RENOVATION MORTGAGE PROGRAMS

PROPERTIES INTO DREAM HOMES WITH THE HOMESTYLE ® MORTGAGE

The Fannie Mae HomeStyle® Renovation Mortgage is a single-close loan that allows borrowers to purchase a home that needs repairs, or refinance their existing home, and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as-completed” value of the home.

There are no required improvements or a minimum dollar amount for the repairs – Repairs or improvements however, must be permanently affixed and add value to the property. Luxury items such as pools are eligible improvements.

So, How Can Your Borrower Qualify?
• 620 minimum qualifying credit score
• Available in 15 and 30 year fixed terms – ARMs are not permitted
• Eligible properties include 1 - 2 unit primary residences, 1 unit second homes and investment properties, PUDs, and Fannie Mae approved Condominiums
• The property must have been completed for at least one year
• No minimum dollar amount required for repairs

TBD Approvals

TBD Approvals

Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved:

• Sellers know the loan process has been completed so there is no worry that the sale won't close.
• Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing

How does it work?

• The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
• We process the loan and, upon approval, we're ready to close once the property is identified.

Who is eligible for this program?

• Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
• Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
• Qualify more borrowers with credit challenges to achieve the American Dream.

$100 Down

FHA & HUD $100 Down Mortgage 

Many buyers are not aware that FHA & HUD have a special $100 down mortgage program, mainly because this is a specialty program. In fact very few lenders and banks specialize in and offer the HUD 100 down program. $100 down home loans are here in Texas. In most cases the FHA loan program requires 3.5% down payment, not the HUD $100 down program. This loan is perfect for new first time buyers entering the housing market with little to no money for large down payments. The HUD $100 down program is available. The HUD $100 Down program makes government owned foreclosures available for purchase with just a $100 down payment. And, these homes are available with an insured FHA loan for owner-occupants. In addition, monthly payments can be very low thanks to secure low 30 year fix mortgage rates. First time buyers often find it cheaper to own their own home than to rent.

The property must be a HUD owned home. Basically a HUD home is a home that was foreclosed on and had a FHA-insured mortgage. HUD pays off the losses of the lender and takes the home back to sell and recoup their losses. It is then offered for sale at market value, based on a recent AS-IS appraisal, meaning, and the market value in its current condition. If you find a HUD home you like, a HUD registered realtor is needed to help set up a showing and to make a bid. Also, the buyer will still need to pay earnest money(deposit) for the home as well.

The benefits of the HUD $100 down home loan.

• Only $100 down payment is required to purchase one of these homes (some closing cost may still apply.)
• Offers the Lowest Down Payment requirement (very close to 100% financing.)
• Generally easier to qualify for than conventional loans.
• Generally offers lower interest rates than conventional loans.
• Total loan amount cannot exceed FHA maximum county loan limits.

Wright Mortgage works with numerous FHA lenders that offer these $100 Down HUD REO Loans. If you are interested in being pre-qualified to purchase a HUD REO Property using the HUD REO Loan just give us a call or fill out a mortgage application on our website.

FHA Standard 203(k) Rehabilitation Mortgage

FHA Standard 203(k) Rehabilitation Mortgage Among the Most Popular and Well Known of The Renovation Loans Available In The Market

Today’s buyers may love the idea of a renovating a distressed property – this does not mean they want to live in a construction zone for the next five years. So how can the FHA Standard 203(k) Rehabilitation Mortgage help both you and your customers? This specialty FHA program allows buyers to finance either the Purchase or Refinance of their home and the cost of repairs in one mortgage loan.

Program Highlights ·     Structural changes are allowed ·     Improvements to outdated homes, kitchens, bathrooms and structural deficiencies ·     Can be combined with the FHA Good Neighbor Next Door (GNND) program ·     Additions and expansions – IMPROVE Instead of Move!

One-Time Close, Construction-to-Permanent Loan

No Re-Qualification. No Second Appraisal. The One-Time Close, Construction-to-Permanent loan is designed for Manufactured, Modular, and Stick Built housing. This program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

Program Highlights ·     No payments due from borrower during construction ·     No re-qualification once construction is complete ·     Single closing reduces total costs ·     Available through FHA, VA, and USDA delivery channels

See How Your Borrower Can Qualify

Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.