Denver Bank Loans - Epic Remodeling and Restoration
Need a Bank Loan to complete your Project?
Consider these options below. There are several local banks that complete these types of transactions.
As a pre-approved FHA, HUD, 203K, Conventional or Streamline bank loan contractor, Epic Remodeling and Restoration will provide a comprehensive overview of the entire project. This will include detailed budgeting, initial design consultation and firm completion dates. Our systems and experience in completing over 400 bank loaned projects allows us to guide our customers successfully through the entire renovation process with relative ease.
Our pre-approved Denver remodeling contractor status is already on file with 10 or more Lenders locally and nationally. Most likely we have already worked with your financial institution, but would be more than happy to provide all documentation if needed for your project.
If you have any questions, please call us direct 303-393-0895.
FHA Mortgages
Mortgages from the Federal Housing Administration (FHA) have increased dramatically over the last two or three years - and there's a good reason. FHA loans are fully backed by the government and offer consumers who qualify the best of both worlds: low interest rates and low down payment requirements.
FHA Benefits:
• Increased loan limits throughout the country
• As little as 3.5% down payment requirement
• Not typically credit-score driven
• Sellers may finance up to 6% of buyer's costs to close
• Allows many down-payment assistance programs, including gifts
• $7,500 tax credit is available for FHA loans for qualifying buyers
FHA Streamline Refinances
FHA has provided streamline refinances on insured mortgages for almost 30 years. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender. If you have a qualifying FHA loan, a streamline refinance can help you lower your rate and requires:
• No income verification
• No bank account verification
• No minimum credit score
• No appraisal in most cases
FHA 203(k) Mortgages
Even if the home you have your eye on is a fixer-upper, the Federal Housing Administration's 203(k) loan program can help home buyers and homeowners afford to pay for and repair single family properties with a single loan (from $5,000 on up).
Normally, when you want to purchase a fixer-upper, you first have to secure financing to buy the home, then secure additional financing to repair the home. These short-term loans can be expensive and difficult to obtain. With an FHA 203(k) loan, the borrower can get just one mortgage loan to finance both the acquisition and the rehabilitation of the property, making this program ideal for purchasing foreclosed properties at major discounts.
These loans are a bit more complex, especially for first-time buyers and refinancers (there's also a "streamline" version of this program), but it's definitely a viable option if you're looking to make homeownership even more affordable in 2009.
USDA Mortgages
Yes, the US Department of Agriculture is the same governmental agency that certifies the quality of the beef you buy. But it also has a mortgage program that supplies $16 billion in funding to Americans in what they call "rural" areas.
But don't be fooled by the "rural" part. You don't have to live on a farm or in the country to utilize this amazingly affordable program. In fact, there are a surprising number of qualifying areas in both large and small states and cities, so this is definitely an option that's worth investigating if you're looking to buy a home - and here's why:
• No down payment is required
• No monthly mortgage insurance
• Seller can pay 100% of the buyer's reasonable closing costs and prepaid expenses
• No reserves are required
VA Mortgages
If you or your spouse is a veteran, you might be eligible for a special mortgage from the Department of Veteran Affairs. In recognition of your valuable service and sacrifice to your country, the VA program is designed to help make housing opportunities affordable for eligible veterans, so take advantage of this program - you've earned it. VA mortgage benefits include:
• No down payment
• No monthly mortgage insurance
• Seller can pay any and all "reasonable" costs to close
• Funding Fees are not required for Veterans with disabilities
There are some important residential, marriage, and other qualifications that need to be considered, so talk to your mortgage professional for more information on VA mortgages and any of the programs mentioned in this article.
Teacher Next Door Program
The Teacher Next Door program was established by the Department of Housing and Urban Development (HUD) to offer single-family houses, townhouses and condominiums for sale to a teacher at a 50 percent discount. The goal through the Good Neighbor Next Door program is to encourage teachers to buy homes in low and moderate-income neighborhoods.
Who can participate?
The Teacher Next Door program is open to any person "employed full-time by a public school, private school, or federal, state, county, or municipal educational agency as a state-certified classroom teacher or administrator in grades K-12." Participants must certify that they are employed by an educational agency that serves the school district/jurisdiction in which the home they are purchasing is located.
A teacher wishing to purchase a home under the Teacher Next Door program must be in good standing with their employer. Your employer must certify that you are a full-time teacher or school administrator. You don't have to be a first-time homebuyer to participate. However, you cannot own any other home at the time you close on your Teacher Next Door home. You must agree to live in the HUD home as your only residence for 3-years after you move into it.
What Are the Benefits for the Teacher?
The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, an officer can buy it for $50,000. To make a HUD home even more affordable, you may apply for an FHA-insured mortgage with a downpayment of only $100 and you may finance all closing costs.
Qualifying homes are restricted to specifically designated single family homes, townhomes and condominiums that are located within the revitalization areas. Other types of properties, such as a duplex or triplex, do not qualify for this program. In addition, the homes must be HUD acquired homes and cannot be other real estate for sale in the area (i.e. VA foreclosure homes, resale homes or new construction). HUD sells all qualifying homes as-is. In other words, HUD does not provide any guarantees or warranties.
If the home you want to purchase needs repairs, you may use FHA's 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment.
Because homes sold through the Teach Next Door program are located in Revitalization Areas there may be additional assistance from state or local government sources. Local or state governments want to encourage families and businesses to move into
How do I participate?
Teacher Next Door property is listed and sold exclusively over the internet. Properties are single-family homes located in Revitalization Areas. Properties available through the program are marked with a special Teacher Next Door button. Bids are awarded once each week. Your bid must be the amount of the list price. You may submit your bid directly or utilize the services of a real estate broker. Winning bids are randomly selected by computer. The winning bid is posted each week on the web site where you made your bid.
In all cases, HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.
What happens if I can’t fulfill my obligation or I am no longer a Teacher?
Depending upon the circumstances, failure to fulfill the three year residency requirement may have serious consequences. HUD may restrict the home owner from selling the property for no more than 110% of the original sales price. In addition, HUD may require all or part of the discounted amount to be repaid. Generally the pro-rated repayment amount goes as follows: repayment of 90% of the discounted amount during the first year, repayment of 60% of the discounted amount during the second year, and repayment of 30% of the discounted amount during the third year. Should fraud or other serious charges suspected, HUD may file criminal charges against the Officer, ban the Officer from further participation from any HUD, FHA, and other Federal programs, and may face the possibility of serious fines and potential prison time. HUD will conduct "spot checks" during the first three years to insure that the residency requirement is being fulfilled.
