| CT Mortgage - Renovation Home Loan Highlights |
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| FHA 203k |
FHA Streamline 203k |
Fannie Mae HomeStyle |
EasyBuild
Renovation |
| Owner Occupied only, 1-4 Family, Mixed-use |
Owner Occupied only, 1-4 Family |
Owner occupied 1-4 unit, 1 unit Second home & 1-2 unit Investor |
1-2 Units Owner occupied, Second home |
| Minimum $5,000 in repairs |
Up to $35,000 in non-structural repairs. No minimum repair. |
No minimum amount of repairs |
Minimum $35,000 in repairs |
| FHA Loan Limits |
FHA Loan Limits |
FNMA Loan Limits |
Up to $1mm |
| Borrower can be their own general contractor (Limited to qualifications) |
Borrower can be their own general contractor (Limited to qualifications) |
Borrower can be their own general contractor (Limited to qualifications and 10% of future appraised value) |
Borrower cannot be their own general contractor |
| Ratios 31/43* |
Ratios 31/43* |
Ratios 28/36* |
Ratios 28/36* Minimum FICO 700 |
| Plan Review required by FHA Consultant |
No Plan Review or Consultant required |
No Plan Review required with
< $15,000 in rehab |
No Plan Review required |
| Homeowner/Contractor agreements required |
Homeowner/Contractor Agreement + Detailed Contractor Cost Estimates |
Homeowner/Contractor agreements required |
Contractor agreements required |
| No reserves required at closing* (3 & 4 Unit properties require 3 months of PITI reserves - 15% vacancy factor) |
No reserves required at closing* (3 & 4 Unit properties require 3 months of PITI reserves - 15% vacancy factor) |
Reserves may be required at closing* |
6 months interest liquid reserves required at closing |
| 10% to 20% Contingency Reserve. Determined by DE Underwriter |
NO Contingency Reserve 2 disbursements per sub-contractor |
10% Contingency Reserve ALWAYS required |
Cost overrun allowed up to 10% of construction costs |
| High LTV on O/O 1-4 units |
High LTV on O/O 1-4 units |
95% LTV on O/O 1 & 2 family |
1Unit |
| Mixed-use properties, up to 4 residential units. |
Purchases and refinances |
80% LTV on O/O 3-4 family |
90% to $650,000 - 700
80% to $750,000 - 700 |
| Up to six months of PITI can be financed, if home is not habitable during renovation |
See FHA Guidelines regarding eligible improvements |
95% LTV on Single Family Second Homes |
75% to $1,000,000 - 700 |
| Items NOT completed on MMWS: |
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| Contingency Reserve (unless elected) Consultant or Architectural Fees |
80% Non-O/O 1 family |
Second Home
90% to $417,000 - 700
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70% Non-O/O 2 family |
2 Units |
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Up to six months of PITI can be financed, if home is not habitable during renovation |
80% to $650,000 - 700
70% to $1,000,000 - 700 |
| * May differ if allowed by Automated Underwriting |
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June-08 |
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can investors still do the Home Style? this is a wonderful comparison. It is the first time I've seen them side by side. good job. M