Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule: The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information: Signed Draw Request by borrower and contractorSigned All Bills Paid Affidavitreview and approve the draw request and will release funds for disbursementA check will be issued in the name of the borrower and contractor and delivered to borrower via USPSAn inspection of work to date will be performed at 50% completeFinal Draw Information: Signed Draw RequestFinal inspection/Completion Certificate will be required for release of final fundsA Title Update showing property free from lien or encumbranceGeneral Contractor’s Lien Waiver AffidavitAffidavit of Completion GMG will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns: Changes to the initial plan are not permitted unless prior approval by Gateway Mortgage.

@Ben Simon that is a great question and the answer may be counter intuitive.We find that when there is a major disruption like in 08’ we had more people moving into the city from the SouthShore who are willing to commute to save money on rent.The gateway cities tend to maintain the amount of people in them and subsidized housing does play a roll here as well.Cheers to your success!

For reference, I closed one @ 5.25 / 20% down with Gateway in July. 

Gateway/Green Valley Ranch is another area very close to DIA where one can buy a large house at a low price-point compared to the rest of Denver metro, however I wouldn't recommend GVR for various reasons. 

What would you say about NNN, higher cap properties that are in small gateway cities, Near suburbs.

I havent had any issues with crime in any of my buildings and if you are interested in investing in gateway cities on the southcoast I can connect you with my property managers.They make sure everything runs smoothly.

@Tyler Mace what is your opinoun of the East Gateway Submarket near Sandia National Labratory.I work for the Fire Department in a warzone so I am not really turned off by these area, but I know they can vary city to city. 

(Yes Seattle is a bit borderline and kind of is a gateway to the next tier) What kind of property?

@Nicholas Ziegler I use @Andrew Postel with Gateway Mortgage - he is in Dallas area so not exactly local but a great teacher and BP member. 

A lot of foreign born tech workers though.This is why NY, SF, Seattle, DC, and LA are called “The Gateway Cities”.