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

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

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

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  1. 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

  2. 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

  3. 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

  4. 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

  5. 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)

  6. 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)

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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”

  14. 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

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