| CT Mortgage - Renovation Home Loan Highlights | |||
| 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: | |||
| 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 | ||
| 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 |
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| * May differ if allowed by Automated Underwriting | June-08 |
If you have any questions in regards to these 4 different type of rehab home loans then please feel free to contact me.
Your CT Mortgage Professional,
Nima Rezvan
Senior Loan Officer
Blackberry: 203.913.6016
Email: Nima@concorde.bz
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