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Money for Purchase & Rehabs
HUD 203(k) Loans
The 203(k) is available to all income levels and my be used to purchase because the loan is an assumable first. This is for owner-occupants or
non-profit organizations. The loans com from FHA approved lenders and though terms may vary the low FHA down has been around 3 percent.
Fannie Mae
800-732-6643
HomeStyle Investor Mortgage
Conventional first mortgage for investors, who can finance the purchase and renovation of one-family homes and certain planned-unit
developments (PUD) that need repair or renovation. Once the home is renovated and sold the home buyer can assume this loan.
HomeStyle Standard Mortgage
The mortgage also is available to investors for one-family properties, and to borrowers for second homes. It is available to borrowers of any The
mortgage also is available to investors for one-family properties, and to borrowers for second homes. It is available to borrowers of any income.
income.
HomeStyle Community Mortgage
Conventional first mortgage to finance the purchase and renovation of owner-occupied one-family homes and qualified condo and PUDs. This
type of loan is available to low and moderate-income home buyers and residents of central cities. Low down payment requirements and other
flexible terms are available.
Fannie Mae HomeStyle Mortgage
HomeStyle Mortgage offers borrowers of all income levels up to 90 percent financing for the purchase and improvement of a home. Financing is
based on the "as-completed" appraised value of the home, and borrowers can use up to 50 percent of that value for improvements or repairs.
Fannie Mae does not specify which improvements a borrower may or may not finance. This means that the improvement funds can be used for
"cosmetic" purposes such as carpeting and various kinds of remodeling. There is no minimum amount that needs to be spent on repairs. The
improvements should be performed by contractors who are licensed, registered, or certified or have the highest level of certification required.
HomeStyle Mortgage: Benefits
Qualify for loans based on the as-completed value of the property.
Improve your home at low first mortgage interest rates.
Do almost any type of improvements or repairs.
Finance up to six months of mortgage payments to cover non-occupancy costs during construction.
Lender involvement in construction oversight and monitoring provides added value to borrowers.
HomeStyle Mortgage: Key facts
This mortgage is available to owner-occupants, purchasers of second homes and investors.
Eligible properties are one- to four-unit homes, condominiums, and PUDs.
Maximum loan amount may not exceed Fannie Mae's conforming loan limits.
Maximum renovation amount is 50 percent of the as-completed value of the property.
Qualifying ratios are 28/36.
Loans are fixed-rate mortgages or rate capped ARMs, fully amortizing with terms between 15 and 30 years.
A contingency reserve equal to 10 percent of the cost of the renovation is required, and may be financed out of the loan proceeds.
Check your county and city housing offices for other rehabilitation loans that may be available for urban renewal.
This information is not checked for accuracy and is not intended for use when making a financial decisions. All information should be researched
completely.
The 203(k) is available to all income levels and my be used to purchase because the loan is an assumable first. This is for owner-occupants or
non-profit organizations. The loans com from FHA approved lenders and though terms may vary the low FHA down has been around 3 percent.
Fannie Mae
800-732-6643
HomeStyle Investor Mortgage
Conventional first mortgage for investors, who can finance the purchase and renovation of one-family homes and certain planned-unit
developments (PUD) that need repair or renovation. Once the home is renovated and sold the home buyer can assume this loan.
HomeStyle Standard Mortgage
The mortgage also is available to investors for one-family properties, and to borrowers for second homes. It is available to borrowers of any The
mortgage also is available to investors for one-family properties, and to borrowers for second homes. It is available to borrowers of any income.
income.
HomeStyle Community Mortgage
Conventional first mortgage to finance the purchase and renovation of owner-occupied one-family homes and qualified condo and PUDs. This
type of loan is available to low and moderate-income home buyers and residents of central cities. Low down payment requirements and other
flexible terms are available.
Fannie Mae HomeStyle Mortgage
HomeStyle Mortgage offers borrowers of all income levels up to 90 percent financing for the purchase and improvement of a home. Financing is
based on the "as-completed" appraised value of the home, and borrowers can use up to 50 percent of that value for improvements or repairs.
Fannie Mae does not specify which improvements a borrower may or may not finance. This means that the improvement funds can be used for
"cosmetic" purposes such as carpeting and various kinds of remodeling. There is no minimum amount that needs to be spent on repairs. The
improvements should be performed by contractors who are licensed, registered, or certified or have the highest level of certification required.
HomeStyle Mortgage: Benefits
Qualify for loans based on the as-completed value of the property.
Improve your home at low first mortgage interest rates.
Do almost any type of improvements or repairs.
Finance up to six months of mortgage payments to cover non-occupancy costs during construction.
Lender involvement in construction oversight and monitoring provides added value to borrowers.
HomeStyle Mortgage: Key facts
This mortgage is available to owner-occupants, purchasers of second homes and investors.
Eligible properties are one- to four-unit homes, condominiums, and PUDs.
Maximum loan amount may not exceed Fannie Mae's conforming loan limits.
Maximum renovation amount is 50 percent of the as-completed value of the property.
Qualifying ratios are 28/36.
Loans are fixed-rate mortgages or rate capped ARMs, fully amortizing with terms between 15 and 30 years.
A contingency reserve equal to 10 percent of the cost of the renovation is required, and may be financed out of the loan proceeds.
Check your county and city housing offices for other rehabilitation loans that may be available for urban renewal.
This information is not checked for accuracy and is not intended for use when making a financial decisions. All information should be researched
completely.
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(818) 353-9100 Office
(818) 353-7262 FAX
(818) 353-7262 FAX
| Emerald Bay Investments JW Najarian Commercial Real Estate Investor |
