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FHA Home Improvement Lending Program Overview

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  1. 1. FHA HOME IMPROVEMENT LENDING Financing Solutions by Admirals Bank
  2. 2. PROGRAM OVERVIEWFHA Title 1 Home Improvement Loan No equity required to qualify Free to offer to your customersLoan Amounts Up to $25,000 secured with fixed rates from 6.95%-11.95% Up to $7,500 unsecured with fixed rates from 7.95%-13.95%Time Frame Customer gets pre-approved within minutes Customer receives the funds within 11-12 days of original inquiry
  3. 3. LOAN DETAILS Requires a credit mid-score of 650 or higher Debt-to-Income Ratio of 45% or under Available Terms: 5, 7, 10, 15 and 20 years No Pre-Payment Penalties Tax Deductible Interest (Secured Loans Only) Funds are disbursed before work beginsFunds are only for Home Improvements (No Debt Consolidation)
  4. 4. FHA Title-1 Home Improvement Loans - Secured Rate Matrix **Maximum Loan $25,000.00** TERM Qualifying FICO Score 725+ 700-724 660-699 650-659 60 Months 6.95% 7.95% 8.95% 9.95% 84 Months 6.95% 7.95% 8.95% 9.95% 120 Months 6.95% 8.95% 9.95% 10.95% 180 Months 7.95% 8.95% 9.95% 11.95% 240 Months 7.95% 8.95% 9.95% 11.95%Qualifications Individual Applicants: Middle credit score of 650 or higher Joint Applicants: Primary Borrower middle credit score of 650 or higher Debt to-Income Ratio of 45% or lower (adjusted gross back-end) Bankruptcies Discharged 2 years or moreDocuments Needed for Approval Signed and dated Information Disclosure Authorization (I.D.A.) Past 2 years of W-2 s (each borrower) Most recent pay stub (each borrower) Recent mortgage statement Signed letter of explanation for any derogatory credit Proof of any open collections paid (if applicable) Estimates describing work to be done and dollar amount required*All decisions including rates and approvals are at the sole discretion of Admirals Bank. Rates aresubject to change without notice.***Effective: October 28, 2011
  5. 5. FHA Title-1 Home Improvement Loans - Unsecured Rate Matrix **Maximum Loan $7,500.00** TERM Qualifying FICO Score 725+ 700-724 660-699 650-659 60 Months 7.95% 9.95% 11.95% 12.95% 84 Months 8.95% 10.95% 11.95% 12.95% 120 Months 8.95% 11.95% 11.95% 13.95%Qualifications Individual Applicants: Middle credit score of 650 or higher Joint Applicants: Primary Borrower middle credit score of 650 or higher Debt to-Income Ratio of 45% or lower (adjusted gross back-end) Bankruptcies Discharged 2 years or moreDocuments Needed for Approval Signed and dated Information Disclosure Authorization (I.D.A.) Past 2 years of W-2 s (each borrower) Most recent pay stub (each borrower) Recent mortgage statement Signed letter of explanation for any derogatory credit Proof of any open collections paid (if applicable) Estimates describing work to be done and dollar amount required*All decisions including rates and approvals are at the sole discretion of Admirals Bank. Rates aresubject to change without notice.***Effective: October 28, 2011
  6. 6. THE PROCESS Offer the homeowner the financing optionApply over the phone or online while you re at Complete an application and fax or email it to the customer s house your Account Executive Homeowner approval Borrower(s) provide proof of employment andCustomer is pre-qualified within minutes income for an official approval Homeowner receives the Funds Customer can receive the funds in 11-12 Customer chooses (2) checks, (1) check or wire business days transfer
  7. 7. Daniella R. Muschiano 401-248-7377 or 1-800-572-7844 ext. 7377 Fax: 1-888-622-2573 Dmuschiano@admiralsbank.com*Contractor/Company whom referred you: ____________________________________________*Required to fill in if applicableHOME IMPROVEMENTS _______________________________________________________ AMOUNT REQUESTED____________________________ REAL ESTATE INFORMATION ADDRESS ______________________________ CITY _______________________ ST _____ ZIP __________________ DATE PURCHASED ____________________ ORIGINAL PURCHASE PRICE ______________________________ ST 1 MORTGAGE BALANCE ________________ PAYMENT __________ TAXES & INS. INCLUDED? Y / N 2ND MORTGAGE BALANCE ________________ PAYMENT___________ CURRENT VALUE _________________ MOBILE HOME Y/N MULTI FAMILY PROPERTY Y / N # OF UNITS _________________ BORROWER INFORMATION BORROWER CO-BORROWER NAME _______________________________________ NAME _______________________________________ SOC SEC # ____________ - ________ - ____________ SOC SEC # ____________ - ________ - ____________ DATE OF BIRTH ______________________________ DATE OF BIRTH ______________________________ HOME PHONE ________________________________ HOME PHONE ________________________________ ALTERNATIVE PHONE ________________________ ALTERNATIVE PHONE ________________________ EMPLOYMENT INFORMATION BORROWER CO-BORROWER EMPLOYER ____________________________________ EMPLOYER __________________________________ ADDRESS _____________________________________ ADDRESS ____________________________________ PHONE ________________________________________ PHONE _______________________________________ LENGTH OF EMPLOYMENT _____________________ LENGTH OF EMPLOYMENT ____________________ POSITION _____________________________________ POSITION ____________________________________ ANNUAL INCOME _____________________________ ANNUAL INCOME ____________________________ OTHER INCOME _______________________________ OTHER INCOME ______________________________ BORROWER CO-BORROWER I do not wish to furnish this information I do not wish to furnish this information ETHNICITY ETHNICITY Hispanic or Latino Not Hispanic or Latino Hispanic or Latino Not Hispanic or Latino RACE RACE American Indian or Native Alaskan American Indian or Native Alaskan Asian Asian White White Black or African American Black or African American Native Hawaiian or Other Pacific Islander Native Hawaiian or Other Pacific Islander SEX SEX Male Female Male Female
  8. 8. Online Application Visit http://www.admiralsbankloans.com/home_improvement/home.asp Provide Email Address Create Password Submit Follow instructions for completing and submitting the application.When asked how you heard about Admirals Bank, select contractor and enter code listed below Your Contractor Code
  9. 9. TIME TO GROWYou Sell More Customer gets Everyone Jobs the work done Benefits
  10. 10. GETTING YOU SIGNED UPFill out two forms and provide proof ofproper licensing and liability insurance Get approved to offer financing to your customers Start offering a financing option, stop losing jobs due to lack of funds and grow your business
  11. 11. CONTACT INFORMATION Daniella R. Muschiano Admirals Bank 15 Park Row West Providence, RI 02903 Tel 800-572-7844 Ext.7377 | Dir. 401-248-7377 Fax 888-622-2573 NMLS : 774607 dmuschiano@admiralsbank.com

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