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

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1 Renovating and Rebuilding America - One Home at a Time Everything You Need To Know 203K Manual

2 Everything YOU Need to Know FHA 203K Manual You just found the deal of a lifetime! With improvements to this property, there is endless potential. This could be your dream home and a phenomenal opportunity to obtain instant equity. BUT there are just a few minor problems The bank won t lend the money to buy the house until the repairs are complete and the repairs can t be done until the house has been purchased. It s a catch 22! Even if you were able to find a bank or family member to lend you money to purchase the property, you don t have the money or want to use your own money to make the repairs. Now what??? The FHA 203K loan offers everything you could want for that home needing a little TLC to a complete renovation. However, an experienced Renovation Mortgage Originator makes all the difference. One that specializes in FHA 203K loans will have a good HUD Consultant and not all Consultants are created equal - they can make or break a deal. So, using an experience Renovation Mortgage Originator who is focused exclusively on this market can help save your self some grief. Hello, I am Jeff Onofrio, the Director of Renovation Lending and a Licensed Mortgage Originator here in Mount Laurel, New Jersey, and I m going to educate you on this extraordinary opportunity. Not only can you turn any home into your dream home, but you will instantly establish equity along the way! The program is the FHA 203K loan and it has been existence for more than 30 years! The FHA 203K loan will allow you to purchase OR refinance a property, plus include in the loan the cost of making repairs & improvements and with as little as 3.5% down! This program can be used to accomplish rehabilitation and/or improvement of an existing one to four-unit residential property in one of three ways: 1) To purchase a property and the land on which the property is located & rehabilitate it. 2) To purchase a property and the land on which it is not located, moving it onto a new foundation & rehabilitating it. 3) To refinance existing liens secured against the subject property and rehabilitate it. 2

3 Types of 203K Loans There are two different types of FHA 203K loans available to homebuyers and homeowners. Choosing the type which suits you best will depend on the amount of improvements your property needs. FHA 203KStreamline: The 203K Streamline loan is used for homes that need minor repairs, remodeling or upgrades and has a cap of $35,000. FHA 203K Standard: The 203K Standard loan is for homes that need major rehabilitation or repair. There must be at least $5000 worth of repairs and the loan limits are based on the property type and location. For FHA 203K Lending Limits in your area visit Because of the size and complexity of the FHA 203K Standard loan, FHA requires a FHA 203K Consultant be involved in your project. You will find the FHA 203K Consultant very helpful, as they will assist you in determining the scope of repairs, the budget for the work to be done, and verify all work is completed satisfactorily and as stated by the contractor. The FHA 203K Loan Process Before we get into the details of each type of FHA 203K loan, let s go through the loan process step by step to give you a better understanding & what to expect when obtaining your loan. 1. Get Pre-approved with a Qualified, Experienced FHA 203K Lender (Homebuyer/Borrower) Having a pre-approved loan will: Ensure you know the price range of homes to be shopping and are comfortable with the total monthly payment, down payment and costs to close. Help you understand the process and requirements of the FHA 203K loan. Put you at the top of the list when presenting your offer. Expedite your closing process. REMEMBER! 95% of mortgage lenders are unable to lend on FHA 203K loans and it is crucial to find a lender who can offer this program, but is also a specialist. This is an extremely important fact to understand. There are plenty of lenders who can offer the FHA 203K mortgage but not many are specialists - having a specialist like myself will ensure your loan closes in a timely fashion. To get preapproved with an FHA 203K lender, go to: and click Confidential Quick Quote Form. 3

4 2. Searching for a Property (Homebuyer) A great way to expedite the closing process is to interview contractors while you re searching for a property. Depending on your area, AnnieMac Renovation Lending works with experienced 203K contractors and we would be happy to recommend one out. If you already have a contractor you would like to use, this manual will provide the eligibility requirements for contractors. Many clients have also found it beneficial to spend time at local hardware stores (i.e. Home Depot, Lowes, etc.) researching possibilities and prices. When searching for a property, the property can be a single family residence, 2 to 4 units (e.g. duplex, triplex or fourplex), condo, or PUD. There are different maximum loan limits that apply and will vary depending on the county in which the property is located and whether the property is 1 to 4 units. For a table of the maximum loan limits in your area visit 3. Making the Offer (Homebuyer and Real Estate Agent) You ve found a house!! Before meeting with your agent to make the offer, develop a list of possible renovation options. I would suggest you develop the following lists: Must Do List (addresses health & safety) Appraiser may add to this after viewing property. Meet with a FHA 203K Consultant that can do a feasibility analysis for you. This analysis will show you what is necessary to get your home into shape so that it meets FHA minimum property standards. The consultant report takes what has to be done and then allows for your Wish List to be added. Wish List To review a list of eligible improvements for the 203K Streamline loan see page 10 of this manual. For 203K Standard eligible improvements please see pages 13 & 14 of this manual. This is the time for you and your real estate agent to sit down and determine an appropriate purchase price, while taking into consideration a very rough estimate of additional money needed for work to be done. When making the offer to the seller, the offer you make is for the purchase price only and will not include the money needed for repairs/remodel. For example: You want to pay $100,000 for a house and plan to roll $20,000- $30,000 into the FHA 203K loan for repairs/remodel. The offer to the seller will be for $100,000 (the as is price); the additional money for repairs/remodel will come from the lender and should not be included in the offer to the seller. Meeting with your contractor before submitting an offer can be very helpful; however, in a competitive market you risk losing the house while getting your ducks in a row. Not to worry, there is a way around this dilemma. In your contract you can specify the necessary dates and deadlines, allowing you the time required for completing all inspections and gathering all estimates. 4

5 4. Submitting the Offer (Real Estate Agent) This step is your real estate agent s responsibility; however, it s beneficial for you to understand the requirements, so you can review your offer prior to your agent submitting it to the seller. When writing the contract, many real estate agents specify (under additional provisions) that the buyer will be obtaining a FHA 203K loan. This is a great place to give the listing agent and seller a heads up because 1) if the property is not currently in the FHA required condition, they know you have a strategy to address all necessary repairs and 2) FHA 203K loans may require more inspections and different dates and deadlines than a typical transaction. It has been my experience that many clients are awarded the winning bid because their offer specified the buyer will be obtaining a FHA 203K loan. This is especially the case when bidding on foreclosure, REO, bank owned and short sale properties because the bank knows the loan can close despite the condition, unlike all other loan types. When obtaining a FHA 203K loan, all work is done after your closing, so the closing timeframe is similar to a typical transaction - real estate agents and sellers love this. Suggested Dates & Deadlines for your Offer / Purchase Contract: FHA 203K Streamline: Up to $35,000 in repairs Closing Deadline = 35 days from contract acceptance date Inspection Deadline = 14 days from contract acceptance date Appraisal Deadline = 21 days from contract acceptance date Loan Conditions Deadline = 30 days from contract acceptance date FHA Standard 203K: $35,000 or more in repairs Closing Deadline = 40 days from contract acceptance date Inspection Deadline = 17 days from contract acceptance date Appraisal Deadline = 25 days from contract acceptance date Loan Conditions Deadline = 35 days from contract acceptance date Of course these are recommendations only and timeframes may vary depending on the individual transaction, but allowing more time is always better and less stressful. 5

6 5: FHA 203K Feasibility Study or Full Work Write Up Ordered and Estimates Calculated (Homebuyer & FHA 203K Lender, Homebuyer & Contractor and/or FHA 203K Consultant) Congratulations! The offer has been accepted, the clock has now started and it s time for you to: Order your inspection: your 203K Lender will guide you through this. NOTE: If you think it is possible that you will be obtaining a FHA 203K Standard loan, you will want to have the FHA 203K Consultant do a feasibility study prior to performing the full work write up. Contact your FHA 203K lender for details. Meet with the contractor and FHA 203K Consultant to go over the estimate of all the repairs, updates and rehab that will be done to the property. Contact your FHA 203K lender to discuss the outcome of your meetings with your contractor and FHA 203K Consultant and determine the best FHA 203K to suit your needs. If you have additional repairs required as an outcome of your home inspection, these repairs can be included into the estimate, as well. 6. The Appraisal is Ordered (FHA 203K Lender) Once your inspection has been completed and you have received all estimates giving you a breakdown of the costs of the work to be done, your FHA 203K lender will order the appraisal. The appraiser will go out to the property and give an as-is value as well as an after improved value. 7. Verifying the Loan Amount (FHA 203K Lender) Now that the appraisal has been completed and received, your loan numbers can be finalized. On a purchase, the maximum loan amount and down payment (3.5%) are calculated and based on the sum of the purchase price, repairs and contingency reserves, or 110% of the after improved value, whichever is less. (see below example) On a refinance, the maximum loan amount is based on the sum of the loan payoff, closing costs, prepaids, repairs and contingency reserves, or * (110% of the after improved value), whichever is less. The contingency reserve is the required buffer, covering unforeseen situations that may cause you to need more money to complete your project. Depending on your project s complexity, the lender will appropriate 10% to 20% of the total remodeling costs to the contingency reserve. After completing your project, all unused money will be applied to the principal balance of your loan. On REO, short sale and vacant properties, AnnieMac Renovation Lending will take 15% for a contingency fund and must be a FHA 203K Standard loan. 6

7 Example on an FHA 203K Purchase: Purchase Price of Property: $250,000 Total of Bids: $30,000 Contingency Reserves (10-20% of total bids): $3000 (10% of bids) Total Project Cost: $283,000 After Improved Value (appraisal): $300,000 Maximum Loan Amount is the lesser of: Total Project Cost = $283,000 (see above) OR 110% * After Improved Value (appraisal) = $330,000 (110% * $300,000) For this example, the Total Project Cost is less, so your down payment will be calculated off of this number. 3.5% * $283,000 = $9905 It s okay to go over the After Improved Value (the appraised value after all repairs) as long as you don t go over 110% of this value. If you do exceed 110% of your After Improved Value, you will either have to 1) decrease your bids on the work to be done or 2) bring the difference to the closing table along with your down payment. Because of the 110% loan to value buffer, this very rarely happens but it is good to be aware of. Example on a FHA 203k Refinance: The first step when doing a FHA 203K refinance loan is to determine the current value of your property. Without doing an appraisal, there s no way to know the exact value. To get an idea of the current value of your home, you can: Call your real estate agent to reference comparable property sales in your area. Reference the county assessor s website. Utilize an online value estimator such as You will need to have a little equity. Our general rule of thumb is at least 5%. For example: Current Value of Property: $235,000 Payoff of Existing Loan: $223,000 Closing Costs: $3500 Prepaids: $2500 (setting up a new escrow account) *Remember if you currently have an escrow account (i.e. where your taxes & home insurance payments are included in your mortgage payment) on your loan, it will be refunded to you within days. Total of Bids: $30,000 Contingency Reserves (10-20% of total bids): $3000 (10% of bids) Total Project Cost: $262,000 After Improved Value (appraisal): $275,000 7

8 Maximum Loan Amount is whichever is less: Total Project Cost = $262,000 (see above) OR 97.75% * (110% * After Improved Value) = $295,693 (110% * $275,000) For this example the Total Project Cost is less, so you will not be required to bring any money to the closing table. If your Total Project Cost did exceed $295,693 (for this example only), you would be required to bring the difference to the closing table or you could decrease your bids by the desired amount. Remember, you will always skip a monthly payment after closing your purchase or refinance. Your first payment is not due until the month following the month after your closing (e.g. you close in May, your first payment is not due until July). 8. Loan Approval (FHA 203K Lender) The loan package has now been completed, submitted to underwriting and approved. Once the loan is approved and conditions are satisfied, the final loan documents are ordered & signed. 9. Closing This is when everything is now in line and ready to fund. The wire/loan proceeds are disbursed to pay off the seller, as well as to set up the escrow account for the improvements to be made after closing. The final HUD-1 statement is the real estate document containing all your final numbers, including the exact amount of money you need to bring to the closing table. This will be available at a minimum of 48 hours before your closing. 10. Construction Begins & Disbursements are Paid If your loan is a FHA 203K Streamline, there will be one inspection and two checks, one upfront check within 2 to 4 weeks from closing and the second & final check after the work and inspection have been completed. If your loan is a FHA 203K Standard, there will be one up-front check within 3o days from your closing and up to four inspections with disbursement checks to follow. Permits must be applied for and work must start within 30 days of closing. 8

9 Eligible Properties This loan is for purchasing or refinancing primary residences only; however, with the FHA 203K loan you can purchase a one- to four-unit property that has been completed for at least one year, as long as you live in one of the units as your primary residence. So, you can use this to buy a single family home, townhome, duplex, triplex, fourplex, condo or PUD. What a great way to jump start your real estate investing portfolio, not to mention create an opportunity where someone else is paying your mortgage! This loan can also be used to convert a one-family property to a two-, three-, or four-family property, OR an existing multi-unit property could be decreased to a one- to four-family unit. IF you found the home you LOVE, but it is not in your ideal location, you can use this loan on an existing property on another site and move it to the mortgaged property. Of all property types, condos have the most requirements regarding eligibility. Condominium rehabilitation requirements are as follows: Rehabilitation is limited only to the interior of the unit. Mortgage proceeds cannot be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit; Only the lesser of five units per condominium association or 25 percent of the total number of units can be undergoing rehabilitation at any one time; The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units. This can also be used on a mixed use property as long as it meets the following requirements: The property has no greater than 25% (for a one-story building); 33% (for a three story building); and 49% (for a two-story building) of its floor area used for commercial (storefront) purposes; The commercial use will not affect the health & safety of the occupants of the residential property; The rehabilitation funds will only be used for the residential functions of the property and areas used to access the residential part of the property. 9

10 FHA 203K STREAMLINE The FHA 203K Streamline loan is intended to provide homebuyers a means to complete uncomplicated rehabilitation projects and/or improvements to a home for which plans, engineers and/or architects are not required. The main requirements of the FHA 203K Streamline are: Total cost of project not to exceed $35,000 The home will be occupied within 30 days of funding (closing of your loan) The work must start within 30 days of funding The project can easily be completed in 6 months or less Eligible Improvements Eligible improvements for the FHA 203K Streamline include: Repair/Replacement of 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 & baths, which do not involve structural repairs Painting, both exterior and interior Weatherization, including storm windows and doors, insulation, weather stripping, etc. Purchase and installation of appliances, including freestanding ranges, refrigerators, washers/dryers, dishwashers and microwave ovens Accessibility improvements 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 10

11 Ineligible Improvements Ineligible improvements for the FHA 203K Streamline include: Major rehabilitation or major remodeling, (i.e. relocation of a load-bearing wall) New construction (including room additions); Repair of structural damage; Repairs requiring detailed drawings or architectural exhibits; Landscaping or similar site amenity improvements; Any repair or improvement requiring a work schedule longer than six (6) months; or Rehabilitation activities that require more than two (2) payments per specialized contractor. Luxury items & improvements are not eligible as a cost of rehabilitation. These include: Swimming pools Barbecue pits Hot tubs Saunas Tennis courts Gazebos Alterations to support commercial use Improvements that are not a permanent part of the real property Please provide us with a list of contractors you will be using. If you are having difficulties finding contractors, we can help you find qualified contractors who will meet the FHA 203K loan requirements. Requirements of the Contractor We will need to prove that the selected Contractor(s) runs an actual business. We do this by: Verify business name registration with the secretary of state Reference website Documentation Required Tax document to prove that the contractor has filed taxes under a business Liability insurance License (there are exceptions to this) References of 2+ suppliers where contractor has a credit account or work history Signed waiver of lien Homeowner/contractor agreement per contractor any changes to this must be approved through a change order request W9 Permits if no permits are required, please provide a letter of explanation 11

12 Bid Requirements Overall description of project Only need 1 bid per contractor (do not need 3 bids to compare pricing) Must be broken out into materials and labor Must be a specific dollar amount Make sure bids include: taxes, delivery/installation fees, cost per permit, etc Examples of bid details needed: Appliances need make, model and cost Fixtures need brand, model number, and cost Flooring need type, brand, style and cost Counter tops need type, brand, and cost Furnace need make, model and cost Air Conditioner need make, model and cost Disbursements At closing the seller is paid and there is an escrow account set aside comprised of the rehabilitation money. The FHA 203K Streamline allows for only 2 draws after closing. 1st Draw 2 to 4 weeks from closing For 50% of materials and soft costs Once the Project is complete, we will close out the project by submitting updated appraisal, title and closed permits for review by an underwriter. Once signed off by underwriter: 2nd Draw Can take up to 6 weeks from project completion Final check will be for 100% of balance due Final check will be made payable to you AND your contractor If you do not use all monies including the contingency account, the remaining amount will be applied to the principal balance of your loan. 12

13 FHA 203K Standard While the extent of the rehabilitation covered by the FHA 203K Standard loan may range from relatively minor projects to a home that is demolished and rebuilt, this loan is primarily used for more complex renovation projects for which plans, FHA consultants, engineers and/or architects are required. With the FHA 203K Standard, you are not required to occupy the property until it is habitable. Because FHA realizes there may be additional cost of living expenses during the project, you can finance up to 6 months of mortgage payments into the loan! Due to the complexity of these projects, 6 months is the amount of time available to complete the project; however, extensions are allowed if justified e.g. weather delays. Unlike the FHA 203K Streamline, the FHA 203K Standard is not capped at $35,000 of the total project cost. The minimum amount of money required on the project is $5000 & the maximum amount of money available to improve or upgrade your home is based on the lesser of the following: 1. FHA Lending Limits per your county For Lending Limits in your county visit 2. The maximum amount of loan the client qualifies for 3. Purchase Price + Total amount of your bids + Contingency Reserves +Fees. For example, you are under contract to buy a home for $100,000 in Burlington County, where the FHA Loan Limit is $406,250. You are approved for up to $500,000. After meeting with the FHA 203K Consultant and Contractor, you plan to put $150,000 in improvements into this property (contingency and fees = $15,000). The maximum loan amount is the lesser of the following: 1. FHA Lending Limits per your county = $406, The maximum amount of loan the client qualifies for = $500, Purchase Price + Total amount of your bids + Contingency Reserves +Fees = $265,000 Eligible Improvements Eligible improvements include all eligible improvements of the FHA 203K Streamline as well as the following improvements: Structural alterations and reconstruction such as chimney repair, additions to structure, installation of additional bath(s), skylights, finished attics/basements, etc. Modernization and improvements to the home s function such as remodeled bathrooms/kitchens and a permanently installed appliances Elimination of health and safety hazards Changes that improve appearance and eliminate obsolescence, including connecting to public water or sewer, heating, air conditioning, electrical systems Reconditioning or replacing plumbing, including interior whirlpool bathtubs Installing a well and/or septic system (must be installed or repaired prior to any other repairs to property) Adding or replacing roofing, gutters, and downspouts Adding or replacing floors and/or floor treatments such as wood, laminate, tile and carpeting 13

14 Major landscape work and site improvements, including patios, decks, terraces and fences that improve the value of the property. Correction of grading and draining problems is also included, as is tree removal and repair of existing walks and driveway if a safety hazard exists to property Enhancing accessibility for a disabled person, including remodeling kitchens/baths for wheelchair access, installing wider doors, exterior ramps, etc. Energy conservation improvements such as double-pane windows, insulated exterior steel doors, caulking, weather stripping, etc. Ineligible Improvements Luxury items and improvements are not eligible as a cost of rehabilitation. These include: Swimming pools Barbecue pits Hot tubs Saunas Tennis courts Gazebos Because of the size and complexity of the FHA 203K Standard, FHA requires a FHA 203K Consultant be involved in your project. While you are able to select your contractor, your lender will assign the FHA 203K Consultant to your project. You will find the FHA 203K Consultant very helpful as they will assist you and your contractor in determining the scope of repairs, the budget for the work to be done, verify all work is completed satisfactorily and as stated by the contractor and manage all disbursements of money. The Process Steps 1-3 should be complete in 5-10 days. 1. Schedule Rehabilitation Meeting: After your offer is accepted and you have selected a contractor, you will meet with your contractor and FHA 203K Consultant at the property to determine the total cost of the required and optional repairs for the feasibility analysis and work write-up. During this meeting the FHA 203K Consultant performs an inspection of the property to determine any potential health and safety concerns as well as the adequacy of existing structure, roof, plumbing, electrical, heating/ cooling, etc. * Remember: Do not pay for 2 inspections. Since you are required to have an inspection performed by the FHA 203K Consultant, do not hire another home inspector prior to this. 2. Outcome of meeting: You, the FHA 203K Consultant and your contractor will reach an agreement on the estimate of all repairs to be made. IF you are no longer interested in this property due to the outcome of this meeting, you simply terminate the contract to buy the property. 3. Feasibility Analysis: The FHA 203K Consultant will determine if the amount of repairs plus the sales price (or current mortgage balance if refinancing) makes this transaction feasible for you to proceed. If the project is feasible, the consultant will prepare a work write-up and submit to the borrower/lender within 48 hours. 14

15 4. Work Write Up: This report is provided by your FHA 203K Consultant and includes the following: a) A detailed General Description of the property as-is in a narrative form b) The Scope of Rehabilitation that will include a narrative of required repairs and any additional work requested by the client c) All applicable FHA forms for review, contractor and consultant agreements and Architectural Exhibits for the work d) A Write Up Synopsis which includes a summary list of who s doing the work, the job total, fees and expenses related to the rehab portion of the work e) A detailed HUD/FHA Home Inspection Report f) A complete Job Specifications and Bid request form to gather bids from contractors g) An initial Draw Request package with Re-Cap of Sub-Totals 5. Order appraisal: see steps 6-10 (located on pages 5-9) Disbursements At closing, the seller is paid and the rehab funds are setup in an escrow account with our bank. Out of this escrow account, the funds are to be disbursed in up to 5 draws through the bank s draw department. The first draw will is requested 30 days from closing. For each draw request: The borrower or contractor will need to contact the FHA 203K Consultant to initiate a draw. The Consultant does an on-site inspection of the completed work and approves a draw. The borrower will forward a 1) lien waiver 2) draw request and 3) compliance inspection report to the draw department. The draw department will obtain the necessary title update and/or endorsement for the amount of the draw and then forward a check directly to the borrower, payable to both the borrower & contractor. A ten percent (10%) holdback is required on each disbursement released from the rehabilitation escrow account to insure all work is completed. If all monies are not used after completion of the project, the remaining amount can be applied to the principal balance of your loan OR used to make other improvements (additional approval is required). Allowable Consultant Fees* Based on Repair Amount $7,500 or Less $400 $7,501 to $15,000 $500 $15,001 to $30,000 $600 $30,001 to $50,000 $700 $50,001 to $75,000 $800 $75,001 to $100,000 $900 $100,001 and Above $1,000 Each Additional Unit $25 Feasibility Study $200 15

16 Well, I hope this has helped and you now feel more comfortable in making an offer on properties needing repairs, cosmetic or major, using the FHA 203K loan. If you would like more information about FHA 203K loans, please visit: You can also contact our team at RENO (7366) or us at 203kinfo@annie-mac.com. To get preapproved go to: and click on apply. Jeff Onofrio Director of Renovation Lending NMLS# Toll-Free: RENO (7366) Office: Mobile: Fax: jonofrio@annie-mac.com Licensed or registered in the following states: Colorado Mortgage Company Registration (), Connecticut First Mortgage Correspondent License Lender/Broker (#ML ), Delaware Chapter 22 Licensed Lender License (#011546),Licensed Correspondent Mortgage Lender in Florida (#MLD252), Indiana First Lien Mortgage Loan License (#15020), Kansas License Mortgage Company (#MC ), Licensed as a Mortgage Company in Kentucky (#MC73325), Maine Supervised Lender SLM11716, Maryland Mortgage Lender (#19406), Massachusetts Mortgage Lender and Mortgage Broker License (#MC338923), Licensed in Montana (#338923), Licensed in Nebraska (#2098), Licensed by the New Hampshire Banking Department (16113-MB), Insurance (#NO ), North Carolina Mortgage Lender License (AL ), Licensed in North Dakota (#MB102155), Licensed Mortgage Lender OR (ML-5022), Oklahoma Mortgage Broker (#MB001894), Licensed by the Pennsylvania Department of Banking as a Mortgage Lender (#33587), American Neighborhood Mortgage Acceptance Company, LLC, d/b/a AnnieMac Home Mortgage is licensed by the South Carolina Board of Financial Institutions, license MLS , Licensed as a Mortgage Lender in South Dakota (), American Neighborhood Mortgage Acceptance Company, LLC, d/b/a AnnieMac Home Mortgage is a licensed Lender/Broker in the State of Tennessee (# ), American Neighborhood Mortgage Acceptance Company LLC is a registered Mortgage Banker in the State of Texas, Vermont Mortgage Lender # 6251, Licensed by the Virginia State Corporation Commission (MC-5523), Licensed in Washington (#CL ), Licensed by the West Virginia Division of Banking (License #ML-30779). 16