Approved Home Lending

Access to Extra Income
Receive monthly payments instead of making them. Refinance your home without repaying the debt for as long as you live there.
Flexible Qualifying Guidelines
There are no income, employment or credit qualifying restrictions.*
Payment Disbursement Options
You can secure your loan proceeds in a lump sum to cover large expenses, in monthly installments to supplement your income, or as a line of credit to draw on as you need it. You can even choose an immediate cash advance in addition to monthly allotments. Payment can be adjusted as circumstances change.
Principal or interest payments are not due until you move, sell the home, or pass away, provided all program requirements are met.
Peace of Mind
The amount you owe can never exceed your property value, so your Reverse Mortgage can never cause you to lose your home.

100% financing based on appraised value (loan amount may exceed appraised value by 2% Guarantee fee, divide appraised value by .98)
30-year fixed
Ability to Refinance - Rate reduction only - no cash back - Reduced Guarantee Fee of .5% Only existing GRH and Section 502 Direct loans are eligible for refinance -Streamline Process
No monthly mortgage insurance. One-time guarantee fee of 2.00%
No payment reserve requirements
No downpayment
No First-time homebuyer requirement
No maximum. If greater than 6%, comment from the appraiser required
100% gifting permitted. Donor must be disinterested third party
Check UDSA Web-site for property and income eligibilithy http://eligibility.sc.egov.usda.gov/

The streamlined version is used about 90% of the time and is very easy and effective when orchestrated by a professional who regularly handles these loans.
The faster we have the bids for the work, the faster the loan will close. A StreamlinedK with a single bid done quickly can be done in 30 days. Add some time if dealing with an REO though as their title companies tend to hold up closing for a week or two..
If appliances are being included into the repair escrow there is a small issue. If the bid is from Lowe's, Home Depot, or any other big box store they are going to require that the items be paid for prior to delivery. With a Streamlined 203k though we will only disburse 1/2 of the money (total bid) at the time of closing. If that is not enough to buy the appliances and get the other work started then the borrower may need to pay the difference to the store (keep receipt). We will then reimburse the amount paid with the last 1/2 of the money that gets disbursed once all the repairs are completed.
With all 203k loans we will add a minimum of 15% contingency reserve to the repair escrow for cost overruns. With Full 203k's and properties where the utilities are turned off at the time of inspection we will add 20%.