203k Rehab Loans, HomeStyle* and HomeReady** Renovation Loans.
- If you own a home and would like to use a renovation load to update it, add on to it, make it energy efficient, etc. an FHA 203 k Streamline or FHA 203K Full can be used as a refinance rehab loan. Also a Fannie Mae Homestyle conventional loan can be used as a refinance rehab loan.
- As a home buyer an FHA 203K Streamline or Full loan can be used to purchase and renovate a 1 to 4 unit home all with one loan. A 203K Streamline is limited to $35,000 in renovation related work. A 203K Full can be up to current FHA loan limits per county.
- Or as a home buyer a Fannie Mae Homestyle conventional loan can be used to purchase a 1 to 4 unit property to be owner occupied. If you are an investor purchasing a 1 unit property to lease out to tenants a Fannie Mae Homestyle loan can be used to purchase and provide renovation funds all in one loan.
- If you are purchasing a home from Fannie Mae that is eligible for Homepath Renovation financing you can use this loan as either an Investor who will lease out the property or as a buyer who will occupy the home for yourself.
Loan Application Information That’s Required for 203k Rehab Loans, HomeStyle*, and HomeReady** Renovation Loans
Please provide the following information and documents in order for us prepare a loan application for you:
- Employer(s) name, address, phone, your start date, job title, base or hourly salary for all jobs over the last 24 months.
- Your current address(s) and monthly rent paid for the last 24 months.
- Two photo IDs. If possible, please take a photo of these with your Smart Phone and email them to me.This ensures they are eligible.
- One month of most recent Pay Stubs.
- Most recent two years of Federal Tax Returns. Please make sure Page 2 is signed from each tax return at the bottom next to “Sign Here”.
- Include 1120 business returns also if you file them with any K1 forms.
- Most recent two years of W2s and any 1099s or evidence of unemployment benefits received.
- If receiving Social Security income please include current year Award Letter.
- Most recent two months of Checking/Savings Account/Asset statements, all pages, even worksheets or blank pages.
- Please provide a signed Letter of Explanation and source copies for all non-payroll deposits exceeding $500 seen in the Deposits section as we are required to trace & source all unknown deposits per the Bank Secrecy Act & Patriot Act regulations on mortgage lenders.
- Most recent quarterly statement for Retirement Accounts, all pages.If you own additional real estate, please provide Mortgage Statement, Homeowner’s Insurance premium page, monthly Condo Fee proof, Property Tax Bill for each property & lease copies.
- If purchasing new property proof of Earnest Money deposit w/ corresponding bank statements showing all Earnest Money checks or Cashier’s checks are cleared from the account as occurs.
- Divorce Decree, if applicable.Bankruptcy, Short Sale and Foreclosure documents, if applicable.
By providing all of the above early on, you are helping us make your loan application process much smoother and faster.