FHA 203 K and FNMA HomeStyle

[Shaun Weekes]

Banc Home Loans Renovation Financing Solution

Renovation loans are a single loan transaction that:

- Enables buyer(s) to purchase and close on a property AS-IS, regardless of its current condition

- Provides funds for renovation, repairs and/or upgrades (renovation work started after close of escrow)

- Uses ARV to help determine loan amount

- No repairs are required to be done or paid for prior to close

Conventional Renovation (FNMA Home-style)

O/O, SH, IP

Max loan and LTV's are same as conventional conforming

SFR, PUD, and 2-4 Unit Properties

30 Yr. and 15 Yr. Only

Uses ARV to help determine loan amount

FHA 203(k)

Max loan amounts and LTV's - same as traditional FHA limits

SFR, PUD's and 2-4 unit properties

30 Yr. and 15 Yr. owner occupied only

FHA borrower credit profile is (620 minimum)

Up to 110% of the ARV

Since my bank plans on making this a large part of what we do we have opened a separate division to oversee these two loans. Turn times are 45 days or less. Please contact me if you have any questions and we can go from there.

Thank you and have a great day everyone.