وبلاگ خانه تبدیل شباهنگ مرکز تخصصی تبدیل صدا و تصویر
Fannie Mae has a number of minimum property requirements that apply to the home you want to buy. Lenders must work with borrowers and contractors to ensure that renovations are completed as planned within an acceptable timeframe. If unforeseen circumstances occur during renovations, such as . B property damage caused by a natural or man-made disaster or a life-changing event such as death or divorce, the lender must take additional steps to assess the significance of the change for ongoing renovations. Fannie Mae developed a model renovation contract (Form 3730) to document the renovation contract between the borrower and the contractor. As with any mortgage, you and your home must both meet the basic eligibility criteria for a Fannie Mae HomeStyle loan. The HomeStyle Renovation mortgage appraisal report must include a “as completed” estimate that estimates the value of the property once the renovations are complete. (See B5-3.2-02, HomeStyle Renovation Mortgages: Borrower Loan and Eligibility, for renovation cost requirements as a percentage of estimated value. See also Unexpected Changes to Scope or Incomplete Work later in this topic.
requires the borrower or contractor to obtain (and maintain in force) all work permits required by a government agency and comply with all applicable government laws or regulations; Understand that you are not the only one who has to meet Fannie Mae`s requirements. You will also need to choose a licensed contractor to do most of the work. You have more options, a lower interest rate, and an easier time to qualify with a score of 680 to 720 or higher. These are the scores you`ll need if you want to make a lower down payment, have a higher debt ratio (up to 45%), and have lower cash reserve requirements. The contractor must agree with Fannie Mae`s requirements to pay: he cannot charge more than 50% of the cost of materials in advance, paid directly by the lender, with the remaining costs being paid after the work has passed the inspection and you send a drawing request to the lender. It can be of great help to choose a contractor who is already familiar with the HomeStyle loan process. requires the borrower and contractor to enter into a renovation agreement for all work and materials to renovate the improvements, and provide the lender with a copy of: requires the contractor to have a licensee required by state regulations and an all-risk insurance policy (with a physical loss form and a loss-off mortgage clause payable) of the amount receive and maintain 100% of the full replacement cost of the improvements, liability insurance, workers` compensation insurance (as required by applicable state law) and automobile liability insurance; Using a contractor who is already familiar with the HomeStlye process means they already know how to complete their plans, schedule, and cost estimate based on Fannie`s requirements. This can help make the process smoother and complete your renovations without any setbacks. the necessary documents to support any request for payment of an advance (p.B the title policy, all required pledge waivers from all contractors, subcontractors and suppliers) and all required inspection reports; and the borrower must select the contractor to carry out the required renovation, subject to the lender`s decision that the contractor should not take more than one year after the loan funds are available to complete the planned renovations. As Fannie Mae points out, it is the mortgage lender`s responsibility to keep an eye on projects and ensure they meet the expected completion date. It`s Fannie Mae`s final decision to approve a renovation that will take longer than expected. Plans and specifications must be prepared by a general contractor, renovation consultant or registered, licensed or certified architect.
Plans and specifications should describe in detail any work to be performed and provide an indication of when different phases of work or completion are planned (including start and completion dates). requirements for applying for (and obtaining approval) for change orders. agrees to indemnify the borrower for any loss or damage to property caused by its employees or subcontractors Fannie Mae also authorizes HomeStyle Renovation loans for second homes and investment properties of one unit up to four units. (Although the borrower`s requirements for this type of property may be more stringent.) The lender cannot choose the contractor or refer the borrower to a specific contractor. However, the lender may require the borrower to obtain a completed Contractor Profile Report (Form 1202) from the selected contractor to ensure that the lender has sufficient information to determine the contractor`s qualifications. The lender must review an energy report when combining a HomeStyle Renovation loan with a HomeStyle Energy loan. See B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties, for more information on the requirements of the Energy Report. This contract, which must be executed by both the contractor and the borrower, must require the contractor to do so: Here are the down payment requirements (LTV) by property type: These plans are determined by the “registered, licensed or certified general contractor, renovation consultant or architect” that the borrower has hired to work on the renovation, Fannie Mae explains on her official website. These documents must include planned repairs and/or updates to the property, as well as a specific schedule indicating when the work will begin and end. HomeStyle home renovation loans have similar requirements to other traditional Fannie Mae mortgages.
The only difference is the additional guidelines on how much you can borrow for renovations and the types of expenses that can be included in your renovation budget. According to Fannie Mae, your mortgage lender must determine that your contractor: provides appropriate remedies to resolve disputes (including an agreement to compensate the borrower for any significant loss or damage caused by the contractor`s employees or subcontractors). The down payment requirements (or capital requirements if you are refinancing) are the same as for other Fannie Mae loans. You can only bet 3% on a single-family home if you qualify for the HomeReady program. Otherwise, you need to take at least 5%. include a detailed description indicating the schedule for completion of each phase of the work and the corresponding payments to the contractor. the number and amount of payments to be made by the lender to the borrower and/or contractor; and list the specific work that the contractor is willing to do for the borrower, in both cases it is up to you, not your lender, to find qualified and experienced contractors to do the job. .
