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Home Loan Highlights: FHA 203k, FHA Streamline 203k, Fannie Mae HomeStyle and EasyBuild Renovation - CT MORTGAGE - Connecticut First Time Home Buyer Loan

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
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
* 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: NRezvan@LADDFinancial.com

Posted Sunday Apr 19