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3-n-1 Financing. Purchase Remodel Make Energy Efficient. 3-n-1 Financing. Viewing Instructions: Proceed at your own pace Click on screen to advance text . Qualifications. Property One to Four Residential Units. Property contains at least a foundation slab. Buyer

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3 n 1 financing

3-n-1 Financing

Purchase

Remodel

Make Energy Efficient

3 n 1 financing2

3-n-1 Financing

Viewing Instructions:

Proceed at your own pace

Click on screen to advance text.

qualifications
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
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 step5
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
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
Expected Timeline
  • 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
ExpectedResult

Like New Upgraded

Energy Efficient Home.

expect results10
ExpectResults

Questions Always Answered

Always Full Disclosure

Professionalism

Experience.

Bill Ladewig

FHA Loans for 38 Years

866.204.9733

Bill@YourFhaGuru.com

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