The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 17th, 2015

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GREATER PEARL CITY HAWAII

The Home Buyer’s Korner

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FNMA HomeStyle

The Home Renovation Option for Property Investors

Owner Occupied & Second Home Purchases

images (3)Distressed Home Inventory although not at its high, continues to remain a concern for the housing industry. Many Community Bank are no longer offering short term financing for property investors leaving them to scrambling for LOC’s, by turning to Hard Money Lenders with extremely high rates; low LTV and deep add-on fees. 

The Fannie Mae HomeStyle Renovation Loan can be used by investors to purchase distressed properties with the intent for resale or to keep as income producing properties.  It’s a lot like the Fannie Mae HomePath Program, but the property DOES NOT have to be owned by Fannie Mae.

Highlights of the Fannie Mae HomeStyle Loan.

The HomeStyle Renovation Loan program allows borrowers to combine the cost of the home with the costs for renovation and repairs. At closing, all funds for renovation will be escrowed in an interest-bearing account draw disbursements as your renovation are completed..

Fannie Mae HomeStyle Renovation Loan Highlights

  1. 70% to 75% LTV for investors, depending on your lender
  2. 95% LTV for owner occupied properties
  3. 90% LTV for Second Home with mortgage insurance.  
  4. Renovation funds escrowed in an interest-bearing account.
  5. Soft costs (architectural services, engineering, permits, etc.) may be financed.
  6. Loans are underwritten to standard FNMA guidelines.
  7. Loan Amounts up to $417,000. Higher loan limits available in Hawaii.
  8. 1 & 4 Family Units /Modular/PUD/FNMA Warrantable Condos. Some lenders are known to limit the number of units available to investors. 
  9. Can own up to 10 financed properties including your Primary Residence.
  10. FICO Scores from 680 to 740 with specific limitations to LTV.
  11. There must not be any mortgage late payments within the prior 12 months on any mortgage.
  12. There must be no bankruptcies or foreclosures in the prior 7 years.
  13. There must be 2 years of tax returns supporting any ordinary income and rental income from all properties.
  14. Fixed Rate Loans with 15 and 30-year terms and NO prepayment penalty.
  15. Up to 6 months of payments can be included in the loan amount.
  16. Fannie Mae’s Delayed Financing Rule is allowed for a home purchased free & clear.

Home Buyers, Second Home Purchasers or Property Investors can basically do any repairs or renovation to the home that they want, as long as the appraisal supports the improved value and the improvements are common for the area. Repairs must be completed within six months and not to exceed 50% of the after improved appraised value.

As part of Fannie Mae’s Housing Stabilization efforts their policy remains in effect and encourages experienced investors play a key role in the housing recovery by continuing to offer renovation lending tools to the property investor community with its HomeStyle Renovation Loan Programs.

If you’re a real estate investor looking for a lending tool to renovate and create a nice portfolio, consider the program.

VISIT OUR GREATER PEARL CITY AREA

HOMES FOR SALE LISTINGS

Livingston Homes for Sale

FIND HOMES THROUGHOUT PEARL CITY HAWAII

HUD FORECLOSED HOMES IN & AROUND THE GREATER PEARL CITY HI AREA

USDA FORECLOSED HOMES IN & AROUND THE GREATER PEARL CITY HI AREA

FNMA HOMEPATH FORECLOSED HOMES IN & AROUND PEARL CITY HI

FIND MORE FORECLOSURES IN & AROUND PEARL CITY HI

HAWAII HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

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