Renovation Financing 1
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1 Renovation Financing 1
2 Renovation Financing The Win, Win, Win Scenario Presented By Lisa Marra The Marra Mortgage Group 2
3 What is a Renovation Loan? A renovation loan allows a borrower to secure financing for both the purchase plus the costs associated to renovating a house all in one loan, based on future value and condition. A borrower can also refinance a current property using this program, plus finance the cost of renovation all in one loan, based on future value and condition. 3
4 Special Features Finance mortgage payments One loan, one low rate, tax deductible Three additional set of eyes Per project Keep investments intact Mixed use properties Tax credits and real estate tax abatements 4
5 Remodeling Facts & Figures Remodeling market totaled Over $300 Billion in This is equal to more than 2% of the total U.S. economy. Many homes built before the 1970 Oil Embargo, use as much as 30 percent more energy than newer homes. Homeowners spend over 75% of renovation expenditures compared to non-owner occupants (investors). 5
6 Remodeling Facts & Figures Continued Expenditures by category Additions/Alterations - $75 Billion New Systems (HVAC, Plumbing, Electrical) - $17 Billion Kitchens - $14 Billion Baths - $9 Billion 6
7 Remodeling Facts & Figures Continued Summary of the $300 Billion $115 Billion spent on NEW improvements $185 Billion spent on REPAIRS! Repairs for deferred maintenance on roofs, plumbing, electrical, HVAC, windows and mold 7
8 Transactions Galore!! REO and Short Sale Properties Bank Foreclosures Tax Sales FSBooo s Estate Sales 8
9 Using Renovation Financing to Facilitate the Short Sale Deferred maintenance, caused by sellers hardship, can lead to challenged property conditions Renovation Financing allows you to sell the property as-is The sellers lender is unlikely to make repairs Renovation Financing allows you to sell the property as-is The potential buyers are put off by the property condition Renovation Financing allows you to sell the property as it will be! 9
10 Renovation Financing Keeps you from Never losing a short sale closing because of the property condition! 10
11 Listing Agents How to Market a property in As-Is condition Within your MLS listings, use the term, This property is renovation financing approved! Develop a relationship with several local contractors and have cost estimates and renovation financing flyers in the home Use renovation financing signs and banners Market the property based on future value and potential! 11
12 Selling Agents How to Sell a property in As-Is condition Discuss FUTURE property condition and amenities Discuss future property value Discuss the potential of turning the property into their dream home Discuss the things that can be done as soon as closing is completed New cabinets, new carpet, new painting, new baths, new deck, new basement Give them their dreams of tomorrow TODAY! 12
13 About the loan programs History of the programs 1962 FHA 1994 Fannie 1995 Freddie 2005 FHA Streamline Economic benefits for entire community 13
14 FHA vs. Conventional Renovation FHA Owner Occupied ONLY Less stringent on credit qualifications One closing Conventional Owner Occupied 2 nd Homes Investor Stricter credit guidelines One closing 14
15 Required vs. Eligible Repair Items All health, safety and energy conservation items must be addressed prior to completing general home improvements. On 203K loans, the work write-up (if applicable) and appraisal must demonstrate that, when the rehabilitation is completed, the property will meet HUD s minimum property standards. The program can then be used to finance items such as, painting, room additions, decks and other items, even if the home does not need any other improvements. 15
16 Examples of Eligible 203k Repairs Structural alterations and reconstruction (repair or replacement of structural damage, chimney repair, additions to the structure, installation of an additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites or other insect infestation) Changes for improved functions and modernization (remodeled bathrooms and kitchens, including permanently installed appliances; such as, built-in range and/or oven, range hood, microwave, dishwasher) Changes for aesthetic appeal and elimination of obsolescence (new exterior siding, adding a second story to the home, covered porch, stair railings, attached carport) Reconditioning or replacement of plumbing (including connection to public water and/or sewer systems), heating, air conditioning and electrical systems. 16
17 Examples of Ineligible 203k Repairs Luxury items and improvements that do not become a permanent part of the real property are not eligible. Ineligible improvements for purchase or repair include, but are not limited to, the following: Barbecue pit Bathhouse Dumbwaiter Exterior hot tub, sauna, spa and whirlpool bath Outdoor fireplace or hearth Photo mural Installation of a new swimming pool Gazebo, television antenna, satellite dish Tennis court Tree surgery (unless a health and safety requirement) Additions or alterations to provide for commercial use 17
18 Repair Review Basic functional amenities Eligible renovations Luxury items Miscellaneous eligible 18
19 Eligible Properties Single family detached or attached dwellings Two to four unit properties Storefront properties (mixed use) Low rise Condominiums* *(Agency approval required & maximum of 4 stories and maximum of 4 units per building) Townhouse Manufactured 2 (Leasehold properties not allowed) Planned Unit Development 19
20 Eligible Properties Homes that have been demolished or will be razed as part of the rehabilitation are acceptable provided the existing foundation system is not affected and will still be used. An existing piece of the original foundation must be in place. 20
21 Eligible Properties PROPERTY DOES NOT HAVE TO BE HISTORIC or OLD! LIMITED ONLY BY YOUR IMAGINATION! 21
22 Alternative Financing vs FHA 203k 22
23 Maximum Renovation Financing Sales Price + Renovation funds = Acquisition Cost Maximum Loan to Value (LTV) is based on Acquisition Cost Max LTV for FHA = 96.50% (A 3.5% down payment) Max LTV for Conventional Owner Occupied = 95% ( A 5% down payment) Max LTV for Conventional 2 nd Home = 90% (A 10% down payment) Need a 720 Credit Score Max LTV for Conventional Investor = 80% (A 20% down payment) Need a 680 Credit Score + Desktop Approval 23
24 FHA 203k Purchase looks like Sales price = $100,000 Renovation funds = $ 50,000 Acquisition Cost = $150,000 Loan amount X = $144,750 Down payment = $ 5,250 Closing costs (EST.) = $ 4,500 Prepaids = $ 2,484 TOTAL CASH TO CLOSE = $12,234* *Before seller contributions and/or 3 rd party DAP s. 24
25 Conventional Owner Occupied Purchase looks like Sales price = $100,000 Renovation funds = $ 50,000 Acquisition Cost = $150,000 Loan amount X 95% = $142,500 Down payment = $ 7,500 Closing costs (EST.) = $ 4,950 Prepaids = $ 2,484 TOTAL CASH TO CLOSE $16,359* *Before seller contributions or 3 rd party DAP s. 25
26 Conventional Investor Purchase looks like Sales price = $100,000 Renovation funds = $ 50,000 Acquisition Cost = $150,000 Loan amount X 80% = $120,000 Down payment = $ 30,000 Closing costs (EST.) = $ 4,950 Prepaids = $ 2,484 TOTAL CASH TO CLOSE = $39,459 26
27 The 5 Core Steps For a Successful Renovation Loan 1. Application / Approval 2. Feasibility Study / The Work Write-Up 3. Appraisal / After Repair Value 4. Project Management 5. Loan Closes / Renovation Begins 27
28 Step 1 Application / Approval Consult with a Lender Be sure the lender can handle renovation loans and open communications exist with proper expectations Lender to; Confirm buyers income (Get paystubs, W-2 s and tax returns) Confirm buyers available cash (Get asset statements) Confirm buyers credit and credit scores (Review 3 bureau credit report) Lender to; Determine buyers qualification Set proper expectations for borrowers regarding maximum mortgage payment Set proper expectations for cash needed to purchase 28
29 Step 1(Continued) Get Borrower FULLY Pre-Approved Lender to completely process credit application Verifications, credit reports, all ordered just like any other loan. Loan Submitted to Underwriting Loan Commitment Issued Subject to property conditions ONLY You now have an approved buyer. This allows you the ability to effectively manage and facilitate an approval with the short sale negotiator! 29
30 Step 2 Feasibility Study / The Work Write-Up A Feasibility Study is similar to a home inspection. It is a cliff notes version of the Work Write-Up (WWU). It contains an eyeball cost estimate of what is needed to bring the property to minimum standards. The purpose of a feasibility study is to confirm the anticipated repair costs. Scenario #1 The borrower is approved for a maximum of $50,000 in repair costs. During the feasibility study the HUD consultant confirms the repairs can be completed within that price range and the project moves forward with a full work write-up Scenario #2 The borrower is approved for a maximum of $50,000 in repair costs. During the feasibility study the HUD consultant confirms the repairs can be completed within that price range, however a crack in the foundation is found and the HUD consultant advises the buyer that it will take an additional $20,000 in repairs. The buyer either; A Gets a reduction in the sales price to cover the additional repair costs B Requests a release from the contract and finds another house 30
31 Step 2 (Continued) Feasibility Study / The Work Write-Up A Work Write Up is a full report that details all the work to be performed on the property. It contains both a detailed written narrative of the expected work to be completed, as well as an estimate of costs. It is broken down into 35 distinct areas that includes, but is not limited to the; Foundation, roof, siding, plumbing, electrical, windows, doors, floors, tile, bath, cabinetry, appliances, basement, cleanup The work write up also includes a contractors bid. This is the entire report, only with the cost estimates left blank. This allows the borrowers to compare contractors from a position of knowledge 31
32 Step 2 (Continued) Feasibility Study / The Work Write-Up The final Work Write-Up should include: A summary of the report including names, fees, attachments, and consultant disclosure of their role in the process A narrative overview of the project The line items including cost of labor, cost of materials, and description of work to be completed (in detail) A blank contractors bid A floor plan of the finished project (if applicable) Photos of current areas to be renovated (not required but helpful) 32
33 Step 2 (Continued) Feasibility Study / The Work Write-Up Use a HUD consultant or go directly to the contractor? Consultants Work Write-up: Initial cost is a bit more money The blank contractor bid alone could save more money then initial cost of the work write up Consultant acts like a project manager ( one more set of eyes) The consultant keeps the contractor in line and on time Contractor Bids: (Streamline Only Scope of work <$35,000 Initial cost is less Best Practice is to always involve a HUD consultant 33
34 Step 3 Appraisal / After Repair Value THE APPRAISAL CAN NOT BE ORDERED WITHOUT THE WWU or THE CONTRACTORS COMPLETE BID! Appraisal is Ordered once the 1 st draft of WWU is completed or if borrower has elected to use a streamline 203k, a complete contractors bid is completed. Appraiser will envision the finished home as if all work were completed and appraise as such. This is the After Repaired Value 34
35 Step 3 Appraisal / After Repair Value Possible Outcomes of the ARV Appraisal Scenario # 1 The property appraises just fine to be able to include all repairs Buyer finds contractor to compete work within the set budget and loan moves towards closing Scenario #2 The property doesn t appraise for amount needed to cover necessary repairs. The HUD consultant works with the borrowers, agents and contractors to help facilitate a positive outcome. 35
36 Step 4 Project Management Who is going to oversee the job? How to decide between using a HUD consultant or going directly to the contractors Loan Type Is it conventional or 203k? Size of job Is the scope of work greater then $35,000? Does the renovation involve any structural issues? Time 36
37 Step 4 (Continued) Project Management Borrower selects own contractor/s Loan Officer Explains financing to contractor!!! Documents required: State by state requirements Homeowner /Contractor agreement Signed W-9 form Copy of contractors license Completed Contractor Statement form Signed Notice to Contractor Contractor must meet their state insurance requirements 37
38 Step 5 Loan Closes / Renovation Begins Two Weeks to make first draw File must be set up in draw department and confirmation of contractor is completed one last time with borrower Completion time is estimate prior to closing Depending on scope of work can go out as much as 6 months Extensions and Hold Back Extensions to complete work can be granted on a case by case basis A 10% hold back on each draw is held back 38
39 Step 5 (Continued) Loan Closes / Renovation Begins Final inspection & Lien Releases Once all work is completed a final inspection is completed along with an updated title report to confirm no mechanics liens. Once cleared funds are released Contingency Funds Most loans will have a 10% or greater, Contingency Reserve This is considered the Oops money in case an unexpected expense occurs during renovation With the HUD consultants clearance these funds are made available to correct unforeseen problems. Any funds not used during the construction period are applied to the mortgage as a principle curtailment. 39
40 Investor Benefits Lend up to 80% on 1 & 2 unit properties. Can finance up to six months mortgage payments. Refinance properties already owned, that need renovation. 40
41 Marketing Ideas to Help You Sell More Homes Yard signs (before and after the sale) Open house flyers and good faith scenarios Feasibility studies from consultant Before and after photo albums Table tent narratives during open house Networking opportunities with other professionals Homebuyer education workshops on renovation Business plan for R.E.O. properties And so much more 41
42 This is good for you because... I can list & sell more homes! As an expert I will increase referrals! I will help improve neighborhoods, increase property values! I can take on listings other agents may not! I will help homebuyers realize a dream they did not know was possible! 42
43 Can you find this deal? Buyer wants house - has little or no money. Fixer upper is for sale. The price is right. Buyer offers price but with a seller concession to cover all cash to close. Seller, buyer and Realtor win, by creating a deal using built in equity and renovation lending. Lender lends all funds for purchase and renovation in one loan. 43
44 Lets Sum It All Up Unknown opportunity for borrowers/buyers Ability to increase value added service and referrals Become an expert on the program Save neighborhoods, stabilize/increase value Know the steps get borrower pre-counseled and pre-approved Make more money for yourself by using renovation lending to expand your market 44
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.
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