New American Mortgage (http://newamerican.com) is closing 203k Loans within 30-days for Streamlines. We also can do full blown 203K loans, these are used when the costs exceed $29,400 or there are structural issues. For more ion 203k Loans visit our YouTube page at http://bit.ly/203kLoanVideo.

1. Renovation Lending

2.
What can a buyer or homeowner do with
a 203[K] loan?
 Purchase or refinance a property
 “Update” a property
 Fix a required repair
 Make optional improvements like finish a basement

3. Streamline vs. Full 203K
 Up to $35000 in repairs allowed
 No structural repairs allowed
 No FHA consultant required
 Can be used for refinance!
 No minimum repair threshold!

4.
Full 203K
 Structural Repairs Allowed
 No maximum repair limit
 Minimum repair limit $5000.00
 FHA Consultant Required
 Contractor can take up to 5 draws
 Can finance up to six months of PITI if the home
cannot be lived in during renovations
 Can take up to six months to complete the repairs.

5.
Advantages of the Streamline 203[K]
 Quicker and Easier to obtain than a full 203[K]
 Requires less documentation
 Does not require an FHA Consultant
 Faster Closing!
 110% of appraised value used‐never worry about
appraised value again!

6.
 Eligible Repairs
 Repair/replacement of roofs, gutter and downspouts
 Repair/replacement/upgrade of existing HVAC systems
 Repair/replacement/upgrade of plumbing and electrical systems
 Repair/replace flooring
 Painting both interior and exterior
 Weatherization, including storm windows and doors, insulation, weather stripping, etc.
 Purchase and installation of appliances, including free‐standing ranges, refrigerators,
washer/dryers, dishwashers and microwave ovens
 Accessibility improvement for persons with disabilities
 Lead based paint stabilization or abatement of lead based paint hazards
 Repair/replace/add exterior decks, patios, porches
 Basement finishing and remodeling, which does not involve structural repairs
 Basement waterproofing
 Window and door replacements and exterior wall re‐siding
 Septic system and/or well repair or replacement
 Minor remodeling, such as kitchens, which does not involve structural repairs

7.
$2,450.00
$1,035.02

8. What happens if there is money left over?
The borrower has the option to do more repairs/
improvements or take a principal reduction.
Principal reduction will not result in a payment
reduction.

9. Contact New American
Mortgage
877-314-1499
info@newamerican.com
Apply online: www.newamerican.com
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Twitter: @NewAmericanMtg
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