Does the home you want to buy
need some TLC?
We have the loans you need for rehab whether it's our own Simple Rehab program up to $5,000 or the FHA 203K programs for repairs/remodels over $5,000
Call us about our Simple Rehab loan for home purchases - finance up to $5,000 in repairs as part of your purchase mortgage.
This is not a standard FHA 203k loan - it's simple and fast! Repairs must be completed within 10 days of loan closing.
Don't lose out on a great buy just because the carpet has been ruined or the kitchen appliances are gone.
This program is designed for value-added repairs that can be completed within a few days; it's not meant for major renovations. For larger loan amounts see FHA loan tab.
Call us for details! Just ask about the Simple Rehab - it's our program !
HOME MORTGAGE RESOURCE, INC
Revised 9/8/09
SIMPLE REHAB LOANS
- Repairs required to be completed in 10 days
- Lock must cover through completion of repairs
- Checks to contractors completing repairs must be listed on the HUD-1 and delivered to HMR Corporate office
- Maximum $5000.00 allowed for repairs
Calculating the maximum mortgage:
Maximum loan calculated on lesser of appraised value or acquisition cost.
Acquisition cost determined by sales price plus the lesser of repair bid or appraiser’s estimate of repairs.
Additional requirements as follows:
- The appraiser must state that the repairs and improvements are essential for property eligibility and will be paid by the borrower.
- Only repairs/improvements required by the appraiser may be included.
- The appraised value must be subject to the repairs and improvements.
- A repair/compliance inspection is required.
- The purchase and sales addendum must state that the required repairs are the buyer’s responsibility and must be signed by all parties.
- No escrow holdbacks on these repairs (unless the delay is weather related), repairs must be completed.
A Home Mortgage Resources, Inc. Company. Please see our Privacy Policy statement by clicking here
Equal Housing Lender. © 2009 Home Mortgage Resources, Inc., 2076 S. Eagle Road, Meridian ID 83642 Phone 208-884-5678. Trade/service marks are the property of Home Mortgage Resources, Inc.. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. Home Mortgage Resources, Inc. is licensed as a HUD Supervised Lender, License No. 1986500009 Home Mortgage Resources, Inc is licensed in the following states: California, Florida, Hawaii, Idaho, Kansas, Minnesota, Missouri, Montana, Nevada, New Mexico, Oregon, South Carolina, Texas, Utah, Washington, & Wyoming
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