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VINCE RENO LOAN BROCHURE (1) .pdf



Original filename: VINCE RENO LOAN BROCHURE (1).pdf
Author: Vasiliki Harissis

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203k & HomeStyle®
RENOVATION FINANCING
AVAILABLE

ONE LOAN, ONE CLOSING
ONE SET OF CLOSING COSTS!
Find it, buy it, fix it up!

BUY LOCATION! Renovate that fixer upper in
your dream neighborhood and turn it into your
dream home!
Simplifying renovation loans

LOAN COMPARISON
FHA 203(K) LIMITED
Up to 96.5% LTV to FHA maximum loan limits
Primary residences only
1-4 units
$35,000 Maximum Renovation
Purchase and refinance
Six month renovation period or longer with approved extensions
Contractor required
Mortgage insurance required on all loans
FHA 203(K) STANDARD
Up to 96.5% LTV to FHA maximum loan limits
Primary residences only
1-4 units
$5,000 Minimum Renovation
No limit to the amount of money for renovations
Purchase and refinance
Six month renovation period or longer with approved extensions
Finance up to six months of mortgage PITI payments when the home is unoccupied due to messy renovations
Contractor required
Mortgage insurance required on all loans
HOMESTYLE RENOVATION
Up to 95% LTV to FNMA maximum loan limits
Primary residences, second homes and investment properties
1-4 units on primary residences
Renovation amount may be up to 50% of as-completed value
Purchase and refinance
Strict six month renovation period
Finance up to six months of mortgage PITI payments when the home is unoccupied due to messy renovations
Contractor required
Mortgage insurance required when LTV exceeds 80%
Luxury items (pools, spas etc) are allowed

Simplifying renovation loans

THE PROCESS
1) BUYER FINDS A PROPERTY & MAKES AN OFFER
2) PURCHASE CONTRACT
3) BUYER & FHA CONSULTANT MEET AT PROPERTY
4) OBTAIN PLANS & SPECS
5) FHA CASE # ASSIGNED
6) BUYER AND CONTRACTOR AGREEMENT
7) FEES & DISCLOSURES
8) ORDER APPRAISAL
9) UNDERWRITING
10)CLOSING
11) RENOVATION BEGINS
12) DRAWS REQUESTED
13) FINAL INSPECTION & TITLE UPDATE
14) COMPLETION
*** FOR LARGE SCALE RENOVATIONS, WE RECOMMEND USING THE FHA CONSULTANT BEFORE MAKING AN OFFER TO DO A FEASIBILITY STUDY—IT IS
WORTH THE COUPLE HUNDRED DOLLARS TO MAKE SURE THAT THE WORK THAT THE
BUYER NEEDS & WANTS TO BE DONE CAN BE COMPLETED ON THEIR BUDGET ***

Simplifying Renovation Loans

What you can expect from the
consultant process
*Site Visit
*Consultant meets with borrower at the site and examines work to
be done
*Client may or may not have to sign Consultant Agreement and
pay either a retainer fee or the entire Consulting Fee in full. Fees
vary depending on size/scope of renovation.
*Consultant prepares Work Write-Up
*Consultant delivers report package to borrower & lender (who gives
copy to appraiser) and contractor
*Loan Closes
*Repair Funds are placed in escrow
*Remodeling begins
*Consultant performs draw request inspections
*Project is closed out
Please note – typical response time for consultants to meet borrowers
for inspection is 24-72 hours, then the report and draw request are sent
to New York where escrow is held. The check is then sent via Fed-Ex 2
day. If the contractor knows they are going to want a draw, it is best to
request it 5-7 business days before the check will be needed to avoid
work stops and keep the project moving and on target.

Simplifying renovation loansSimplifying renovation loans

TIMELINE REMINDERS


CLOSING IS TYPICALLY 45-60 DAYS AFTER THE APPRAISAL, SO SET THIS AS AN
EXPECTATION WITH ALL PARTIES



THE APPRAISAL CANNOT BE ORDERED UNTIL THE FHA CONSULTANT HAS PREPARED THE WORK WRITE UP - INCLUDING THE COST ESTIMATE FOR THE
COMPLETION OF THE PROJECT



WORK MUST BEGIN WITH 30 DAYS OF EXECUTION AGREEMENT



WORK MUST NOT CEASE PRIOR TO COMPLETION FOR MORE THAN 30 CONSECUTIVE DAYS



WORK HAS TO BE COMPLETED WITHIN THE TIME PERIOD SHOWN IN THE
AGREEMENT—NOT TO EXCEED 6 MONTHS

RENOVATION

APPROX. FHA

COSTS

CONSULTANT FEE

$5,000 - $7,500

$400

$7,500 - $15,000

$500

$15,001 -$30,000

$600

$30,001 -$50,000

$700

$50,001 - $75,000

$800

$75,001 - $100,000

$900

$100,001 +

$1,000 or quote
Simplifying renovation loans

FOR MORE INFORMATION ON A 203K OR
HOMESTYLE® RENOVATION
LOAN CONTACT VINCE

VINCE AMATO
President
NMLS ID # 1006783
CELL: 630-417-0202 | EMAIL: VINCE@AVAMORTGAGE.COM

WWW.AVAMORTGAGE.COM

Regulated by:
Illinois Department of Financial and Professional Regulations
122 S Michigan Ave (Suite 1900)
Chicago, IL 60603
312-793-3000

AVA Mortgage Corp.
129 Fairfield Way Suite 100
Bloomingdale, IL 60108
Office: 630-980-5700
Fax: 630-980-2516

Illinois Licensed Mortgagee · NMLS ID Number (1006783) · License Number
(MB.6760949)
This advertisement does not constitute a commitment to lend or extend credit. Loans
are subject to credit approval. Not all loans or products are available in all states. All
information is subject to change without notice. Restrictions may apply. All information is deemed reliable but not guaranteed.

Simplifying renovation loans


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