Tailor your renovation project with a Fannie Mae HomeStyle Renovation or FHA 203k
I love the FHA 203k but if you are really looking for a lender that can tailor your renovation loan to meet your needs you need a lender with the Fannie Mae HomeStyle Renovation program and the 203k. HomeStyle Renovation allows for investors, second homes and no mortgage insurance (under certain loan-to-value standards). These three items along with several other small but unique program guidelines opens ups my business to a broader spectrum of potential homebuyers and homeowners that would otherwise not fit the parameters of the 203k loan.
New Products, New Opportunities
As most of you know I moved over to Wells Fargo Home Mortgage this week. I will miss my colleagues at BNC especially my lending partner Estella Moll who is one of the most conscientious and knowlegable renovation lenders that I have ever had the privilege to work with. However, in today’s market product availability rules. Not only will I add the Fannie Mae HomeStyle Renovation program to my list of products but home equity lines of credit and new construction funding is also available. I am even picking up a few 203k program add-ons like manufactured homes and mixed-use properties.
Mark my word, Energy Efficient Mortgages are here to stay
This coming week the National Energy Retrofit Institute (NERI) located at the University of Central Missouri will be kicking off their marketing campaign to support NERI’s first graduating class. Although the program has been around for years, I truly believe that the Energy Efficient Mortgages is right on the cusp of being one of the most talked about and participated in loan program for the remainder of this decade. My experience and that of many other lenders, establishes a repetitive story of finding that the cost of the requested energy repairs exceeds the allowable EEM finance cost and borrowers just abandon the process of improving their home’s energy thermal rating. However, that should not be the end of the story but rather successful EEM lenders should take take these loans and roll then from the EEM add-on phase into a renovation product like the the Fannie Mae HomeStyle Renovation and the 203k. I have been putting weatherization packages, heating and air systems, windows and water heaters in my 203k loans for year. It has only been over the past year that I have become more energy conscious and have discussed the benefits of obtaining an energy audit.
Over the next few days I will be creating a HomeStyle Renovation tab on my home page that will explain more about the program as well as layout the basic guidelines and parameters. Until them just pick up the phone and call me: 1-800-689-6001 or email: info@203kkc.com your questions on either program.
{ 1 comment… read it below or add one }
I live in North Carolina and I want to purchase a 2nd home in North Carolina that is a REO property and needs and estimated $25,000 to $35,000 in basic renovations. Can you provide me deatils on what is offered?
Thanks
{ 1 trackback }