Wednesday, November 13, 2013

Valerie Springer New Contact Information

Effective November 6, 2013 my new contact information is as follows:

Valerie Springer
2700 Corporate Drive Ste 200
Birmingham, AL  35242
205-314-4700 (o)
205-769-3044 (f)

My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@benchmark.us or call 205-314-4775.

Thursday, August 1, 2013

203k STREAMLINE CONTRACTOR REQUIREMENTS

CONTRACTOR REQUIREMENTS

Completed Contractor Application

Contractors Bid

Contractors License

Contractors Liability Insurance

Homeowner/Contractor Agreement

W-9 form

3 Trade References

5 Years Experience

Contractor Approval IS required prior to Rate Lock AND Loan Submission to Underwriting.  Allow 7-10 Business Days for Contractor Approval.

Visit my website at www.vshomeloans.com

My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@benchmark.us or call 205-314-4775.

Wednesday, July 31, 2013

203K STREAMLINE INELIGIBLE REPAIRS

INELIGIBLE REPAIRS

Major rehabilitation

New construction including room additions

Repair of structural damage

Repairs requiring detailed drawings

Landscaping or site amenity improvements

Any improvement that will take longer than 3 months

REHAB activities that...

Rehabs that require more than 2 payments

Requires architectural plans or exhibits or a plan reviewer

Results in work not starting within 30 days of a loan closing or cause the mortgagor to be displaced from the property for more than 30 days during the rehab period

FHA anticipates that mortgagors will occupy during rehab

Soon to follow...203k Streamline Appraisal Requirements

www.vshomeloans.com to fill out an online application.  Please contact me if you need a realtor specializing in 203k.



My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@benchmark.us or call 205-314-4775.

Tuesday, July 30, 2013

STREAMLINE 203K ELIGIBLE IMPROVEMENTS

ELIGIBLE IMPROVEMENTS

Repair or Replacement of...

Roofs, gutters and downspouts

Upgrade existing HVAC Systems

Upgrade plumbing and electrical systems

Flooring

Exterior decks, patios and porches

Minor remodeling (no structural repairs)

Painting - interior/exterior

Weatherization including storm windows/doors, insulation, weather stripping, etc

Purchase and installation of new appliances

Lead based paint stabilization or abatement of lead-based paint hazards

NOTE:  Borrower cannot be displaced loner than 30 days.

Interested in a Streamline 203k? apply online at www.vshomeloans.com  Coming soon ...  INELIGIBLE REPAIRS

My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@benchmark.us or call 205-314-4775.

Monday, July 29, 2013

203K STREAMLINE FEATURES

Streamline 203k Features:

Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage

Term:  30 year fixed

The Streamlined FHA 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.

Due to the rehabilitation amount limitation of $35k, eligible improvements are limited and can not include:  new construction such as a room addition, repairs to structural damage or site amenity improvements.

680 middle Score- 43% debt to income ration with an AUS approval and all standard FHA standard guidelines apply.

3.5% down payment and 6% seller contributions

Cash-out is not allowed and loan proceeds not advanced must be applied to principal.

Maximum repair amount is $35k minimum repair amount is $5k

STAY TUNED for a list of Eligible Improvements.Streamline 203K

Please visit my website www.vshomeloans.com 

My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, AL. You may contact me at valerie.springer@benchmark.us or call me at 205-314-4775.