3-n-1 Financing

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3-n-1 Financing

1. Purchase
2. Remodel
3. Make Energy Efficient

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3-n-1 Financing

• Viewing Instructions
• Proceed at your own pace
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Qualifications

• Property
• One to Four Residential Units.
• Property contains at least a foundation slab.
• Buyer
• Any buyer who qualifies for a FHA loan.
• No First Time Buyer Requirement.
• Maximum Loan Amount.
• 362,790 or local county maximum.

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3-n-1 Step by Step

• First, Locate Property.
• Contractor estimates cost to improve.
• Loan approved for 97 of price and improvements.
• FHA Consultant reviews Contractors bid for
  compliance.
• Appraisal is ordered.

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3-n-1 Step by Step

• All documents are submitted to underwriter for
  final lender approval.
• Loan closed and owner takes possession.
• Work begins
• Must be completed within 6 months
• If home is not habitable, up to 6 months payments
  can be included in the loan.

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Expected Costs

• 12 Credit Report
• 400 Appraisal
• Can vary on based on appraisers fee schedule.
• 400 - 500 FHA Consultant (included in loan)
• Varies depending on number of required
  inspections
• 3 Downpayment
• Can be Cash, Gift or Downpayment Assistance.
• Normal Settlement costs
• approximately 2 1/2 to 3 percent of loan amount.

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Expected Timeline

• Week 1 Contractor prepares bid.
• Week 2 FHA Consultant review
• Week 3 Appraisal completed.
• Week 4 Final Underwriting approval.
• Week 5 Documents prepared signed
• Week 6 Buyer becomes Owner.
• .

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Expected Result

• Like New Upgraded
• Energy Efficient Home.

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Expect Results
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Expect Results

• Questions Always Answered
• Always Full Disclosure
• Professionalism
• Experience.

Bill Ladewig FHA Loans for 38 Years 866.204.9733 B
ill_at_YourFhaGuru.com
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