Renovation Loan Summary - vodolton.org€¦ · Renovation Loan Summary Program HomeStyle Renovation...
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y r a m m u S n a o L n o i t a v o n e R Program HomeStyle Renovation FHA Limited 203(k) FHA Standard 203(k) Type of Repairs n Health & Safety, livability n Structural repairs allowed n Luxury items allowed n Health & Safety, livability n Luxury items not allowed n Health & Safety, livability n Structural repairs allowed n Luxury items not allowed Minimum Repair Amount $5,000 No minimum $5,000 (FHA has requirements for what is allowed in the first $5,000) Renovation Amount Maximum renovation costs 50% of the “as completed” appraisal value Maximum renovation costs $35,000 No limit Mixed-use Properties Not allowed Not allowed Not allowed Property Age No age restriction 1 year old 1 year old # of Contractors General contractor Up to 3 specialized contractors General contractor Self Help Not allowed Not allowed Not allowed Loan Types Fixed rate and ARMs Fixed rate Fixed rate Loan Limits Conventional conforming loan limits FHA county loan limits FHA county loan limits Minimum Down Payment Down payments as low as 5%. Be certain your buyers ask their home mortgage consultant to help compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance. All eligible products should be evaluated so your buyers have an understanding of all of the options that meet their credit qualifying and financial needs. Down payments as low as 3.5%. FHA Loans have the benefit of a low down payment but there are other loan products with the same option. Be certain your buyers ask their home mortgage consultant to help them compare the overall costs or all products, including the monthly and long-term costs and conditions of the required mortgage insurance. In many instances, they may find FHA to be a more expensive financing options and should be considered after throughly evaluating all other product options that meet their credit qualifying and financial needs. Down payments as low as 3.5%. FHA Loans have the benefit of a low down payment but there are other loan products with the same option. Be certain your buyers ask their home mortgage consultant to help them compare the overall costs or all products, including the monthly and long- term costs and conditions of the required mortgage insurance. In many instances, they may find FHA to be a more expensive financing options and should be considered after throughly evaluating all other product options that meet their credit qualifying and financial needs. Transaction Type n Purchase n Rate/term refinance n Purchase n Rate/term refinance n Purchase n Rate/term refinance Occupancy Type n Owner occupied n Second homes n Investment Owner occupied only Owner occupied only Homebuyer Education Not required Not required Not required Units 1-4 units 1-4 units 1-4 units Contingency Percentage 10% 10% to 20% 10% to 20% Contingency Reserve Usage n Health & safety first n Remaining funds at borrower’s discretion n Health & safety/unforeseen deficiencies only n Health & safety first n Unforeseen deficiencies Payment Schedule n Funds are disbursed after work has been completed and inspected by a third party inspector n Maximum 5 draws as work is completed. n Excess funds after completion of renovation may be applied to loan balance or reimbursed to borrower n Up to 50% up-front as requested by the contractor n Reminder of the funds when the borrower sign off that the work is complete and has been inspected if applicable. n Payments are made after a HUD- approved consultant approves the work. n Maximum 5 draws as work is completed. d n a y l n o s l a n o i s s e f o r p g n i d n e l d n a e t a t s e l a e r r o F . r e d n e L g n i s u o H l a u q E . d e v r e s e R s t h g i R l l A . 8 1 0 2 © t h g i r y p o C . 7 8 5 6 - 1 0 4 - 0 0 8 - 1 . ) 2 2 6 5 1 # S L M N ( 9 1 0 5 7 X T , l l e p p o C d R e n i l t l e B . S 5 2 5 1 , . c n I , s n a o L e m o H r e b i l a C e h t o t n o i t u b i r t s i D . w a l e l b a c i l p p a r e d n u e r u s o l c s i d m o r f t p m e x e r o / d n a , d e g e l i v i r p y l l a g e l , l a i t n e d fi n o c , d e g e l i v i r p s i t a h t n o i t a m r o f n i n i a t n o c y a m n o i t a c i n u m m o c s i h T . s r e m u s n o c o t n o i t u b i r t s i d r o f t o n . d e t i b i h o r p s i c i l b u p l a r e n e g 3 4 0 4 0 0 0 . B M . o N e e s n e c i L e g a g t r o M l a i t n e d i s e R s i o n i l l I a n i c a r a i g n a M b o R r e g a n a M s e l a S | D I S L M N 4 8 6 8 4 4 e l i b o M 8 7 5 4 - 1 2 7 - 7 4 8 5 3 1 e t i u S , e c a l P s u p O 1 3 4 1 e v o r G s r e n w o D ,L I 5 1 5 0 6 m o c . s n a o l e m o h r e b i l a c @ a n i c a r a i g n a m . t r e b o r a n i c a r a i g n a m r / m o c . s n a o l e m o h r e b i l a c . w w w
Transcript of Renovation Loan Summary - vodolton.org€¦ · Renovation Loan Summary Program HomeStyle Renovation...
yrammuS naoL noitavoneRProgram HomeStyle Renovation FHA Limited 203(k) FHA Standard 203(k)
Type of Repairsn Health & Safety, livabilityn Structural repairs allowedn Luxury items allowed
n Health & Safety, livabilityn Luxury items not allowed
n Health & Safety, livabilityn Structural repairs allowedn Luxury items not allowed
Minimum Repair Amount $5,000 No minimum $5,000 (FHA has requirements for what is
allowed in the first $5,000)
Renovation Amount
Maximum renovation costs 50% of the “as completed” appraisal value Maximum renovation costs $35,000 No limit
Mixed-use Properties Not allowed
Not allowed Not allowed
Property Age No age restriction 1 year old 1 year old
# of Contractors General contractor Up to 3 specialized contractors General contractor
Self Help Not allowed Not allowed Not allowed
Loan Types Fixed rate and ARMs Fixed rate Fixed rate
Loan Limits Conventional conforming loan limits FHA county loan limits FHA county loan limits
Minimum Down Payment
Down payments as low as 5%.Be certain your buyers ask their home mortgage consultant to help compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.All eligible products should be evaluated so your buyers have an understanding of all of the options that meet their credit qualifying and financial needs.
Down payments as low as 3.5%. FHA Loans have the benefit of a low down payment but there are other loan products with the same option. Be certain your buyers ask their home mortgage consultant to help them compare the overall costs or all products, including the monthly and long-term costs and conditions of the required mortgage insurance. In many instances, they may find FHA to be a more expensive financing options and should be considered after throughly evaluating all other product options that meet their credit qualifying and financial needs.
Down payments as low as 3.5%. FHA Loans have the benefit of a low down payment but there are other loan products with the same option. Be certain your buyers ask their home mortgage consultant to help them compare the overall costs or all products, including the monthly and long-term costs and conditions of the required mortgage insurance. In many instances, they may find FHA to be a more expensive financing options and should be considered after throughly evaluating all other product options that meet their credit qualifying and financial needs.
Transaction Type
n Purchasen Rate/term refinance
n Purchasen Rate/term refinance
n Purchasen Rate/term refinance
Occupancy Typen Owner occupiedn Second homesn Investment
Owner occupied only Owner occupied only
Homebuyer Education Not required Not required Not required
Units 1-4 units 1-4 units 1-4 units
Contingency Percentage 10% 10% to 20% 10% to 20%
Contingency Reserve Usage
n Health & safety firstn Remaining funds at borrower’s discretion
n Health & safety/unforeseen deficiencies only
n Health & safety firstn Unforeseen deficiencies
Payment Schedule
n Funds are disbursed after work has been completed and inspected by a third party inspectorn Maximum 5 draws as work is completed. n Excess funds after completion of renovation may be applied to loan balance or reimbursed to borrower
n Up to 50% up-front as requested by the contractorn Reminder of the funds when the borrower sign off that the work is complete and has been inspected if applicable.
n Payments are made after a HUD- approved consultant approves the work.n Maximum 5 draws as work is completed.
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