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The FHA 203(k) Streamline Renovation Mortgage

July 5, 2011

Whether you are looking to purchase a fixer upper or you want to remodel your kitchen and bathroom in your current home, today’s mortgage environment calls for a renovation loan. Let us help you turn that “not quite right” house into a “just right” home!

The FHA 203(k) Streamline Renovation Mortgage provides you with the resources you need to buy—and renovate—that “fixer upper” into the home of your dreams by spreading the cost of the renovations ($5,000 minimum; $35,000 maximum) throughout the entire mortgage term. All it takes is one application, one approval, one closing, and one monthly payment.

Allowable renovations include:

• Kitchen and bath improvements (including new appliances)

• Plumbing, HVAC or electrical upgrades

• Cosmetic upgrades: Flooring, carpet, roof, windows and gutters

• Home expansion projects: Turn two bedrooms into a new master suite

 The 203(k) Streamline Process:

• Follows standard FHA guidelines and qualifications

• Decide what improvements are needed and obtain contractor bids

• Eligible loan amount determined on post-renovation value

• Multiple terms available based upon post-renovation values

• Request renovation draws (maximum 2 per contractor)

• Your renovation can begin immediately after closing and must be

completed within 6 months

 

So, if you are looking to turn an “if only” house into an “it’s perfect” home,

find out more about The FHA 203(k) Streamline Renovation Mortgage today!

Physician Loan Program

June 15, 2011

Being a physician… it’s one of the most important jobs in the world! No one can deny that they are a service to society.  That is why we are offering them assistance for one of the biggest investments they will ever make.  It’s a major life event that can sometimes be daunting…buying a home!

Our Physician Loan Program provides new and established physicians with targeted benefits and simple solutions to meet their home financing needs.

We recognize the special financial and time management needs of physicians today and have an extensive understanding of the healthcare and residency process.

A Glimpse of the Benefits

  •  Our fixed and adjustable rate loans do not require Private Mortgage Insurance.
  •  We may be able to get financing up to 100% of the home value on a new purchase, up to  $500,000 for residence, fellows, and new physicians.
  •  We may be able to get financing up to 100% of the home value on a new purchase or refinance up  to $650,000 for established physicians.
  •  Income from future employment may be used to qualify the borrower.
  •  Student Loans in deferment may be excluded from debt ratios.
  •  Buyer may receive up to 6% for sales contributions from seller.
  •  90% LTV(loan to value) up to 2 Million

Who Qualifies?

  •  Residents, fellows and new physicians that are scheduled to complete medical residency and who  are under contract to work within 60 days of the closing date
  •  Residence, fellows and new physicians who have commenced work within the last 12 months with  a hospital or physician group
  •  Established physicians that are licensed  (must have MD or DO)

 

Just like physicians, we are in the business of creating “Brighter Tomorrows”…… Give us a call today!

Veterans Homeownership for the Brave Program

May 4, 2011

What better way to say ‘thank you’ to our military than to offer the Veterans Homeownership for the Brave Program?

This program is offered “in appreciation and recognition of our Tennessee military families…. THDA is proud to serve those that have served Tennessee and our country”.  Qualified members of the US Military, National Guard, veterans and spouses can all benefit from this program.

Program details

  • Maximum loan amount – not to exceed current THDA acquisition limits
  • Purchase product only – refinance and second liens are ineligible
  • Maximum LTV – subject to FHA, VA, and USDA/RD guidelines; Conventional loans 78% LTV or less
  • Underwriting guidelines – FHA, VA, USDA, and Conventional underwriting guidelines through D.U. apply except as modified by THDA product guidelines. Manual underwriting acceptable when no credit score available.

Benefits

Why should a Veteran chose a THDA loan when they could obtain a VA loan?  Although the Great Rate program is currently close to the market rate for VA loans, the market rates have been rising.  If a Veteran gets a VA loan closed through the Great Rate (Currently 4.75%) program they are getting a loan at 4.25 with the 50 basis point discount.  That’s a half a point less in rate and almost $50/month less on a $150,000 purchase price!

The VA loan is a 100% program so why would I use THDA? If you’re buying a home and the seller is unable to offer concessions for closing costs you can obtain 4% from THDA to pay for the closing costs.

Interested? Give me a call at 615-525-7805 to discuss!

HUD Foreclosures in Nashville Tennessee

April 14, 2011

Would you like to buy a home with very little out of pocket cost? One of the best kept secrets in the real estate industry is HUD Homes– for sale at www.hudhomestore.com. HUD Homes are also known as FHA foreclosures and are properties that the owner defaulted on their mortgage.

Currently there are over 120 HUD Foreclosures in Nashville, TN that are eligible to be purchased with $100 down.  Homebuyers (this is not limited to First-Time Homebuyers) can buy a home with as little as $100 assuming they get HUD to pay their closing costs. There are almost 100 HUD Foreclosures available to purchase for less $100,000. Homes selling for $70,000-$100,000 could be financed at $560-$810/month.  Unlike other homes that may require repairs before closing. HUD will allow you to finance the repair costs for up to 90 days.  The repair funds will be dispersed once the repairs are completed.

Purchasing a HUD Foreclosure is a great option for low income homebuyers.  A First-Time homebuyer can use Tennessee Housing and Development Agency financing and actually close on a home and possibly get their earnest money deposit back.  At any given time, you may find HUD foreclosures in Nashville TN eligible to be purchased 50% off the list price through the Good Neighbor Next Door sales program.  HUD will provide a silent second mortgage allowing a public servant (i.e. law enforcement officer, firefighter, or school teacher) to purchase a HUD Foreclosure in Nashville at 50% off the list price.  If the homebuyer lives in the home 3 years the second mortgage is forgiven and does not need to be repaid.

If you would like to view a HUD foreclosure you’ll need to contact a local realtor. If you need a realtor you can contact me I can refer you to a couple realtors that I have worked with that understand the HUD REO offer and bid process.

 

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