HomeStyle Mortgage Program
Hello everyone, this is Michael Meyer and I am a local loan officer with North-East Financial located in Middletown, CT. Lately I’ve come across a bunch of people looking to purchase a home with the intention of rehabbing it and as a result I decided to write this overview. Maybe you’re someone who has been eyeing a foreclosure in your area and would love to rehab it like you see on all those TV shows doing. Therefore, I would like to talk about a program called HomeStyle, which allows one to finance the purchase of a home and the repairs all into one loan!
Here are the specifics:
HomeStyle Standard | HomeStlye Streamline | |
Eligible Properties | 1-2 Unit Owner Occupied, 1-Unit Investment | 1-2 Unit Owner Occupied, 1-Unit Investment |
Min FICO | 620 | 620 |
LTV | 1-Unit 95% 2-Unit 85% Investment 85% | 1-Unit 95% 2-Unit 85% Investment 85% |
Do-It-Yourself Work | Not allowed | Not allowed |
Min Rapair Amount | No Minimum | No Minimum |
Max Repair Amount | 50% of after improved value | $35,000 |
HUD Consultant | Required | Optional |
Mortgage Payments Financed | Up to 6 months | No |
Draws | 5 Maximum | 2 (Initial and Final) |
Max Completion Time | 180 days (6 months) | 90 days (3 months) |
In conclusion, If you’d like to learn more about qualifying for a HomeStyle mortgage then give me a call today!
Thanks,
Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457
NMLS#117273
https://www.linkedin.com/company/north-east-financial
https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033
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