The program is offered by CHMC, Genworth, and AIG.
You will need a proof of 1.5% of purchase price in your savings account.
EXAMPLE 1.
Purchase Price : $225,000
Improvements to do: $30,000 (kitchen) + $20,000 (bathrooms)
E-mail cchien@mortgagegrp.com
APPLICATION PROCESS
We will arrange your application with suitable lender and assist you in advancing $225,000 to purchase the home.
Your improvement plan will be reviewed by appraiser, sent by the selected lender, to evaluate the value of your property “after improvement”.
You first do kitchen, hire a qualified contractor, keep the bill, and upon completion of the project, the lender will send out the appraiser to examine the improvement and notify the lender and lawyer to advance your contruction cost of $30,000 for kitchen.
You then do the bathrooms. Upon completion, appraiser will be sent again and examine the work being done. Assuming everything is aligned, you will get the money $20,000 that has already incurred for doing your bathrooms.
To learn more about this or to apply for Purchase or Refinance with Improvements program. Simply give us a call or email us.
Filed under: Zero Down Mortgages
