Welcome to the World of Renovation Loans

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Information about Welcome to the World of Renovation Loans
Business-Finance

Published on November 21, 2008

Author: sherryconnor

Source: authorstream.com

Welcome to the World of Renovation Loans : Welcome to the World of Renovation Loans • What is a 203[k] loan? • How can a 203[k] loan be used? • Advantages of 203[k] loans • The process of obtaining a 203[k] loan • Why we are the experts A 203[k] is FHA’s Rehabilitation Mortgage loan.With this loan, a borrower can purchase or refinance a home and include additional money for repairs or renovations. : A 203[k] is FHA’s Rehabilitation Mortgage loan.With this loan, a borrower can purchase or refinance a home and include additional money for repairs or renovations. What can a buyer or seller do with a 203[k] loan? : What can a buyer or seller do with a 203[k] loan? Purchase or refinance a property “Modernize” a property Fix a required repair Make optional improvements, like a room addition or landscaping Example of Repairs: : Example of Repairs: Replace Roof Room Addition Add a Garage New Carpet Upgrade to Central Heat/Air Repair Termite or Moisture Damage Types of properties: : Types of properties: Single family 2-4 units Mixed use (commercial and residential in one building) Manufactured homes Advantages: : Advantages: Perfect solution to Handyman Specials, or foreclosure properties Close before repairs begin … sellers love this Only one closing, with money disburse on a draw basis after closing More Advantages: : More Advantages: Loan amount can go as high as 110% of the “after-improved value” Up to six months to complete renovations Buyer can include optional renovations Can finance up to six months of payments What is a Streamline 203[k]? : What is a Streamline 203[k]? The Streamline K program is for limited repairs requiring relatively little expertise to manage. There is no consultant managing the project. Instead, this program is designed for a “streamlined” project where the home can be occupied immediately after closing, and the contractor will receive a single payment at completion. Advantages of the Streamline 203k: : Advantages of the Streamline 203k: Quicker and easier to obtain than a full 203[k] Repairs may cost up to $35,000 Requires less documentation than a full 203[k] Can save a deal that would otherwise fall through! There are nine categories of acceptable repairs for the Streamline 203[k]: : There are nine categories of acceptable repairs for the Streamline 203[k]: Repair/replacement of roof, gutters and downspouts Repair/replacement/upgrade of existing HVAC systems Repair/replacement/upgrade of plumbing and electrical systems Repair/replacement of existing floors Minor remodeling, such as in the kitchen, which does not involve structural repairs Exterior and interior painting Weatherization Repair/replacement/upgrade of appliances (some limitations apply) Improvements for accessibility for persons with disabilities The Process : The Process Example of Loan Amount Calculation: : Example of Loan Amount Calculation: Purchase Price $55,000.00 Total Rehabilitation Cost $20,000.00 Total Acquisition Cost $75,000.00 Maximum FHA Loan Amt. $73,300.00 Down payment $1,700.00 We are the experts… : We are the experts… We have a trained and dedicated 203k staff, both in sales and operations. We fully understand the 203k loan process, and work to make it successful with every loan. Contact us: : Contact us: Sherry Connor Cell: 704.617.9686 Fax: 866.236.4885 E-Mail: SConnor@ftloan.com Thank you for your time today. : Thank you for your time today. Please call us for your next 203(k) loan or prequalification.

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