Nvision Development Management, Construction Services, Real Esate Services

Nvision 203K Loan Home Purchase Program

Looking to purchase a home, but want to make sure the home is in the "condition your desire" before you more in?  You have come to the right place.  Not only will we help you find the right home at the right price, we we help you (1) determine the costs associated with the home purchase (2) hold your hand through the loan application and approval process (3) deal with all the issues required by the lender, such as appraisals, wdo reports, flood certificates, insurance, estoppel letters, etc (3) assist through the closing process, (4) complete for you the renovation at the pre-approved budget (5) work with the lender to complete the paperwork required to close out the loan/construction process.  (6) assist with any services you require for your move, such as connection of utilities, moving, etc. (7) provide a 1 year warranty on all materials and workmanship associated with the renovation work completed!

If you know someone that you think should know about this program, tell them about it now!

Here is how the process works:


Together, we locate your new home. We will walk you through the buying process to first determine your needs, your wants, and your financial picture to know your budget before we start looking for a house.   Our licensed and insured real estate team can help you find the house in the right location, at the right price.  We are experienced in negotiating the purchase of REO's and short sales, and can do it without the long time delay that consumers are typically seeing.  How?  Contact us and we will tell you more.

We will assist you getting pre-approved by one or more 203k lenders.  We have connections with various lenders, and can help you find the best fit for you.  With pre-approval, you will know exactly what price home (total price) fits within your budget.


Preliminary Feasibility Analysis. After the property is located, we will conduct a marketability analysis prior to signing the sales contract. The following should be determined:

    1. The extent of the rehabilitation work required;
    2. Rough cost estimate of the work; and
    3. The expected market value of the property after completion of the work. Note: The borrower does not want to spend money for appraisals and repair specifications (plans), then discover that the value of the property will be less than the purchase price (or existing indebtedness), plus the cost of improvements.


Sales Contract is Executed. Congratulations!  This is a big step!  Exciting.  A provision should be included in the sales contract that the buyer has applied for Section 203(k) financing, and that the contract is contingent upon loan approval and buyer's acceptance of additional required improvements as determined by HUD or the lender.  This means that you are not "on the hook" to purchase if you are not able to obtain financing under the terms that you require.


Homebuyer Selects Mortgage Lender. We will introduce you to lenders that provide HUD FHA 203k financing.  Rates and fees are negotiable.  We work with a number of great lenders, and can help you to shop for the best rates. (Often rates are as important or even more important than the purchase price of a home, especially if you plan to live in the house for five or more years.)


E. Work Write-up and Cost Estimate.  A cost estimated is required by an FHA approved consultant.  That is us!  We are an approved HUD FHA 203K Consultant, and thus we can prepare for the lender a cost repair to be included in the loan package.  The advantage here is no surprises - we did the initial feasibility analysis, and thus this is more or less formalizing for the lender.  Unless other consultants are required (structural engineers, architects, etc. - can be required for a large scale renovation), our government mandated fee for consulting service (which are minimal, we assure you) will be paid to us at closing, thus you are not out of pocket for these expenses.

Loan approval.  Upon acceptance by the Lender of the 203K consultants cost estimate and exhibits, the lender requests the appraisal to be completed on the property.  Upon receiving the appraisal, it is reviewed to determine the maximum mortgage amount for the property. If you haven't done so already, you will need to provide information for the lender to request a credit report, verifications of employment and deposits, and any other source documents needed to establish the ability of the borrower to repay the mortgage.  

Upon approval, the Lender Issues Firm Commitment.  It states the maximum mortgage amount that HUD will insure for the borrower and the property.

Purchase/Mortgage Loan Closing.
Expect this to be 45-60 days after the execution of the contract, based on current timelines of most lenders.  At closing you will enter into a rehabilitation Loan Agreement that establishes the conditions under which the lender will release funds from the Rehabilitation Escrow Account. Following closing, the borrower is required to begin making mortgage payments on the entire principal amount for the mortgage, including the amount in the Rehabilitation Escrow Account that has not yet been disbursed.


Rehabilitation Construction Begins. Congratulations.  You now own the house, and may or may not be moving in (depending on the scope of work.)  Don't worry.  You are in good hands.  Great news is, your construction contract with Nvision will be fixed based on our pre-closing estimates.  Your only risk are unforseen conditions, but that is what the contingency in the estimate is for!  We understand that this is your home, and your goal is to get full enjoyment out of your home as soon as possible.  While the Lender will allow up to 6 months for work to be completed, our goal is to be complete within weeks or maybe possibly even days! 

Releases from Rehabilitation Escrow Account. As construction progresses, we communicate directly with the Lender to request funding. A maximum of four draw inspections plus a final inspection are allowed. We make the process easy.

Completion of Work/Final Inspection.   If there is unused contingency funds or mortgage payment reserves in the Account, the lender must apply the funds to prepay the mortgage principal.  We will complete all the paperwork for you, to make sure that this is streamlined.  You now will enjoy your contractor free, freshly renovated house that meets your budgets, your needs - and hopefully your wishlist has been satisfied too!

Want to get started?  Contact us by email, fill out our online form, or call us at (407) 872 1900.  We look forward to being of service!

203K Loan Process

203K Consultants

 

BUYERS AND SELLERS!

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