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:
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HomeStyle Standard
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HomeStlye Streamline
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Eligible Properties
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1-2 Unit Owner Occupied, 1-Unit Investment
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1-2 Unit Owner Occupied, 1-Unit Investment
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Min FICO
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620
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620
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LTV
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1-Unit 95% 2-Unit 85% Investment 85%
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1-Unit 95% 2-Unit 85% Investment 85%
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Do-It-Yourself Work
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Not allowed
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Not allowed
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Min Rapair Amount
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No Minimum
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No Minimum
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Max Repair Amount
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50% of after improved value
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$35,000
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HUD Consultant
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Required
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Optional
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Mortgage Payments Financed
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Up to 6 months
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No
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Draws
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5 Maximum
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2 (Initial and Final)
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Max Completion Time
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180 days (6 months)
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90 days (3 months)
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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
[email protected]
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
Residential Clients: Click Here For Application