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Home Improvement Lending
- 1. FHA HOME IMPROVEMENT LENDING Financing Solutions by Admirals Bank
- 2. PROGRAM OVERVIEW FHA Title1 Home Improvement Loan • No equity required to qualify • Free to offer to your customers Loan 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. 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 begins Funds are only for Home Improvements (No Debt Consolidation)
- 4. FHA Title-1 HomeImprovement 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 more Documents 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 are subject to change without notice. ***Effective: October 28, 2011
- 5. FHA Title-1 HomeImprovement 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 more Documents 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 are subject to change without notice. ***Effective: October 28, 2011
- 6. THE PROCESS Offer the homeowner the financing option Apply 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 and Customer 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
- 8. TIME TO GROW YouSell More Customer gets Everyone Jobs the work done Benefits
- 9. GETTING YOU SIGNEDUP Fill out two forms and provide proof of proper 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
- 10. Admirals Bank ContractorReferral Program Survey To enroll in the Admirals Bank Contractor Referral Program, please take a few minutes to complete the short survey below. In addition we will need a copy of your Contractor’s license (if your state requires one; if not, please provide a copy of your business license) and certificate of liability insurance. If you have any questions regarding this survey or the Admirals Bank Contractor Referral Program, please call us at 1-800-715-8472. Contact Name ______________________________________________________________________________________ Company Name ___________________________________________ Date _______________________________ Street Address ______________________________________________________________________________________ City / State ___________________________________________ Zip _________________________________ Phone ___________________________________________ Fax ________________________________ E-mail Address ______________________________________________________________________________________ For IMMEDIATE response, please provide your email address What type of home improvements do you offer? _________________________________________________________________ How long have you been in business? _________________________________________________________________ How many labor crews do you employ? _________________________________________________________________ How many jobs do you average per month? _________________________________________________________________ What is your average cash price per job? _________________________________________________________________ Do you offer free estimates? (please circle) YES NO How many sales representatives do you have? _________________________________________________________________ What type of financing do you offer? (please circle) IN-HOUSE OUT-SOURCED NONE Sales/Finance Manager ______________________________________________________________________________________ FAX YOUR COMPLETED CONTRACTOR SURVEY & COMPANY PROFILE TO Attn: Brian Silver 888-622-2573
- 11. Contractor Referral CompanyProfile Company Name: ____________________________________________________________________________________ Street Address: _____________________________________________________________________________________ City, State, Zip: _____________________________________________________________________________________ Name of Company Principals: 1. ________________________________________________________________________________________ 2. ________________________________________________________________________________________ 3. ________________________________________________________________________________________ 4. ________________________________________________________________________________________ Company Phone Numbers: 1. ________________________________________________________________________________________ 2. ________________________________________________________________________________________ 3. ________________________________________________________________________________________ Company Fax Numbers: 1. ________________________________________________________________________________________ 2. ________________________________________________________________________________________ 3. ________________________________________________________________________________________ Company Email and Web Address: ___________________________________________________________________________________________ ___________________________________________________________________________________________ Name of Primary Company contact(s): ___________________________________________________________________________________________ ___________________________________________________________________________________________ *NOTE: If you would like to opt-out of receiving fax or email communications from the Admirals Bank Contractor Assistance Team, please specify “NO CONTACT” next to your fax number and/or email address.
- 12. CONTACT INFORMATION Richard Brooks Admirals Bank 15 Park Row West Providence, RI 02903 Tel 800-572-7844 Ext.7355 | Dir. 401-248-7355 Fax 888-622-2573 NMLS : 5087 rbrooks@admiralsbank.com