Renovation Loans - FTT Financial Services

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Renovation Loans

Renovation Loans Experts

1. Under $35,000 bororwer to received the $35,000 in two payemnts

Half of the 1st payment is issue at close of esrow . The 2nd payment

is issue when work is completed. The money can be use for kitchen,

Bath, Roof, plumbing electrical, Appliances.

any thing borrower want.

Purchase rehab loan example
owner occupied

Purchase price 225,000.00
rehab loan 35,000.00
new kitchen,new bathroom, painting new Appliance, and lanscaping
total loan 260,000

down payment 9,100.00

estimated Payment 1,300.00

Not including tax and insurance

2. Over $35,000 a borrower can get up to 110% of the value

FHA reqiures the borrower to hire a Hud consultant

who will put the constuction budget toghther.

once borower has a budget. he or she can hire a contactor

Once contractor is hired rehab can begin.

borower can get a room addtion with this program

3. To qualify is just like any other FHA Loan

Purchase rehab loan example
non-owner occupied Fannie

Home Style investor

Purchase price 225,000.00
rehab loan 35,000.00
new kitchen,new bathroom, painting new Appliance, and lanscaping
total loan 260,000

down payment 52,000.00

estimated Payment 993.00

Not including tax and insurance

3. To qualify is just like any other FHA Loan

3.5% Down payment

A. Two years income

B. two years tax returns

C. two years W.2

D. Bank Statements

4. Fannie Mae renovation loans (Home Style)

The Fannie Mae Home style loan is for purchase and rehab

to qualify is just like the FHA 203k Program

Owner Occuipied and Non-Occupied

Owner occupied 3.5% down payment

Non-Occupied 20% down payment