The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 12th, 2015

Guy looking up in color

GREATER BILOXI~SOUTHEAST MISSISSIPPI

The Home Buyer’s Korner

Google+ RE Community

Google+ Mortgage Lender Community

Google+ General Contractor Communities

FNMA HomeStyle

The Home Renovation Option for Property Investors

Owner Occupied & Second Home Purchases

For RentDistressed Home Inventory although not at its high, continues to remain a concern for the housing industry. Many Community Banks 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 and you draw disbursements as your renovation are completed.

.Fannie Mae HomeStyle Renovation Loan Highlights

70% to 75% LTV for investors, depending on your lender

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

Livingston Homes for Sale

FIND HOMES THROUGHOUT SOUTHEAST MISSISSIPPI

HUD $100 DOWN PAYMENT HOMES IN MISSISSIPPI

USDA RURAL DEVELOPMENT HOMES IN MISSISSIPPI

FIND FORECLOSURES IN BILOXI AND SOUTHEAST MISSISSIPPI

FIND MORE FORECLOSURES IN BILOXI AND SOUTHEAST MISSISSIPPI

MISSISSIPPI HOME OWNERSHIP TOOLS

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

FNMA HomeStyle FNMA My Community Mortgage FHA One-Time Close Construction Portfolio or VA home loan Homes for Sale REO Short Sales FNMA HomePath Properties HUD Homes USDA Homes Condominiums Co-OpsTownhomes Manufactured Homes Modular Homes Mobile Homes Log Homes Second Homes Investment Property 2-4 Family Custom Home Builders Custom Built Homes General Contractors Home Improvement Experts Kitchen & Bathroom Renovations Real Estate Brokers & Agents Mortgage Lenders Federal Credit Unions Community Bankers Clarke County Quitman Enterprise Pachuta Shubuta Stonewall George County Lucedale Stateline to River Estates Greene County Leakesville McLain Harrison County Biloxi Acadian Court Estates Acadian Gardens Estates Alyeska Condominiums Anatole Bay Estates Ancient Oaks Estates Ascot Pointe Estates Ashley Acres Estates Barretts Estates Bay Cove Condominiums Bay Pointe Estates Bay Terrace Estates Bay View Estates Bay Vista Estates Beachwalk Estates Beau Chene Village Estates Beau View Estates Beauvior Park Estates Belvedere Heights Estates Belvedere Place Estates Benachi Estates Bent Oaks Estates Beverly Hills Estates Big Ridge Park Estates Biloxi Homes Estates Biloxi Real Estate Bluffs Estates Bradford Place Estates Branigars Gulf Shore Estates Brasher Bayou Estates Briarfield Estates Bridgewood Estates Burnett Estates Cayman Cottages Estates Cayman Cove Estates Cedar Grove Estates Cedar Lake Estates Channel Mark Estates Chateau Le Grande Estates Cherry Park Estates Cimarron Park Estates Clear Springs Estates Coral Gardens Estates Country Club Estates Coventry Estates Creekwood Estates Currie Estates Deer Cove Estates Desoto Trail Tradition Estates Destiny Plantation Estates Dogwood Hills Estates Eagle Point Estates Eastburg Estates Edgewater Cove Estates Edgewater Estates Edgewater Park Estates El Bayou Vista Estates Enclave Estates Fairfield Estates Fayard Place Estates Gaynel Gardens Estates Gill Estates Goose Pointe Estates Gorenflo Estates Greater Biloxi Estates Greystone Estates Heartsease Park Estates Hengen Place Estates Holly Bluff Estates Holly Hills Estates Hudson Estates Indian Hills Estates Indian Hills Estates Indian Trails Estates Iris Place Estates Irish Oaks Estates Janus Landing Estates Jeff Davis Place Estates Keesler Heights Estates Kellers Estates Knollwood Estates Kornmans Estates Kuhn Estates Kuhn`s Estates La Bonne Terre Estates Lake Villa Estates Lamey Acres Estates Langley Point Estates Longwood Estates Lopez Point Estates Magnolia Estates Magnolia Bay Estates Magnolia Bend Estates Magnolia Ridge Estates Malpass Landing Estates Malpass West Estates Margie Estates Millcreek Crossing Estates Miramar Estates North Haven Estates Oak Cove Estates Oak Park Estates Oak Ridge Park Estates Oak Shores Condominiums Oakridge Place Estates Ocean Club Condominiums Ocean Club Villas Estates Original Gulfport Estates Palm Ridge Estates Parkwood Estates Pass Road Gardens Estates Pelican Bayou Estates Pelican Cay Estates Petit Bois Estates Ponderosa Estates Popps Ferry Landing Estates Popps Ferry Place Estates Porteaux Bay Estates Pringle Estates Richland Park Estates River Oaks Estates River Oaks Estates River Place Estates River Plantation Estates Riverland Estates River’s Edge Estates Riverside Estates Riverwalk Estates Riverwalk North Estates Rock Creek Estates Rushing Oaks Estates Saint Giles Estates Santini Estates Savannah Estates Sea Breeze Condominiums Seal Estates Seawinds Estates Shadow Creek Estates Shorecrest North Estates Shorewood Estates Skrmetti Estates Southwind Resort Estates St. Charles Estates St. Paul Estates Stonebridge Estates Suburban Acres Estates Summerville Estates Sunkist Estates Sunkist Manor Estates Surburban Acres Estates Tanglewood Estates Taylor Oaks Estates Tee Vee Acres Estates The Oaks In Biloxi Estates The Village Tradition Estates Travia Estates Treasure Coast Condominiums Tux River Country Treasure Coast Condominiums Villa Tuscano Estates Virginia City Estates Wells Ferry Landing Estates Whispering Oaks Estates White Star Estates White Star Estates Wildwood Trace Estates Williams Estates Woodlands Estates Woolmarket Estates Woolmarket Acres Estates Woolmarket Village Estates D’lberville Jackson County Gautier Ante Bellum Condominiums Bay Woods Estates Bayou Oaks Estates Baywood Estates Cambridge Square Estates College Park Estates Dela Forest Estates Dellwood Estates Driftwood Park Estates Fairway Villas Estates Gautier Estates Greenbriar Ridge Estates Gulf Spring Estate Hickory Hill Estates Hickory Hill Manor Estates Hickory Hills Estates Hickory Hills Estates Hillcrest Estates La Ville De Court Estates Lakewood Estates Lakewood West Estates Lamotte Estates Linda`s Bluff Estates Little Bend Place Magnolia Bluff Place Estates Martin`s Bluff Estates Northwood Hills Estates Oakleigh Estates Oakleigh Place Estates Point Clear Estates Point Clear Rivera Estates River Oaks Estates Rolling Meadows Estates Sandlewood By Sea Estates Sea Cliffe Estates Shamrock Court Estates Shell Landing Estates Suters Camp Estates Water’s Edge Estates Westgate Estates Moss Point Belfair Estates Coda Road Estates Country Acres Estates Cox Estates Dantzler Estates Deer Creek Estates Dutch Bayou Estate Gautier Glenn Terrace Estates Griffin Heights Estates Harbor View Estates Magnolia Estates North Shore Estates Oakwood Estates Perkins Estates Pine Burr Estates Pineview Estates Quail Ridge Estates Riverlodge Estates Riverwalk Estates Riverwood Estates Santa Fe Estates Sawmill Pointe Estates Sherlawn Heights Estates Sherwood Estates Singing River Acre Estates Spring Acres Estates The Oaks Estates  Ocean Springs Acadian Village Estates Alto Park Estates Armand Oaks Estates Ascot Pointe Estates Ashley Place Estates Bacot Beach Estates Bayou End Estates Bayou Sauvolle Estates Beau Chene Estates Beaugez Estates Beaux Chenes Estates Bechtel Heights Estates Belle Fontaine Beach Estates Beverly Place Estates Bienville Place Estates Big Ridge Park Estates Braemar Estates Branigars Gulf Shores Estates Camellia Pointe Estates Canebrake Estates Chandeleur Place Estates Cherokee Glen Estates Clark Place Estates Clear Springs Estates Colonial Estates Culeoka Estates Cypress Creek Estates Davis Bayou Estates Deena Road Estates Dove Plains Estates Eagle Pine Island Estates Espana Woods Estates Ft Bayou Estates Graveline Point Estates Groveland Park Estates Gulf Hills Estates Gulf Oaks Condominiums Gulf Park Estates Guyton Place Estates Harbor Landing Estates Heritage Woods Estates Heron Bayou Estate Heron Park Estates Hidden Oaks Estates Hunter Pointe Estates Iberville Landing Estates James Way Estates Jordan Farms Estates La Place De Chenes Estates Lake Forest Estates Lake Forest Estate Lakeview Estates Lee Hail Estates Lemoyne Beach Estates Lover`s Lane Estates Madison Place Estates Magnolia Estates Magnolia Bayou Estates Magnolia Park Estates Martin`s Bluff Estates Martin`s Pine Hill Estates Maurepas Landing Estates Mimosa Cove Estates Monticello Woods Estates Mulberry Grove Estates Nelson Grove Estates Oak Bluff Estates Oak Cove Estates Oak Glen Marina Estates Oakleigh Estates Ocean Beach Estates Ocean Springs Estates Ocean Springs City Estates Ocean View Estates Old Ocean Springs Estates Omas Pine Grove Estates Orleans Place Estates Palfreyville Estates Palmetto Pointe Estates Park Place Estates Parktown East Estates Parkwood Estates Pecan Grove Height Estates Pine Hill Estates Pinehurst Estates Promenade North Estates Quail Creek Estates Ridge View Acres Estates Rosewood Estates Sanctuary Estates Savanna Trails Estates Seapointe Estates Skrmetti Estates South Breeze Estates South Pointe Estates St. Andrews On the Gulf Estates Stark Bayou Estates Suburban Acres Estates Sweetbriar Estates Sweetgrass Estates The Arbor Estates The Vineyard Estates Toscana Estates Treasure Acres Estates Trentwood Estates Twin Bayou Estates Village Estates Walnut Park Estates Waterford Village Estates Watersedge Estates West Ocean Beach Estates Whitney Oaks Estates Windsor Park Estates Windsor Place Estates Woodfield Estates Woodhaven Estates Woodland Hills Estates Woodlands Estates Woodsdale Estates Woodville Heights Estates Pascagoula Arlington Heights Estates Baptiste Court Estates Bayou Gardens Estates Beach Blvd Estates Bel Meade Park Estates Belfair Estates Brambles Estates Briarwood Estates Brookwood Estates Cherokee Forest Estates Delmas Estates Eastlawn Estates Ft Henry Place Estates Gulf Park Estates Gulf Shores Estates Hagueland Park Estates Harpersville Estates Inglewood Homes Estates International Ship Estates Krebs Estates Lakeside Estates Lincoln Heights Estates Longfellow Acres Estates Oakhurst Estates Ocean Beach Estate Pinecrest Estates Pinecrest Park Estates Plantation Estates Seabreeze Subdivision Shadow Wood Estates Stratford Place Estates Terre Verde Estates Twin Oaks Estates Two Mile Branch Estates Washington Avenue Estates Whispering Pines Estates Wiggins Bayou Estates Woodlawn Estates Kemper County De Kalb Preston Porterville Scooba Lauderdale County Meridian Broadmoor Estates Northwood-Poplar Springs Estates Russell Manor Road Estates South Side Estates Marion Wayne County Buckatunna Clara Waynesboro

Join us at Real Estate Social

Comments are closed.