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Understanding 203k Loans
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Understanding 203k Loans

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New American Mortgage (http://newamerican.com) is closing 203k Loans within 30-days for Streamlines. We also can do full blown 203K loans, these are used when the costs exceed $29,400 or there are …

New American Mortgage (http://newamerican.com) is closing 203k Loans within 30-days for Streamlines. We also can do full blown 203K loans, these are used when the costs exceed $29,400 or there are structural issues. For more ion 203k Loans visit our YouTube page at http://bit.ly/203kLoanVideo.

Published in: Real Estate

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  • Transcript

    • 1. Renovation
Lending
    • 2. 
 What
can
a
buyer
or
homeowner
do
with
 a
203[K]
loan?  Purchase
or
refinance
a
property  “Update”
a
property  Fix
a
required
repair  Make
optional
improvements
like
finish
a
basement
    • 3. Streamline
vs.
Full
203K Up
to
$35000
in
repairs
allowed No
structural
repairs
allowed No
FHA
consultant
required Can
be
used
for
refinance! No
minimum
repair
threshold!
    • 4. 
Full
203K Structural
Repairs
Allowed No
maximum
repair
limit Minimum
repair
limit
$5000.00
 FHA
Consultant
Required Contractor
can
take
up
to
5
draws Can
finance
up
to
six
months
of
PITI
if
the
home
 cannot
be
lived
in
during
renovations Can
take
up
to
six
months
to
complete
the
repairs.
    • 5. 
 Advantages
of
the
Streamline
203[K]  Quicker
and
Easier
to
obtain
than
a
full
203[K]  Requires
less
documentation  Does
not
require
an
FHA
Consultant  Faster
Closing!  110%
of
appraised
value
used‐never
worry
about
 appraised
value
again!
    • 6. 
 Eligible
Repairs  Repair/replacement
of
roofs,
gutter
and
downspouts  Repair/replacement/upgrade
of
existing
HVAC
systems  Repair/replacement/upgrade
of
plumbing
and
electrical
systems  Repair/replace
flooring  Painting
both
interior
and
exterior  Weatherization,
including
storm
windows
and
doors,
insulation,
weather
stripping,
etc.  Purchase
and
installation
of
appliances,
including
free‐standing
ranges,
refrigerators,
 washer/dryers,
dishwashers
and
microwave
ovens  Accessibility
improvement
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  Minor
remodeling,
such
as
kitchens,
which
does
not
involve
structural
repairs
    • 7. 
 $2,450.00 $1,035.02
    • 8. What
happens
if
there
is
money
left
over?The
borrower
has
the
option
to
do
more
repairs/ improvements
or
take
a
principal
reduction.Principal
reduction
will
not
result
in
a
payment
 reduction.
    • 9. Contact New American Mortgage 877-314-1499 info@newamerican.com Apply online: www.newamerican.com Follow us: Twitter: @NewAmericanMtgFacebook: www.Facebook.com/NewAmericanMortgage