203k Financing

FHA 203k Financing Presented By Vito Simone HUD Certified 203k Consultant

How Does a Borrower Decide on a 203k Loan? ,[object Object],[object Object],[object Object]

Lender Considerations ,[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Loan Officer Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Processing – 203k Versus 203b Loan Program ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Processing – 203k Versus 203b Loan Program ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Processing – 203k Versus 203b Loan Program ,[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Processing – 203k Versus 203b Loan Program ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Consultant 203k versus Streamline K ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Disbursement of Funds – Streamline 203k ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Streamline 203k Limitations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

203k Documentation Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

203k Documentation Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

203k Documentation Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Preparing for Closing Post Closing ,[object Object],[object Object],[object Object],[object Object],© 203kServices.com ,[object Object],[object Object],[object Object]

Step 1: Submit a Draw Request Package Step 2: Request a Change Order Step 3: Submit a Final Draw Request Package Step 4: Release of Holdback Funds Step 5: Payment of Interest from the Repair Escrow Account The 203k Draw Overview Borrower & Consultant Responsibility Lender Responsibility © 203kServices.com

The Draw Request Package ,[object Object],[object Object],[object Object],© 203kServices.com

Change Orders - Contingency Repairs ,[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Lien Waivers Definition: Prevents contractors from placing liens against the property when they have already been paid. A signed lien waiver must be submitted for each contractor. There are two types: 1. Conditional Lien Waiver 2. Unconditional Lien Waiver © 203kServices.com

The 203k Draw Process © 203kServices.com ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Borrower Out of Pockets in a 203k ,[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

What You Can Expect From Your Consultant ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© 203kServices.com

Vito Simone HUD Certified 203k Consultant [email_address] 410-952-5595 www.203kServices.com

203k Financing

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203k Financing