Gil Kerbashian 847 8737295' 203ks loans

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Gil Kerbashian [phone]. 203ks loans
Rehab and Upgrade Offer REAL Possibilities!
One safe loan, One great rateOne stop to the
perfect home!
GIL FHA
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Gil Kerbashian [phone]. 203ks loans
Program Highlights

• Increase value from day one
• Simplified process for Realtor and Buyer!
• Up to 35,000 in repair escrow with no minimum
• Low cost program admin
• Up to 50 of total costs for each contractor to
  defray cost of materials

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Gil Kerbashian [phone]. 203ks loans
Eligible Properties

• Purchase and Refinance
• 1-4 Family properties
• Town homes or Row homes
• HUD approved condos (Interior only)
• HUD Repos

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Gil Kerbashian [phone]. 203ks loans
Common Improvements

• Roof work including gutters downspouts
• Upgrade of existing HVAC systems
• Upgrade Plumbing Electrical Systems
• Replacement of Flooring
• Painting of both exterior and interior
• Appliances up to 2,000 (including microwaves)

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Gil Kerbashian [phone]. 203ks loans
Other Eligible Improvements

• Remodeling such as kitchens, which does not
  involve structural repairs (past drywall)
• Energy efficient improvements (possible
  additional monies for this)
• Adding Handicap accessibility
• Repair/replace/add exterior decks, patios,
  porches
• Install or repair well or septic system
• Mold remediation (great for foreclosures)

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Gil Kerbashian [phone]. 203ks loans
Other Eligible Improvements

• Basement finishing and remodeling, which does not
  involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall
  re-siding

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Gil Kerbashian [phone]. 203ks loans
Non-eligible Improvements

• Major reconstruction or new construction
• Repairing structural damage
• Anything requiring blueprints
• Landscaping
• Anything that will take longer than 3 months
• Anything that requires more than 2 payments per
  contractor
• Anything that will take longer than 30 days to
  start

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Gil Kerbashian [phone]. 203ks loans
Step 1 Prequal and Shop

• Buyer pre-qualified by Gil
• Agent and Buyer find home
• Offer written at MLS/regular offer price
• Page 2 FHA box checked, 203ks written in page 6
  other provisions
• Additional 15-30 days needed to get bids and fund
• Seller accepts offer allowing contractors to come
  into home in order to create bids
• Contractor(s) writes up bids with timeframe for
  completion of work ( max 3 mos ) given to Gil

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Gil Kerbashian [phone]. 203ks loans
Step 2 Getting Deal Closed

• Contractor bids collected
• Bids are used to order appraisal
• Appraisal completed
• Borrower and contractor sign work order
• Package sent to underwriting

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Gil Kerbashian [phone]. 203ks loans
Step 3 Closing, After Closing

• Loan closes, commissions paid, funds escrowed
• Work begins
• Up to 50 can be paid to each contractor up front
  for materials
• No more than 2 disbursements per contractor
• Final inspection will be done to ensure
  workmanlike completion of work either by the
  appraiser or an assigned inspector

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Gil Kerbashian [phone]. 203ks loans
Offering the 203ks

• Uncomplicated purchase offer
• Includes appliances and cosmetics
• After improved value used for loan
• Overcome borrower concerns about property or
  deferred maintenance
• Increase equity for buyer from day one

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Gil Kerbashian [phone]. 203ks loans
Advantages of Including Repair Costs in Purchase
Loan

• Renovation cost is tax deductible mortgage
  rather than high cost credit cards or retail
  installment loans.
• Frees cash on hand for other investment
  opportunities.
• Only one monthly payment
• No Scrimping and saving to get the Dream
  Home

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Gil Kerbashian [phone]. 203ks loans

• Gil Kerbashian
• Loan Consultant Since 1997
• Cell 847-873-7295
• Fax [phone]
• Email gilkerk_at_yahoo.com
• Required forms on the next page

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Gil Kerbashian [phone]. 203ks loans

• 203ks Forms
• www.realestateloans.com/203ks1.pdf
• www.realestateloans.com/203ks2.pdf
• www.realestateloans.com/203ks3.pdf
• www.realestateloans.com/203ks4.pdf
• www.realestateloans.com/203ks5.pdf
• www.realestateloans.com/203ks6.pdf
• www.realestateloans.com/203ks7.pdf
• www.realestateloans.com/203ks8.pdf