Gil kerbashian 847 873 7295 203ks loans
Download
1 / 14

Gil Kerbashian 847 873-7295. 203ks loans - PowerPoint PPT Presentation


  • 404 Views
  • Uploaded on

Rehab and Upgrade All-in-One With a 203ks Pro Gil Kerbashian (847) 873-7295. 203ks loans One safe loan, One great rate One stop to the perfect home! GIL FHA What is the FHA 203ks Program? Gil Kerbashian (847) 873-7295. 203ks loans

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Gil Kerbashian 847 873-7295. 203ks loans' - Mercy


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Gil kerbashian 847 873 7295 203ks loans l.jpg

Rehab and Upgrade All-in-One With a 203ks Pro

Gil Kerbashian (847) 873-7295. 203ks loans

One safe loan, One great rateOne stop to the perfect home!

GIL FHA


Gil kerbashian 847 873 7295 203ks loans2 l.jpg

What is the FHA 203ks Program?

Gil Kerbashian (847) 873-7295. 203ks loans

Simple put, it’s the new streamlined version of the original FHA 203k program. The 203ks has been introduced to meet 70-90% of the current markets housing rehab needs. It’s perfect for deferred maintenance, unsightly, neglected, abused and foreclosed properties. Gil makes the process simple for Realtors and buyers to purchase or refinance and rehab or upgrade all in one step with one safe loan.

Gil Kerbashian FHA


Gil kerbashian 847 873 7295 203ks loans3 l.jpg

203ks Loan Program Highlights

Gil Kerbashian (847) 873-7295. 203ks loans

  • Increase value from day one

  • Simplified process for Realtor and Buyer!

  • Up to $35,000-$45,000 in repair escrow with no minimum

  • Low cost, low rate program

  • Up to 50% of total costs for each contractor paid upfront to defray cost of materials


Gil kerbashian 847 873 7295 203ks loans4 l.jpg

203ks Eligible Properties

Gil Kerbashian (847) 873-7295. 203ks loans

Purchase and Refinance

  • 1-4 family properties

  • Town homes or Row homes

  • HUD approved condos (Interior only)

  • HUD Repos

  • HUD and bank foreclosures


Gil kerbashian 847 873 7295 203ks loans5 l.jpg

203ks Common Improvements

Gil Kerbashian (847) 873-7295. 203ks loans

  • Roof work including gutters & downspouts

  • Upgrade of existing HVAC systems

  • Upgrade Plumbing & Electrical Systems

  • Replacement of Flooring

  • Painting of both exterior and interior

  • Appliances up to $2,000 (including microwaves)


Gil kerbashian 847 873 7295 203ks loans6 l.jpg

Other Eligible 203ks Improvements

Gil Kerbashian (847) 873-7295. 203ks loans

  • Remodeling such as kitchens, which does not involve structural repairs (past drywall)

  • Energy efficient improvements (possible additional monies for this)

  • Adding Handicap accessibility

  • Repair/replace/add exterior decks, patios, porches

  • Install or repair well or septic system

  • Mold remediation (great for foreclosures)


Gil kerbashian 847 873 7295 203ks loans7 l.jpg

Other Eligible Improvements

Gil Kerbashian (847) 873-7295. 203ks loans

  • Basement finishing and remodeling, which does not involve structural repairs

  • Basement waterproofing

  • Window and door replacements and exterior wall re-siding


Gil kerbashian 847 873 7295 203ks loans8 l.jpg

Non-eligible 203ks Improvements

Gil Kerbashian (847) 873-7295. 203ks loans

  • Major reconstruction or new construction

  • Repairing structural damage

  • Anything requiring blueprints

  • Landscaping

  • Anything that will take longer than 3 months

  • Anything that requires more than 2 payments per contractor

  • Anything that will take longer than 30 days to start

    These improvements would qualify for the full 203k


Gil kerbashian 847 873 7295 203ks loans9 l.jpg

Step 1: Prequal and Shop

Gil Kerbashian (847) 873-7295. 203ks loans

  • Buyer pre-approved for loan by Gil

  • Realtor and Buyer find home if purchasing

  • Offer written as a regular offer- no added forms

  • Seller accepts offer at normal purchase price

  • Licensed contractor(s) writes up work estimates with timeframe for completion of work ( max 6 mos )

  • 30-45 days later, loan closes with additional money for upgrade or rehab work


Gil kerbashian 847 873 7295 203ks loans10 l.jpg

Step 2: Getting Deal Closed

Gil Kerbashian (847) 873-7295. 203ks loans

  • Contractor bids collected

  • Bids are used to order appraisal

  • Appraisal completed

  • Borrower and contractor sign work order

  • Package sent to underwriting


Gil kerbashian 847 873 7295 203ks loans11 l.jpg

Step 3: Closing, After Closing

Gil Kerbashian (847) 873-7295. 203ks loans

  • Loan closes, commissions paid, funds escrowed

  • Work begins

  • Up to 50% can be paid to each contractor up front for materials

  • No more than 2 disbursements per contractor

  • Final inspection will be done to ensure workmanlike completion of work either by the appraiser or an assigned inspector


Gil kerbashian 847 873 7295 203ks loans12 l.jpg

Offering the 203ks

Gil Kerbashian (847) 873-7295. 203ks loans

  • Uncomplicated purchase offer

  • Includes appliances and cosmetics

  • After improved value used for loan

  • Overcome borrower concerns about property or deferred maintenance

  • Increase equity for buyer from day one


Gil kerbashian 847 873 7295 203ks loans13 l.jpg

Advantages of Including Repair Costs in Purchase Loan

Gil Kerbashian (847) 873-7295. 203ks loans

  • Renovation cost is tax deductible mortgage rather than high cost credit cards or retail installment loans.

  • Frees cash on hand for other investment opportunities.

  • Only one monthly payment

  • No Scrimping and saving to get the “Dream Home”


Gil kerbashian 847 873 7295 203ks loans14 l.jpg

Gil Kerbashian (847) 873-7295. 203ks loans

  • Gil Kerbashian

    Loan Consultant Since 1997

    Cell – 847-873-7295

    Fax – 847-770-4850

    Email: gilkerk at yahoo.com


ad