203(k) Program Full and Streamline
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1 General Description Renovation Lending is simply adding the cost of repairs and improvements into the mortgage used to purchase or refinance a home The new first mortgage includes the purchase price or refinanced amount PLUS the renovation costs and fees The mortgage proceeds are fully disbursed at closing The renovation costs and fees will be held in a special renovation escrow account and will be paid out through draws during the completion of the project The appraisal is based on the property s future value AKA as-completed after-improved subject-to Underwriting guidelines are exactly the same as for a non-renovation loan Underwrite to regular FHA Guidelines with Investor Overlays (in this handout) 203(k) Handbook and Mortgagee Letters Overlays No Manufactured Homes Pre-Review of Project for Streamlined 203(k) Before Final Approval DU Approve/Eligible or LP Accept Only (No manual underwrite under any circumstances) 4506T & most recent year tax transcripts are required More restrictive of AUS or 50% maximum Debt-to-Income (DTI) Ratio 640 Median Credit Score for All Borrowers Available Options FHA 203(k) products Priced in OB Standard and Streamlined versions Purchase or Refinance Fixed rate and 5/1 ARM 15 and 30 year terms 1-4 family owner-occupied Page 1 of 7
2 Acceptable Scenarios Renovation of Existing Properties FHA REO including $100 Down Good Neighbor Next Door Program Lead-Based Paint Stabilization Mold Remediation and other Environmental cures Grants and DPA if acceptable to FHA Energy Efficiency 203(k) Handbook and Mortgagee Letters Standard 203(k) Features Any Property 1 General Contractor Larger, more complex project Additions, Structural OK Consultant required Detailed work write-up 4-5 draw requests $5,000 min / No max repairs Streamlined (k) Features Project Pre-Review by Investor Required 2-3 Specialized Contractors Simple, single contract jobs Repair, Replace, Upgrade only Home inspection/feasibility report Work proposal for each job 2 checks per contractor No min / $35,000 max repairs Renovation Component Items to Focus on Work Write-Up By Consultant if Standard 203(k) OR Detailed Estimates by 2 or 3 Specialized Contractors if Streamlined 203(k) As-Completed value appraisal Renovation Documentation Page 2 of 7
3 Consultant Inspects property and prepares the detailed Work Write-Up and cost estimate before the appraisal is done Inspects completed renovation work during draw processing phase Contractor Completes the renovation work If Streamlined 203(k) prepares detailed work proposal and cost estimate before the appraisal is done (in lieu of Consultant) The Work Write-Up Specification of Repairs Detailed Description of work in 35 category format Cost Estimate of Materials and Labor Finalized before the Appraisal is ordered Need all inspections, certifications, decisions completed Must be Underwritten Review details for clarity and accuracy Run a tape to check all totals Verify Fees and Recommendations Verify Invoice Accuracy and Payment Reconcile to the Appraisal when available Appraisal is made subject to the Work Write-Up Any changes to Work Write-Up will require update to Appraisal Application Standard Application Documents Borrower s Acknowledgment Borrower s Identity of Interest Certification Page 3 of 7
4 Processing / Underwriting Detailed Work Write-Up from Consultant As-completed Value Appraisal Contractor Screening Information Homeowner/Contractor Agreement A Maximum Mortgage Worksheet (MMWS) is required for every Renovation Mortgage The MMWS is used to calculate the correct mortgage amount The MMWS establishes the renovation escrow A MMWS may need to be updated several times between origination and underwriting No changes after final underwriting 203(k) Maximum Mortgage Worksheet (section A) General Loan Information Borrower information Loan Parameters Details about property Borrower paid closing costs and prepaids 203(k) Maximum Mortgage Worksheet (section B) Total Renovation Escrow Account (line B-14) Total cost of repairs from Work Write-Up Contingency reserve Inspection Fees and Title Updates Mortgage Payments Financed Architectural and Engineering Fees Consultant Fee Permits Supplemental Origination Fee Financed Discount Points Page 4 of 7
5 203(k) Maximum Mortgage Worksheet (section C) Purchase Calculation Lesser of Sales Price PLUS Total Renovation Cost OR 110% of as-completed appraised value Use applicable down payment factor to calculate Maximum Mortgage Amount (96.5%) Make any required adjustments to the maximum mortgage amount on line C-4 110% Maximum LTV/CLTV (Base loan/lower of actual costs or as-completed appraised value) 203(k) Maximum Mortgage Worksheet (section D) Refinance Calculation Sum of Existing Debt plus Total Renovation Costs Can add borrower paid closing costs, prepaids and discount points paid in cash if the as-is value supports the cost Appraiser must state as-is value on addendum Use applicable down payment factor to calculate Maximum Mortgage Amount (97.75%) 110% Maximum LTV/CLTV (Base loan/lower of actual costs or as-completed appraised value) No cash out allowed Good Faith Estimate Repairs, Contingency Reserve and Mortgage Payments Financed Consultant Fee and Draw Inspection Fees Title Update Fees, Architectural and Engineering Fees, Permits and Other Fees Supplemental Origination Fee Discount Points Financed Changed Circumstances Truth-in-Lending APR All Usual Tillable Fees PLUS Supplemental Origination Fee Discount Points Financed Inspection Fees After Closing Consultant Fee (if applicable) No High-cost loans Page 5 of 7
6 Project Pre-Review Projects are submitted for pre-review, prior to loan closing Investor reviews all project pre-reviews within 72 hours of receipt Investor will send a project confirmation Loan must be closed using the confirmed information of the project Pre-Review Documentation After Improved Appraisal Specification of Repairs Home Inspection/Feasibility Report Contractor Bids Homeowner Contractor Agreement(s) Contractor Profile Contractor Insurances Contractor Licenses Contractor LBP Certification (if required) HUD REO: As Is Appraisal Lead-Based Paint Inspection Report HUD-1 The proceeds of a renovation mortgage are fully disbursed at the closing The total Renovation Escrow (line B-14) must be reflected on the HUD-1 Financed items cannot also be collected in cash (ex: using seller contribution) The total renovation escrow account is established at the closing. HUD-1 (cont.) Collect any cash being added to escrow No POC for ANY financed renovation cost A paid receipt or invoice is required for any allowable fee released at closing Released fees are reflected on the front of the HUD-1 No cash back to the borrower Page 6 of 7
7 Closing Documents Standard Closing Documents Plus Rehabilitation Rider Rehabilitation Loan Agreement Name and Occupancy Status Affidavit HOEPA/HMDA Statement Re-inspection of properties in disaster area if appraisal was prior to storm Draw Processing Permits should be applied for right after closing ALL PERMITS need to be in place before any escrowed repair funds can be released Work should begin within the first 30 days Work must not cease for more than 30 days Work must be completed 6 months from closing Managed Draw Requests Borrowers receive phone call from Investor once loan is purchased Borrowers receive Welcome Package from Investor Once ready for a draw, borrower will contact Investor per instructions on Welcome Package Investor Orders Inspection Title update/lien waiver Any other information to complete the draw request Received paperwork is reviewed within 48 hours or receipt Checks will be sent via 2-day UPS once properly completed documentation is received Other Resources 203(k) Handbook REV 2 (Dec. 1991) Key Mortgagee Letters 94-11, 95-40, 00-25, HUD Handbooks & HUD Handbook , Appendix D & Equal Housing Opportunity Lender. Please note that all information is provided for informational purposes only, for the exclusive use of licensed mortgage professionals, and not for distribution to the general public. This information does not represent an offer or commitment to enter into a loan agreement by Land Home Financial Services Wholesale (LHFSW). Not all programs are available in all areas and rates and costs stated do not apply to all loans made. LHFSW s underwriting guidelines and program restrictions apply. Terms and programs listed are subject to change without notice. LHFSW only conducts business in states approved to. LHFSW is a Division of Land Home Financial Services and is an Equal Housing Opportunity Lender. For complete licensing information go to Corp NMLS # / /2014 Page 7 of 7
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