HOMESTYLE

[Pages:23]HOMESTYLE Look at the

possibilities

RENOVATION

HOMESTREET: WHO ARE WE?

Based in the Northwest, HomeStreet Bank if one of the largest community banks in the Northwest and Hawaii. HomeStreet began in 1921 as Continental Mortgage and Loan

Company, offering financing for commercial real estate and home mortgages as a mortgage banker broker. HomeStreet evolved into a full service bank in 1986, further

expanding its products and services.

In the mortgage business for over 90 years, HomeStreet provides its customers with a level of stability and continuity rare in today's banking world. We've always stayed

focused on what we believe is most important: building long-term relationships with our customers and providing ongoing support to our communities.

HomeStreet has consistently been recognized by the federal government as "Outstanding" under the Community Reinvestment Act.

WHO AM I?

? 12 years within the Mortgage Industry. ? State Certified Homebuyer Educator. ? Specializes in Renovation and

Construction Loan. Current with the First Time Homebuyer Programs available today.

Homeownership creates stability for families, builds communities and is the greatest source of personal wealth. Because of this, all mortgages are not created equal and it's important to me to understand a buyer's personal goals and help achieve them. My service doesn't stop at loan closing, therefore, I'm available long after to offer assistance and advice.

Kriss Parnell

NMLS#174928

WHY RENOVATION?!

Inventory is low and the perfect home may not be available. Great way to increase equity! Great way to cut energy costs! Provide a healthy and safe home the minute your buyers move

in. No more deferred maintenance. Show less homes and devote more time to new clients.

CREATE THE PERFECT HOME!

WHAT IS A HOMESTYLE RENOVATION MORTGAGE?

The Homestyle Renovation Mortgage is a single-close CONVENTIONAL loan that enables borrowers to purchase a home that may need renovation, or refinance the mortgage on their existing home, and include the existing funds into the loan balance. The loan amount is based on the "ascompleted" of the home rather than the present value.

One Loan to Purchase (or Refinance) and Renovate a Home

QUICK FACTS

Conventional Fannie Mae Guidelines. Owner Occupied, Second Home and

Investment. 95% LTV on a 1-unit Owner Occupied. 30 YR and 15 YR Available.

Standard Private Mortgage Insurance Rates. No MI with 20% down. Maximum Loan Amount $417,000

ELIGIBLE PROPERTIES

Owner-Occupied 1-4 Units. Second Home 1 Unit. Investment Properties 1 Unit. Condos, Co-Ops and PUD. *Borrowers cannot have more than 4 financed

properties.

ELIGIBLE REPAIRS

RENOVATIONS MUST:

? Be permanently affixed to the property.

? Add value to the property.

FOR EXAMPLE:

? Interior renovation or improvements.

? Fences. ? Decks. ? Landscaping. ? In-Ground Swimming

pools.

Fannie Mae has few limits on the type of work it covers with the HomeStyle Renovation Mortgage. The only requirements are that renovations must be permanently affixed to the property and add value to it. The program does not

otherwise specify the types of improvements that can be financed.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download