Renovation Mortgage Products

Renovation Mortgage Products

About Caliber Home Loans

Caliber Home Loans, Inc. is a dedicated national mortgage lender. Our expanding inventory of loans include conforming, Jumbo, and government products. We also offer our own non-Agency products.

Our core strengths include our innovative mortgage solutions, customer-centric corporate culture, and a management team with decades of industry experience. These strengths enable us to provide superior service to real estate professionals and their clients.

As your local Caliber Home Loans representative, I'm committed to providing personal, expert guidance to your clients throughout the entire home financing process.

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

Caliber Home Loans offers a selection of loan products designed specifically for homes in need of renovation.

Product Overview

They include:

FHA 203(k) Rehab Caliber offers two FHA 203(k) products:

? Standard "Full" 203(k) ? Provides financing for major projects, including structural repairs.

? Streamline "Limited" 203(k) ? Provides financing for minor remodeling and non-structural repairs, such as kitchen or bathroom updates for modernization. ? Unlike the Standard 203(k), a HUD consultant isn't required but may be used to meet inspection requirements.

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

Product Overview

Caliber Home Loans offers a selection of loan products designed specifically for homes in need of renovation. They include:

HomeStyle? Renovation This Fannie Mae program is similar to the FHA 203(k) program, with additional benefits: Homebuyers may use their additional funds for non-essentials such as adding a swimming pool or financing a major landscaping project.

? Two levels of renovation/funding are available: Level II and Level III.

? Generally, homebuyers may qualify for more funds with HomeStyle Renovation.

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

Escrow Holdbacks for Minor Repairs

Smaller amounts of funding can be provided with an escrow holdback. These are available for most types of loans, including GSE, government-insured, Jumbo and Portfolio Lending Suite products. Weather-Related/General Escrows ? This method can fund minor repairs such as external paint and landscaping. Funds are limited to 10% of the property's value or $5,000 (VA loans may qualify for up to $6,000) Non-Agency Portfolio ? This method is available for most Caliber Portfolio Suite loan products. It can fund minor repairs similar as those covered by general escrow funding. Funds are limited to 10% of the property's value or $5,000.

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

Choosing the Right Renovation Loan

The next slides will explain the pros and cons of all available renovation options. This will help you understand which loan products are ideal for any "fixerupper" properties you're selling.

One major benefit offered by all products is that they can help you close loans with sellers who prefer to lower a property's sale price than to carry out improvements requested by potential buyers.

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

FHA 203(k) Rehabilitation Loan

Since different properties require different levels of repairs, the 203(k) loan is offered in two levels: Standard and Streamline. The major differences in these two is that the Standard 203(k) is required for properties requiring structural repairs and for projects exceeding $35,000.

? Standard "Full" 203(k) ? Provides financing for major projects, including structural repairs. A HUD consultant who specializes in preparing the documentation for 203(k) loans, and the contractors required to carry out the repairs, is required. A Full 203(k) offers more funding for repairs than a Streamline 203(k).

? Streamline "Limited" 203(k) ? Provides financing for minor repairs, such as updating one or more rooms. Unlike the Full 203(k), a HUD consultant is not required but may be used to meet inspection requirements. The maximum additional funding for a Streamline 203(k) is $35,000.

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

The following features apply to both 203(k) Streamline and Full loan products:

? Available in 30-year fixed terms only ? High balance loans are available ? Energy-Efficient (EEM) improvements

are allowed ? Owner-occupied properties only ? Properties must be at least one year old

203(k) Loan Basics

Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ?2016. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited.

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