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The maximum mortgage worksheet is typically used by internal mortgage professionals. It is used to determine the total renovation dollars and loan amounts. There are several factors that should be considered described in the video below. Factors include renovation hard costs bids, permitting, inspections, title updates, architectural designs, HUD Consultant fees, supplemental origination fees, contingency […]
There is a tremendous buzz around VA Renovation Loans today . They are similar to an FHA 203K repair loan but available for eligible VA beneficiaries (active duty or prior military). Many people don’t know these loans exist. Some naysayers even refute the program’s existence. According to the VA Handbook 26-7, The Alterations for Improvement […]
I’ve recently been asked if you can do a 203k, or VA renovation loan on a manufactured home. The simple answer is yes! There are a few restrictions to keep in mind but it is possible to finance and include some repairs in with a purchase or refinance of one of these structures that requires […]
A case study in renovation lending on a Jacksonville Florida home located at 13723 Alesbury Ct Jacksonville FL 32224 reveals people are not just fixing a home to minimal standards but modernizing a home and extending new life into established neighborhoods and creating an exciting alternative to buying a track built home. Here they have upgraded […]
Wouldn’t you like to provide your veteran customers financing on virtually any home? Could you help more veterans if you could buy the property in the condition it was in and have repairs included in the financing and done after closing? Now you can do all of this with new programs offered for VA Renovation. […]
The above picture is of the classic movie home from “Nightmare on Elm Street”. Someone actually bought and renovated it – read about nightmare on elm street renovation. We tend to help a lot of customers that have already met a “scary lender” who didn’t know the in and outs of renovation lending or simply didn’t have the […]
Does Property Type Matter? John Adams NMLS 442266 and Tu Mullins NMLS 657663 discuss different property types and the financing available to repair almost any home regardless of condition with FHA Conventional and now even VA renovation lending products. Call us for information on renovation loan options. It’s financing with all the fixings. Here is a link to the handy checklist referenced in the video
Seasoning and sourcing deposits are among the most common hangups when clearing underwriting conditions on documentation for assets, gift funds. What is sourcing and seasoning funds for closing? John Adams ( NMLS 442266 ) and Tu Mullins ( NMLS 657663 ) go over the most common questions that can help your borrowers navigate their assets […]
Is your income a liability? John Adams and Tu Mullins discuss the importance of income and the documentation process of these items up front to help you navigate through FHA 203k, Homestyle and Va renvoation loans. These important first steps let you know how much home you can afford and make sure your documents are […]
John Adams and Tu Mullins discuss the changes and impacts TRID is having on renovation lending the renovation lending form and how it affects you. Don’t TRID on me. Hi I’m John Adams – and I’m Tu Mullins. Today’s renovation minute is about TRID. This is part of the truth in lending disclosure changes for […]
USDA mortgage loans are so popular (especially in Georgia Florida and Alabama) because they allow first time or subsequent home buyers to purchase a primary residence with no money down and with low monthly payments. The USDA National Office just announced on June 16, 2015 that effective with guaranteed loan obligations on or after October […]
We are making waves from Amelia Island in Fernandina Beach Florida today talking to you today about Homepath. Fannie mae has all of their foreclosure homes for sale online at www.homepath.com . The no longer has the Homepath Financing but do have a new buyer incentive program for first time homebuyers to encourage them to […]