3-n-1
Financing
1. Purchase
2. Remodel
3. Make Energy Efficient
3-n-1
Financing
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Qualifications
• Property
– One to Four Residential Units.
– Property contains at least a foundation slab.
• Buyer
– Any buyer who qualifies for a FHA loan.
– No First Time Buyer Requirement.
• Maximum Loan Amount.
– $362,790 or local county maximum.
3-n-1 Step by Step
• First, Locate Property.
• Contractor estimates cost to improve.
• Loan approved for 97% of price and
improvements.
• FHA Consultant reviews Contractor’s bid
for compliance.
• Appraisal is ordered.
3-n-1 Step by Step
• All documents are submitted to
underwriter for final lender approval.
• Loan closed and owner takes possession.
• Work begins
– Must be completed within 6 months
– If home is not habitable, up to 6 months
payments can be included in the loan.
Expected Costs
• $12 Credit Report
• $400 Appraisal
– Can vary on based on appraiser’s fee schedule.
• $400 - $500 FHA Consultant (included in loan)
– Varies depending on number of required inspections
• 3% Downpayment
– Can be: Cash, Gift or Downpayment Assistance.
• Normal Settlement costs
– approximately 2 1/2 to 3 percent of loan amount.
Expected Timeline
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•
•
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•
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Week 1: Contractor prepares bid.
Week 2: FHA Consultant review
Week 3: Appraisal completed.
Week 4: Final Underwriting approval.
Week 5: Documents prepared & signed
Week 6: Buyer becomes Owner.
.
Expected Result
Like New Upgraded
Energy Efficient Home.
Expect Results
Expect Results
Questions Always Answered
Always Full Disclosure
Professionalism
Experience.
Bill Ladewig
FHA Loans for 38 Years
866.204.9733
[email protected]
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