden Street Guelph, Ontario N1H 3A1 A Guide to Building Permits for Home Owners / Renovators Address: 1 Carden Street Guelph, Ontario N1H 3A1 Oct 2009 Telephone: 519-837-5615 Committee of Adjustment 519-837-5615 option #5 email: cofa@guelph.ca

More information

Notice to Property Owners

Notice to Property Owners Modification or Repair of your Flood Prone Property Notice to Property Owners Rebuilding or Remodeling Your Home If your home or business sustained damage, or if you are making improvements to the structure

More information

HOMEOWNER S PERMIT GUIDE

HOMEOWNER S PERMIT GUIDE HOMEOWNER S PERMIT GUIDE WHEN IS A PERMIT REQUIRED? Department of Development and Permits 306 Cedar Road, City Hall 2 nd Floor P.O. Box 15225 Chesapeake, VA 23328 Phone: (757) 382-6018 Fax: (757) 382-8448

More information

SUBSTANTIAL IMPROVEMENT OR SUBSTANTIAL DAMAGE NOTICE TO PROPERTY OWNER

SUBSTANTIAL IMPROVEMENT OR SUBSTANTIAL DAMAGE NOTICE TO PROPERTY OWNER NOTICE TO PROPERTY OWNER Rebuilding your Home after the storm? Adding on, renovating, or remodeling your home? Here's information YOU need to know about the 50% Rule. If your home or business is below

More information

The 10 Step Quick Start Guide

The 10 Step Quick Start Guide Renovating and Rebuilding America - One Home at a Time & The 10 Step Quick Start Guide What s Included: Types of 203K Loans 10 Quick Steps To Get You Started The FHA 203K Loan 10 Step Quick Start Guide

More information

FHA REPAIR ESCROW GUIDELINES

FHA REPAIR ESCROW GUIDELINES FHA REPAIR ESCROW GUIDELINES Introduction Escrow holdbacks are used to facilitate loan closings for properties that require no more than $5000 of repairs to meet FHA s minimum property requirements. The

More information

Village of Oak Park Community Services Department Single-Family Rehabilitation Loan Program Oak Park, Illinois POLICY GUIDELINES

Village of Oak Park Community Services Department Single-Family Rehabilitation Loan Program Oak Park, Illinois POLICY GUIDELINES Village of Oak Park Community Services Department Single-Family Rehabilitation Loan Program Oak Park, Illinois POLICY GUIDELINES A. ELIGIBLE PROPERTY OWNERS 1. Benefit to Very Low- and Low- Income Owner-Occupants.

More information

Underwriting Memo 1.2013

Underwriting Memo 1.2013 06/13/13 Underwriting Memo 1.2013 Attention: SNMC Underwriters Branch Managers and Quality Control Subject: FHA 203K Streamlines SNMC will no longer underwrite FHA 203K Streamlines in-house or offer the

More information

The First Citizens National Bank New Construction Planning Packet rev

The First Citizens National Bank New Construction Planning Packet rev Thank you for considering as you prepare to build! Enclosed in this new construction planning packet you ll find examples of forms, samples, and other information you ll submit with your loan application:

More information