Renee Morris
 |
|
|
|
Financing Flexibility:
| Common Questions | |
|
|
|
|
|
|
|
Most property types except Co-ops, condohotels. Some property types are not eligible for certain programs. Some property types also require the loan to be underwritten at the investor. |
|
|
|
|
|
Underwriting turn times are less than 2 days, generally 24 hours. Most loans close between 21 to 27 days depending on the loan and contributing variables. |
|
|
|
|
|
Yes, we have seasoned processors that will provide you with a needs list within 1 day. |
|
|
|
|
|
The cost is $595 per closed loan and is collected on the LE/CD. |
|
|
|
|
|
Yes, we offer in house underwriting. Some programs or properties might require 2nd level review. Plus, You have access to discuss files with your underwriters. |
|
|
|
|
|
We have a transition team to help you. |
|
| FHA Standard 203(k) | FHA Limited 203(k) | VA Renovation | Fannie Mae HomeStyle® | Conventional Cash-Out | |
| Minimum Credit Score | 640 | 640 | 620 | 620 | 620 |
| Maximum Loan Amount | County Limits | County Limits | $453,100 | $453,100 | $453,100 |
| Maximum Loan-to-Value | 96.5% | 96.5% | 100% | 95% | 80% |
| Loan Category | Government | Government | Government – guaranteed by the VA | Conventional – Fannie Mae | Conventional – Fannie Mae |
| Loan Type | Single Loan Renovation | Single Loan Renovation | Single Loan Renovation | Single Loan Renovation | Cash-Out Refinance |
| Loan Purpose | Purchase or Refinance – Expands Home Purchase Choices! | Purchase or Refinance – Expands Home Purchase Choices! | Purchase or Refinance – Expands Home Purchase Choices! | Purchase or Refinance – Expands Home Purchase Choices! | Refinance |
| Renovation timeframe | 6 months | 6 months | 4 months | 6 months | N/A |
| Eligible properties | Primary Residence – Single Family Residence, PUD, FHA approved Condo, 2-4 units & REO | Primary Residence – Single Family Residence, PUD, FHA approved Condo, 2-4 units & REO | Primary Residence –
1 or 2 units |
Primary Residence, 2nd Home, Investment Property and condos | Primary Residence – Single Family Residence, PUD, FHA approved Condo, 2-4 units & REO |
| Down Payment Requirement | 3.5% Down, may be gifted | 3.5% Down, may be gifted | 0% | 5% Minimum Down | N/A |
| Contingency Reserve | A minimum of 10% and a maximum of 20% in contingency reserves for repair costs is required.
|
A minimum of 10% and a maximum of 20% in contingency reserves for repair costs is required. | 15-20% based on renovation costs | 10-15% | N/A |
| Draw limits | Up to five (5) total draws allowed in a six month period | No more than one (1) draw is allowed. | Up to three (3) total draws allowed in a four month period | N/A | N/A |
| Allowable Improvements | Structural alterations and additions, kitchen or bath remodel, replace roof and much more! (No luxury items) | Kitchen or bath remodel, replace roof, upgrade heating, replace plumbing, windows, doors and much more! (Structural work not allowed) $35,000 cap must include fees.
(No luxury items) |
Cosmetic and minor remodeling. Must be minor and non-structural.
$35,000 cap includes required contingency and re-inspections. (No luxury items) |
Must be built-in and add value – LUXURY items such as outdoor BBQ & pools allowed! | N/A;
Home must be safe, sound and structurally secure according to conventional standards prior to closing. |
| Minimum in repairs | Minimum $5,000 in repairs | No minimum dollar amount in repairs, Maximum of $35,000 including fees | No minimum renovation cost; Maximum of $35,000 including fees | No minimum dollar amount in repairs. Renovation cost is limited to 75% of the “as-completed” value. | N/A |
| Plan Requirements | Work Write-Up required | Work plan provided by borrower required. Work Write-up NOT required | Work plan provided by borrower required. Work Write-up NOT required | N/A | N/A |
| Loan Amount | Based on the sales price or as-is appraised value + repair amount OR 110% of the “as-completed” value, whichever is less. | 100% of the “subject-to” appraised value. | The loan amount is based on total LTV derived from lesser of:
· Total acquisition cost including all construction related expenses · Or from the ‘as completed’ value of the home |
Up to 80% of appraised value | |
*Please Note: Details above constitute a condensed overview of guidelines and are not an exhaustive list. Consult your Loan Officer for all restrictions and guidelines pertaining to your situation as not all guidelines are listed.