Septic System Drawings
Polk’s Top 7 Tips for Eliminating Odors in Your Motorhome
Odors in our motorhomes come in many different forms and are caused by many different sources. Some odors are pleasant, like fresh coffee brewing in the morning, and some are not so pleasant. The “not so pleasant” category includes holding tank odors, pet odors, cooking, smoke, and must and mildew odors, just to name a few.
Some of these odors result from normal use of the motorhome. Others stem from the motorhome sitting in storage. Today I want to give you my top seven tips to help control and eliminate some of these unpleasant odors.
1. Because motorhomes are relatively small in size when compared to a 2,000-square-foot home, odors tend to be more pronounced. In addition, motorhomes often sit closed up for periods of time, which compounds the odor problems. This leads to one of the key factors for controlling odors: ventilation.
2. Ventilation not only helps with odors, but can limit the amount of heat buildup in the motorhome, too. A quick fix for this odor-related problem is to install aftermarket roof vent covers, such as MaxxAir vent covers, over the existing roof vents. The vent covers are easy to install. A great feature of these products is that you can leave the roof vents open, even when it’s raining outside. These ventilation products will keep the air circulating throughout your motorhome and help prevent musty odors.
3. With the ventilation problem solved we can focus on other types of odors that linger in our motorhomes. These odor molecules aren’t just in the air; they get in the fabrics, carpets, ceiling, window treatments and other areas of the RV.
Smoke, pet odors and musty odors can be difficult to eliminate. During my days of selling RVs I witnessed RV interiors that were professionally cleaned, but odors, like smoke, still remained afterward. I also experimented with many different odor-control products, but perhaps the best product I found for eliminating difficult odors is Fabreze.
Plenty of air fresheners just mask common odors, but in many cases masking an odor won’t eliminate it. You need something that can kill the odor that causes bacteria to linger in the air, which is what Fabreze is supposed to do. After RV trips, or before storage, clean the motorhome thoroughly and spray Fabreze throughout. Don’t forget to spray the upholstery, carpet and fabrics, too.
4. To help prevent cooking odors from becoming permanent odors in your motorhome, make sure you turn the range exhaust fan on whenever you are cooking, and it’s a good idea to open a window, too. To maximize the efficiency of the range exhaust fan, keep the filter clean. On some motorhomes it is necessary to go outside and open the range exhaust fan door so the cooking odors actually vent outside. Check your motorhome owners manual for more details concerning maintenance and operation of your range exhaust fan.
5. When it’s time to put the motorhome in storage there are several steps you can take to assist with controlling and eliminating common household odors. First, thoroughly clean the interior of the motorhome. Remove all perishable food and leave cabinet doors and drawers open so air can circulate. Defrost the freezer and thoroughly clean the refrigerator. Leave the refrigerator and freezer doors cracked open. I put a small tin of charcoal in the refrigerator compartment to help absorb any odors. Baking soda works well, too.
If you decide to leave your clothes in the motorhome during periods of storage, use some mothballs to help control musty odors and leave the wardrobe doors and clothing drawers open to promote air circulation.
6. This brings us to the least favorite topic when discussing odors in our motorhome: RV holding tank odors. The good news is there are some effective methods for controlling these odors, and it doesn’t involve strong chemicals that can be dangerous to humans, pets and septic systems.
First, it would probably be helpful to explain why we sometimes get a bad odor from the RV’s black water holding tank, especially when you are traveling. Motorhome holding tanks are designed with a vent pipe going from the holding tanks to the roof. The holding tank odors accumulate in the tank and can’t really vent outside because there is no air pressure to force these gasses (odors) up and out of the vent pipe.
The real problem occurs when wind blows across the vent cap on top of the RV roof, and this air pressure escalates when you are traveling. The higher air pressure forces air down the vent pipe, pushing the tank gasses (odors) to the only other way out of the system, the toilet. Whenever the air pressure is higher inside the holding tank, than it is inside the RV, the odor escapes into the RV by way of the toilet when it is flushed.
The good news is there are aftermarket RV products that will help solve holding tank odor problems caused by the design of the RV wastewater system. These products are basically a redesigned breather system that attaches to the top of the vent pipe and actually draws the fumes out of the holding tank. These products work when the RV is stationary and when it’s moving.
7. Another problem associated with RV holding tank odors is the use of strong chemicals to help control these holding tank odors. Some of these formaldehyde-based chemicals are dangerous to humans, pets and the septic systems that we empty our holding tanks into. Because little water is used, in comparison to a domestic wastewater system, RV holding tank wastewater is far more concentrated. The organic strength from the mixture in an RV holding tank can be 15 to 20 times stronger than a typical wastewater system. This problem is compounded when the RVer gets some odors from the holding tank and dumps even more chemicals in the holding tank in an attempt to control the odors.
I am a big advocate for saving our RV dump stations. I recommend using a holding tank treatment that is environmentally friendly and safe to use in septic systems. Enzyme-based holding tank treatments, combined with a redesigned vent breather system, can effectively control holding tank odors.
Don’t be afraid to put some holding tank treatment in the gray water holding tanks, too. When the gray tank is empty add some water, and the holding tank treatment, to the sink drains to help keep the gray water tank free of odors. I add some dishwashing liquid to the gray water tank periodically to assist with breaking down and grease and keep the holding tank clean.
So it’s safe to say, with proper ventilation and a few good aftermarket RV products you can eliminate all of the tough odors commonly associated with enjoying our motorhomes.
About the Author
To read more details on <a href=”http://www.fmca.com/motorhome/motorhome-news/3414-advertising-to-motorhome-owners”>Motor Coach</a> and <a href=”http://www.fmca.com/motorhome/motorhome-news/3414-advertising-to-motorhome-owners”>Motor Home</a> please visit our website.
“Petite Cottage” – Day 1, Beginning
Septic System Drawings
Septic System Drawings
FHA 203k Rehab Loan Kentucky FHA Loan Guidelines
FHA 203k Kentucky FHA Loan Guidelines
Frequently asked Questions and Answers on FHA 203k Rehab loans for Kentucky
Home buyers. –
203k Streamline Webinar
- Q: What is the difference between the streamline 203k and the regular 203k?
a: The streamline 203k has a cap of $35,000 including fees, with no minimum repair cost. It is designed as a “refurbish and rehab” loan for borrowers to finance non-structural and cosmetic repairs only. The full 203k may be used for structural repairs and room additions as well.
- Q: Can the $35,000 cap on repairs be exceeded by soft costs?
a: No – the streamline 203k caps at $35,000 including all costs.
- Q: Define soft costs?
a: Soft costs are the closing costs associated with the 203k loan – they include up to 2 inspection fees (approx $150/each), and appraisers compliance inspection report (approx $125) a supplemental origination fee (the greater of $350 or 1.5% of the rehab costs, and a contingency reserve of 10% – to be determined by the Underwriter).
- Q: Can the borrower bring in cash for repairs that exceed the maximum $35,000 cap?
a: No – if the rehab amount exceeds $35,000 including costs, the loan is not eligible for the streamline 203k – the borrower may not bring in funds that exceed
- Q: What are the down payment requirements on the streamline 203k?
a: Standard FHA – Maximum LTV is 96.5% for purchases and 97.75% for Rate & Term Refinances
- Q: How do you calculate the loan amount on the streamline 203k for purchases and refinances?
a: Purchases- Use the lesser of the “As-Is” value provided by the appraiser, or the sales price of the property – add the cost of the rehab and soft costs – deduct any seller concessions that exceed 6% – compare this to the “As-Improved” value per the appraisal x 110%. The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 96.5%.
a: Refinances – Use the lesser of the “As-Is” value provided by the appraiser, or the current Mortgage balance – add the cost of the rehab, soft costs and allowable borrower closing costs – compare this to the “As-Improved” value per the appraisal x 110% The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 97.75%.
- Q: Can the borrower receive any cash out on this program?
a: No – the streamline 203k loan is for Purchase and Rate & Term
refinances only.
- Q: Can the borrower be reimbursed for any funds spent prior to closing the loan?
a: No –
- Q: What types of properties qualify under this program?
a: SFR’s, condos, PUD’s and 2-4 units.
- Q: Is this allowed for new construction properties?
a: No the property must be existing at least 1 year old to be eligible for the streamline 203k.
- Q: Is there any additional Underwriting time required for this program?
a: Normal Underwriting turn times plus 72 hours additional for a 2nd level review of the 203k paperwork will be required.
- Q: Can this loan be used with the FHA high balance loan?
a: Yes
- Q: Can this program be used with Down payment assistance programs?
a: Yes – but the DAP must be prior approved by Plaza and their investor
- Q: Can this loan be used for someone with a non occupying co borrower?
a: Yes – the credit piece of this loan is the same as an FHA 203b – standard FHA qualifying.
- Q. Can this program be used for investors?
a: No – this is an owner occupied only program. Not allowed for investment properties or 2nd homes.
- Q: Can an Energy Efficient Mortgage (EEM) be used in conjunction with the streamline 203k program?
a: Yes the EEM may be used in addition to the $35,000 streamline 203k, the borrowers may finance up to $8000 in approved EEM items (Energy Star appliances, dual pane windows, insulation, etc) on top of the $35,000 allowed for the streamline 203k – for a total of $43,000.
17. Q: Can this loan be used in conjunction with the HUD REO program?
a: Yes – but the use of the streamline 203k must be pre-approved by HUD to be used with their REO program.
18. Q: Is there special verbiage required on the purchase contract for the streamline 203k?
a: No the streamline 203k is not typically part of the purchase contract although it does require the property be available for the inspections to complete the bids for the work to be completed. It is necessary on a purchase that the seller be cooperative with access to the property.
19. Q: Are there any extra fees associated with the streamline 203k?
a: Only the soft costs – which will be approximately $800 – $1,000 plus the contingency reserve.
20. Q: How long does the borrower have to complete the work?
a: The work must begin within 30 days of the loan closing, and be completed no later than 6 months from loan closing.
21. Q:Does the borrower have to occupy during the entire time of the rehab?
a: The borrower can not be displaced from the property for more than 30 days during the allowable 6 month rehab time
22. Q. If the repairs do not allow the borrower to be in the property for 30 days – can the Mortgage payments for the month they are displaced be included in the loan amount:
a: No the streamline 203k does not allow the financing of Mortgage payments –
23. Q: How many draws are there on the streamline 203k and who provides them?
a: There are 2 draws. The first is distributed at 50% of the total rehab costs within 30 days of the loan closing – once the loan is purchased by the servicing lender. The servicing lender will disburse 50% up front, and the remaining 50% once all the work is completed – regardless of how many bids – each will be disbursed in 50% increments
24.Q: How do the borrowers get the draws?
a: The draw will be distributed in 2 parts – 50% of all the bids will be disbursed within 30 days of closing and the remaining 50% will be disbursed after all the work is completed if the borrower is using a contractor – the funds will be disbursed in a 2 party check made out to the borrower and the contractor jointly. The contractor will complete and sign a W9 form prior to docs. It is important for all parties involved to understand that regardless of when their portion of the work is completed – no contractors on the job will receive the 2nd half of the draw until after ALL work on the property is completed and a final inspection is obtained by the servicing lender
25. Q: Can the borrower do their own repairs on the streamline 203k?
a: Only if the borrower is qualified (works in the construction trades, is a licensed contractor, etc) and completes the self help forms .
26.Q: For self help borrowers- would bids be required?
a: Yes – for any materials or outside sub contractors that will be used. The loan amount can not be determined without written bids.
27 Q: Would a borrower that has a history of owning and managing rental units be eligible to do self help?
a: Not necessarily – to be eligible for self help the borrower must be able to document their ability to make the repairs – a do it yourself borrower or someone who spends a lot of time at Home Depot would not be eligible based on that alone.
28.Q What are the requirements for a contractor?
a: Contractors must be licensed and bonded. The contractor will be required to complete a W9 prior to closing..
29. Q: Is a consultant required on the streamline 203k?
a: No – a consultant is not needed because the extent of the work on the streamline 203k is meant to be minor rehab – not room additions
30.Q: Is there a contingency reserve required and what is it for?
a: A 10% contingency reserve will be required anytime there will be actual construction being done to the property, to cover any cost over-runs on the repairs.
31.Q: What happens to any leftover funds after the repairs are complete?
a: Any excess funds after the work is completed will be applied to the principal balance
32.Q: Can this program be used for Mold abatement or termite repairs or asbestos removal?
a: Yes – we have recently confirmed that the program will allow non structural mold abatement, termite repair work (including tenting) and the removal of asbestos provided it is done by a licensed expert.
33 Q: Is flooring allowed to be included in the program:
A: Finish flooring is allowed, however the repair of sub-floors is not because it is considered structural
34. Q: Can the borrower do plumbing and electrical work with this program?
a: Yes – the program can be used for any non-structural repairs – the borrower can upgrade a kitchen or bath, including all fixtures and plumbing, cabinetry, etc.
35. Q: Can the program be used to make improvements for handicapped persons?
a: Yes. Including lowering cabinet height, building ramps for accessibility or widening doorways.
36. Q: Can Well & Septic repairs be done, or can the borrower use this program to connect the property to public water and sewer if available per FHA guidelines.
a: Yes – the program may be used to repair or replace existing Wells and Septic Systems. And the program can be used to permanently connect to public water and sewer- if available –in compliance with FHA guidelines
37. Q: Can this program be used to purchase appliances?
a: Yes – New Appliances only. They may be free standing (such as stoves or refrigerators, washer & dryer) or built in.
38. Q: Can this program be used to repair or build a swimming pool?
a: No- Swimming Pools are considered luxury items, and the construction or repair may not be included in the Streamline 203k
39. Q: Can the program be used for decks, patios and driveways and sidewalks?
a. Decks and Patios are allowed with this program – however the building or rebuilding of a driveway or sidewalk is not.
40. Q: What are some additional items that can be included on the streamline 203k – that may not be on the list of eligible repairs?
a. In addition to the items mentioned above – the borrower may include items such as Water softeners, humidifiers, ceiling fans, air conditioning units – all permanently affixed.
FHA 203k Kentucky FHA Loan Guidelines (203k FHA Loan) Kentucky
About the Author
I specialize in Kentucky FHA/VA ,USDA, KHC, Conventional mortgage loans (Fannie Mae)in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com NMLS#57916
Heartwood.wmv
Septic System Drawings
Septic System Drawings
FHA 203k Rehab Loan Kentucky FHA Loan Guidelines
FHA 203k Kentucky FHA Loan Guidelines
Frequently asked Questions and Answers on FHA 203k Rehab loans for Kentucky
Home buyers. –
203k Streamline Webinar
- Q: What is the difference between the streamline 203k and the regular 203k?
a: The streamline 203k has a cap of $35,000 including fees, with no minimum repair cost. It is designed as a “refurbish and rehab” loan for borrowers to finance non-structural and cosmetic repairs only. The full 203k may be used for structural repairs and room additions as well.
- Q: Can the $35,000 cap on repairs be exceeded by soft costs?
a: No – the streamline 203k caps at $35,000 including all costs.
- Q: Define soft costs?
a: Soft costs are the closing costs associated with the 203k loan – they include up to 2 inspection fees (approx $150/each), and appraisers compliance inspection report (approx $125) a supplemental origination fee (the greater of $350 or 1.5% of the rehab costs, and a contingency reserve of 10% – to be determined by the Underwriter).
- Q: Can the borrower bring in cash for repairs that exceed the maximum $35,000 cap?
a: No – if the rehab amount exceeds $35,000 including costs, the loan is not eligible for the streamline 203k – the borrower may not bring in funds that exceed
- Q: What are the down payment requirements on the streamline 203k?
a: Standard FHA – Maximum LTV is 96.5% for purchases and 97.75% for Rate & Term Refinances
- Q: How do you calculate the loan amount on the streamline 203k for purchases and refinances?
a: Purchases- Use the lesser of the “As-Is” value provided by the appraiser, or the sales price of the property – add the cost of the rehab and soft costs – deduct any seller concessions that exceed 6% – compare this to the “As-Improved” value per the appraisal x 110%. The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 96.5%.
a: Refinances – Use the lesser of the “As-Is” value provided by the appraiser, or the current Mortgage balance – add the cost of the rehab, soft costs and allowable borrower closing costs – compare this to the “As-Improved” value per the appraisal x 110% The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 97.75%.
- Q: Can the borrower receive any cash out on this program?
a: No – the streamline 203k loan is for Purchase and Rate & Term
refinances only.
- Q: Can the borrower be reimbursed for any funds spent prior to closing the loan?
a: No –
- Q: What types of properties qualify under this program?
a: SFR’s, condos, PUD’s and 2-4 units.
- Q: Is this allowed for new construction properties?
a: No the property must be existing at least 1 year old to be eligible for the streamline 203k.
- Q: Is there any additional Underwriting time required for this program?
a: Normal Underwriting turn times plus 72 hours additional for a 2nd level review of the 203k paperwork will be required.
- Q: Can this loan be used with the FHA high balance loan?
a: Yes
- Q: Can this program be used with Down payment assistance programs?
a: Yes – but the DAP must be prior approved by Plaza and their investor
- Q: Can this loan be used for someone with a non occupying co borrower?
a: Yes – the credit piece of this loan is the same as an FHA 203b – standard FHA qualifying.
- Q. Can this program be used for investors?
a: No – this is an owner occupied only program. Not allowed for investment properties or 2nd homes.
- Q: Can an Energy Efficient Mortgage (EEM) be used in conjunction with the streamline 203k program?
a: Yes the EEM may be used in addition to the $35,000 streamline 203k, the borrowers may finance up to $8000 in approved EEM items (Energy Star appliances, dual pane windows, insulation, etc) on top of the $35,000 allowed for the streamline 203k – for a total of $43,000.
17. Q: Can this loan be used in conjunction with the HUD REO program?
a: Yes – but the use of the streamline 203k must be pre-approved by HUD to be used with their REO program.
18. Q: Is there special verbiage required on the purchase contract for the streamline 203k?
a: No the streamline 203k is not typically part of the purchase contract although it does require the property be available for the inspections to complete the bids for the work to be completed. It is necessary on a purchase that the seller be cooperative with access to the property.
19. Q: Are there any extra fees associated with the streamline 203k?
a: Only the soft costs – which will be approximately $800 – $1,000 plus the contingency reserve.
20. Q: How long does the borrower have to complete the work?
a: The work must begin within 30 days of the loan closing, and be completed no later than 6 months from loan closing.
21. Q:Does the borrower have to occupy during the entire time of the rehab?
a: The borrower can not be displaced from the property for more than 30 days during the allowable 6 month rehab time
22. Q. If the repairs do not allow the borrower to be in the property for 30 days – can the Mortgage payments for the month they are displaced be included in the loan amount:
a: No the streamline 203k does not allow the financing of Mortgage payments –
23. Q: How many draws are there on the streamline 203k and who provides them?
a: There are 2 draws. The first is distributed at 50% of the total rehab costs within 30 days of the loan closing – once the loan is purchased by the servicing lender. The servicing lender will disburse 50% up front, and the remaining 50% once all the work is completed – regardless of how many bids – each will be disbursed in 50% increments
24.Q: How do the borrowers get the draws?
a: The draw will be distributed in 2 parts – 50% of all the bids will be disbursed within 30 days of closing and the remaining 50% will be disbursed after all the work is completed if the borrower is using a contractor – the funds will be disbursed in a 2 party check made out to the borrower and the contractor jointly. The contractor will complete and sign a W9 form prior to docs. It is important for all parties involved to understand that regardless of when their portion of the work is completed – no contractors on the job will receive the 2nd half of the draw until after ALL work on the property is completed and a final inspection is obtained by the servicing lender
25. Q: Can the borrower do their own repairs on the streamline 203k?
a: Only if the borrower is qualified (works in the construction trades, is a licensed contractor, etc) and completes the self help forms .
26.Q: For self help borrowers- would bids be required?
a: Yes – for any materials or outside sub contractors that will be used. The loan amount can not be determined without written bids.
27 Q: Would a borrower that has a history of owning and managing rental units be eligible to do self help?
a: Not necessarily – to be eligible for self help the borrower must be able to document their ability to make the repairs – a do it yourself borrower or someone who spends a lot of time at Home Depot would not be eligible based on that alone.
28.Q What are the requirements for a contractor?
a: Contractors must be licensed and bonded. The contractor will be required to complete a W9 prior to closing..
29. Q: Is a consultant required on the streamline 203k?
a: No – a consultant is not needed because the extent of the work on the streamline 203k is meant to be minor rehab – not room additions
30.Q: Is there a contingency reserve required and what is it for?
a: A 10% contingency reserve will be required anytime there will be actual construction being done to the property, to cover any cost over-runs on the repairs.
31.Q: What happens to any leftover funds after the repairs are complete?
a: Any excess funds after the work is completed will be applied to the principal balance
32.Q: Can this program be used for Mold abatement or termite repairs or asbestos removal?
a: Yes – we have recently confirmed that the program will allow non structural mold abatement, termite repair work (including tenting) and the removal of asbestos provided it is done by a licensed expert.
33 Q: Is flooring allowed to be included in the program:
A: Finish flooring is allowed, however the repair of sub-floors is not because it is considered structural
34. Q: Can the borrower do plumbing and electrical work with this program?
a: Yes – the program can be used for any non-structural repairs – the borrower can upgrade a kitchen or bath, including all fixtures and plumbing, cabinetry, etc.
35. Q: Can the program be used to make improvements for handicapped persons?
a: Yes. Including lowering cabinet height, building ramps for accessibility or widening doorways.
36. Q: Can Well & Septic repairs be done, or can the borrower use this program to connect the property to public water and sewer if available per FHA guidelines.
a: Yes – the program may be used to repair or replace existing Wells and Septic Systems. And the program can be used to permanently connect to public water and sewer- if available –in compliance with FHA guidelines
37. Q: Can this program be used to purchase appliances?
a: Yes – New Appliances only. They may be free standing (such as stoves or refrigerators, washer & dryer) or built in.
38. Q: Can this program be used to repair or build a swimming pool?
a: No- Swimming Pools are considered luxury items, and the construction or repair may not be included in the Streamline 203k
39. Q: Can the program be used for decks, patios and driveways and sidewalks?
a. Decks and Patios are allowed with this program – however the building or rebuilding of a driveway or sidewalk is not.
40. Q: What are some additional items that can be included on the streamline 203k – that may not be on the list of eligible repairs?
a. In addition to the items mentioned above – the borrower may include items such as Water softeners, humidifiers, ceiling fans, air conditioning units – all permanently affixed.
FHA 203k Kentucky FHA Loan Guidelines (203k FHA Loan) Kentucky
About the Author
I specialize in Kentucky FHA/VA ,USDA, KHC, Conventional mortgage loans (Fannie Mae)in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com NMLS#57916
Heartwood.wmv
Septic System Drawings
Septic System Drawings
FHA 203k Rehab Loan Kentucky FHA Loan Guidelines
FHA 203k Kentucky FHA Loan Guidelines
Frequently asked Questions and Answers on FHA 203k Rehab loans for Kentucky
Home buyers. –
203k Streamline Webinar
- Q: What is the difference between the streamline 203k and the regular 203k?
a: The streamline 203k has a cap of $35,000 including fees, with no minimum repair cost. It is designed as a “refurbish and rehab” loan for borrowers to finance non-structural and cosmetic repairs only. The full 203k may be used for structural repairs and room additions as well.
- Q: Can the $35,000 cap on repairs be exceeded by soft costs?
a: No – the streamline 203k caps at $35,000 including all costs.
- Q: Define soft costs?
a: Soft costs are the closing costs associated with the 203k loan – they include up to 2 inspection fees (approx $150/each), and appraisers compliance inspection report (approx $125) a supplemental origination fee (the greater of $350 or 1.5% of the rehab costs, and a contingency reserve of 10% – to be determined by the Underwriter).
- Q: Can the borrower bring in cash for repairs that exceed the maximum $35,000 cap?
a: No – if the rehab amount exceeds $35,000 including costs, the loan is not eligible for the streamline 203k – the borrower may not bring in funds that exceed
- Q: What are the down payment requirements on the streamline 203k?
a: Standard FHA – Maximum LTV is 96.5% for purchases and 97.75% for Rate & Term Refinances
- Q: How do you calculate the loan amount on the streamline 203k for purchases and refinances?
a: Purchases- Use the lesser of the “As-Is” value provided by the appraiser, or the sales price of the property – add the cost of the rehab and soft costs – deduct any seller concessions that exceed 6% – compare this to the “As-Improved” value per the appraisal x 110%. The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 96.5%.
a: Refinances – Use the lesser of the “As-Is” value provided by the appraiser, or the current Mortgage balance – add the cost of the rehab, soft costs and allowable borrower closing costs – compare this to the “As-Improved” value per the appraisal x 110% The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 97.75%.
- Q: Can the borrower receive any cash out on this program?
a: No – the streamline 203k loan is for Purchase and Rate & Term
refinances only.
- Q: Can the borrower be reimbursed for any funds spent prior to closing the loan?
a: No –
- Q: What types of properties qualify under this program?
a: SFR’s, condos, PUD’s and 2-4 units.
- Q: Is this allowed for new construction properties?
a: No the property must be existing at least 1 year old to be eligible for the streamline 203k.
- Q: Is there any additional Underwriting time required for this program?
a: Normal Underwriting turn times plus 72 hours additional for a 2nd level review of the 203k paperwork will be required.
- Q: Can this loan be used with the FHA high balance loan?
a: Yes
- Q: Can this program be used with Down payment assistance programs?
a: Yes – but the DAP must be prior approved by Plaza and their investor
- Q: Can this loan be used for someone with a non occupying co borrower?
a: Yes – the credit piece of this loan is the same as an FHA 203b – standard FHA qualifying.
- Q. Can this program be used for investors?
a: No – this is an owner occupied only program. Not allowed for investment properties or 2nd homes.
- Q: Can an Energy Efficient Mortgage (EEM) be used in conjunction with the streamline 203k program?
a: Yes the EEM may be used in addition to the $35,000 streamline 203k, the borrowers may finance up to $8000 in approved EEM items (Energy Star appliances, dual pane windows, insulation, etc) on top of the $35,000 allowed for the streamline 203k – for a total of $43,000.
17. Q: Can this loan be used in conjunction with the HUD REO program?
a: Yes – but the use of the streamline 203k must be pre-approved by HUD to be used with their REO program.
18. Q: Is there special verbiage required on the purchase contract for the streamline 203k?
a: No the streamline 203k is not typically part of the purchase contract although it does require the property be available for the inspections to complete the bids for the work to be completed. It is necessary on a purchase that the seller be cooperative with access to the property.
19. Q: Are there any extra fees associated with the streamline 203k?
a: Only the soft costs – which will be approximately $800 – $1,000 plus the contingency reserve.
20. Q: How long does the borrower have to complete the work?
a: The work must begin within 30 days of the loan closing, and be completed no later than 6 months from loan closing.
21. Q:Does the borrower have to occupy during the entire time of the rehab?
a: The borrower can not be displaced from the property for more than 30 days during the allowable 6 month rehab time
22. Q. If the repairs do not allow the borrower to be in the property for 30 days – can the Mortgage payments for the month they are displaced be included in the loan amount:
a: No the streamline 203k does not allow the financing of Mortgage payments –
23. Q: How many draws are there on the streamline 203k and who provides them?
a: There are 2 draws. The first is distributed at 50% of the total rehab costs within 30 days of the loan closing – once the loan is purchased by the servicing lender. The servicing lender will disburse 50% up front, and the remaining 50% once all the work is completed – regardless of how many bids – each will be disbursed in 50% increments
24.Q: How do the borrowers get the draws?
a: The draw will be distributed in 2 parts – 50% of all the bids will be disbursed within 30 days of closing and the remaining 50% will be disbursed after all the work is completed if the borrower is using a contractor – the funds will be disbursed in a 2 party check made out to the borrower and the contractor jointly. The contractor will complete and sign a W9 form prior to docs. It is important for all parties involved to understand that regardless of when their portion of the work is completed – no contractors on the job will receive the 2nd half of the draw until after ALL work on the property is completed and a final inspection is obtained by the servicing lender
25. Q: Can the borrower do their own repairs on the streamline 203k?
a: Only if the borrower is qualified (works in the construction trades, is a licensed contractor, etc) and completes the self help forms .
26.Q: For self help borrowers- would bids be required?
a: Yes – for any materials or outside sub contractors that will be used. The loan amount can not be determined without written bids.
27 Q: Would a borrower that has a history of owning and managing rental units be eligible to do self help?
a: Not necessarily – to be eligible for self help the borrower must be able to document their ability to make the repairs – a do it yourself borrower or someone who spends a lot of time at Home Depot would not be eligible based on that alone.
28.Q What are the requirements for a contractor?
a: Contractors must be licensed and bonded. The contractor will be required to complete a W9 prior to closing..
29. Q: Is a consultant required on the streamline 203k?
a: No – a consultant is not needed because the extent of the work on the streamline 203k is meant to be minor rehab – not room additions
30.Q: Is there a contingency reserve required and what is it for?
a: A 10% contingency reserve will be required anytime there will be actual construction being done to the property, to cover any cost over-runs on the repairs.
31.Q: What happens to any leftover funds after the repairs are complete?
a: Any excess funds after the work is completed will be applied to the principal balance
32.Q: Can this program be used for Mold abatement or termite repairs or asbestos removal?
a: Yes – we have recently confirmed that the program will allow non structural mold abatement, termite repair work (including tenting) and the removal of asbestos provided it is done by a licensed expert.
33 Q: Is flooring allowed to be included in the program:
A: Finish flooring is allowed, however the repair of sub-floors is not because it is considered structural
34. Q: Can the borrower do plumbing and electrical work with this program?
a: Yes – the program can be used for any non-structural repairs – the borrower can upgrade a kitchen or bath, including all fixtures and plumbing, cabinetry, etc.
35. Q: Can the program be used to make improvements for handicapped persons?
a: Yes. Including lowering cabinet height, building ramps for accessibility or widening doorways.
36. Q: Can Well & Septic repairs be done, or can the borrower use this program to connect the property to public water and sewer if available per FHA guidelines.
a: Yes – the program may be used to repair or replace existing Wells and Septic Systems. And the program can be used to permanently connect to public water and sewer- if available –in compliance with FHA guidelines
37. Q: Can this program be used to purchase appliances?
a: Yes – New Appliances only. They may be free standing (such as stoves or refrigerators, washer & dryer) or built in.
38. Q: Can this program be used to repair or build a swimming pool?
a: No- Swimming Pools are considered luxury items, and the construction or repair may not be included in the Streamline 203k
39. Q: Can the program be used for decks, patios and driveways and sidewalks?
a. Decks and Patios are allowed with this program – however the building or rebuilding of a driveway or sidewalk is not.
40. Q: What are some additional items that can be included on the streamline 203k – that may not be on the list of eligible repairs?
a. In addition to the items mentioned above – the borrower may include items such as Water softeners, humidifiers, ceiling fans, air conditioning units – all permanently affixed.
FHA 203k Kentucky FHA Loan Guidelines (203k FHA Loan) Kentucky
About the Author
I specialize in Kentucky FHA/VA ,USDA, KHC, Conventional mortgage loans (Fannie Mae)in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com NMLS#57916
Heartwood.wmv
Septic System Drawings
Septic System Drawings
FHA 203k Rehab Loan Kentucky FHA Loan Guidelines
FHA 203k Kentucky FHA Loan Guidelines
Frequently asked Questions and Answers on FHA 203k Rehab loans for Kentucky
Home buyers. –
203k Streamline Webinar
- Q: What is the difference between the streamline 203k and the regular 203k?
a: The streamline 203k has a cap of $35,000 including fees, with no minimum repair cost. It is designed as a “refurbish and rehab” loan for borrowers to finance non-structural and cosmetic repairs only. The full 203k may be used for structural repairs and room additions as well.
- Q: Can the $35,000 cap on repairs be exceeded by soft costs?
a: No – the streamline 203k caps at $35,000 including all costs.
- Q: Define soft costs?
a: Soft costs are the closing costs associated with the 203k loan – they include up to 2 inspection fees (approx $150/each), and appraisers compliance inspection report (approx $125) a supplemental origination fee (the greater of $350 or 1.5% of the rehab costs, and a contingency reserve of 10% – to be determined by the Underwriter).
- Q: Can the borrower bring in cash for repairs that exceed the maximum $35,000 cap?
a: No – if the rehab amount exceeds $35,000 including costs, the loan is not eligible for the streamline 203k – the borrower may not bring in funds that exceed
- Q: What are the down payment requirements on the streamline 203k?
a: Standard FHA – Maximum LTV is 96.5% for purchases and 97.75% for Rate & Term Refinances
- Q: How do you calculate the loan amount on the streamline 203k for purchases and refinances?
a: Purchases- Use the lesser of the “As-Is” value provided by the appraiser, or the sales price of the property – add the cost of the rehab and soft costs – deduct any seller concessions that exceed 6% – compare this to the “As-Improved” value per the appraisal x 110%. The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 96.5%.
a: Refinances – Use the lesser of the “As-Is” value provided by the appraiser, or the current Mortgage balance – add the cost of the rehab, soft costs and allowable borrower closing costs – compare this to the “As-Improved” value per the appraisal x 110% The maximum loan amount will be based on the lesser of the 2 calculations. Apply the standard FHA LTV calculation of 97.75%.
- Q: Can the borrower receive any cash out on this program?
a: No – the streamline 203k loan is for Purchase and Rate & Term
refinances only.
- Q: Can the borrower be reimbursed for any funds spent prior to closing the loan?
a: No –
- Q: What types of properties qualify under this program?
a: SFR’s, condos, PUD’s and 2-4 units.
- Q: Is this allowed for new construction properties?
a: No the property must be existing at least 1 year old to be eligible for the streamline 203k.
- Q: Is there any additional Underwriting time required for this program?
a: Normal Underwriting turn times plus 72 hours additional for a 2nd level review of the 203k paperwork will be required.
- Q: Can this loan be used with the FHA high balance loan?
a: Yes
- Q: Can this program be used with Down payment assistance programs?
a: Yes – but the DAP must be prior approved by Plaza and their investor
- Q: Can this loan be used for someone with a non occupying co borrower?
a: Yes – the credit piece of this loan is the same as an FHA 203b – standard FHA qualifying.
- Q. Can this program be used for investors?
a: No – this is an owner occupied only program. Not allowed for investment properties or 2nd homes.
- Q: Can an Energy Efficient Mortgage (EEM) be used in conjunction with the streamline 203k program?
a: Yes the EEM may be used in addition to the $35,000 streamline 203k, the borrowers may finance up to $8000 in approved EEM items (Energy Star appliances, dual pane windows, insulation, etc) on top of the $35,000 allowed for the streamline 203k – for a total of $43,000.
17. Q: Can this loan be used in conjunction with the HUD REO program?
a: Yes – but the use of the streamline 203k must be pre-approved by HUD to be used with their REO program.
18. Q: Is there special verbiage required on the purchase contract for the streamline 203k?
a: No the streamline 203k is not typically part of the purchase contract although it does require the property be available for the inspections to complete the bids for the work to be completed. It is necessary on a purchase that the seller be cooperative with access to the property.
19. Q: Are there any extra fees associated with the streamline 203k?
a: Only the soft costs – which will be approximately $800 – $1,000 plus the contingency reserve.
20. Q: How long does the borrower have to complete the work?
a: The work must begin within 30 days of the loan closing, and be completed no later than 6 months from loan closing.
21. Q:Does the borrower have to occupy during the entire time of the rehab?
a: The borrower can not be displaced from the property for more than 30 days during the allowable 6 month rehab time
22. Q. If the repairs do not allow the borrower to be in the property for 30 days – can the Mortgage payments for the month they are displaced be included in the loan amount:
a: No the streamline 203k does not allow the financing of Mortgage payments –
23. Q: How many draws are there on the streamline 203k and who provides them?
a: There are 2 draws. The first is distributed at 50% of the total rehab costs within 30 days of the loan closing – once the loan is purchased by the servicing lender. The servicing lender will disburse 50% up front, and the remaining 50% once all the work is completed – regardless of how many bids – each will be disbursed in 50% increments
24.Q: How do the borrowers get the draws?
a: The draw will be distributed in 2 parts – 50% of all the bids will be disbursed within 30 days of closing and the remaining 50% will be disbursed after all the work is completed if the borrower is using a contractor – the funds will be disbursed in a 2 party check made out to the borrower and the contractor jointly. The contractor will complete and sign a W9 form prior to docs. It is important for all parties involved to understand that regardless of when their portion of the work is completed – no contractors on the job will receive the 2nd half of the draw until after ALL work on the property is completed and a final inspection is obtained by the servicing lender
25. Q: Can the borrower do their own repairs on the streamline 203k?
a: Only if the borrower is qualified (works in the construction trades, is a licensed contractor, etc) and completes the self help forms .
26.Q: For self help borrowers- would bids be required?
a: Yes – for any materials or outside sub contractors that will be used. The loan amount can not be determined without written bids.
27 Q: Would a borrower that has a history of owning and managing rental units be eligible to do self help?
a: Not necessarily – to be eligible for self help the borrower must be able to document their ability to make the repairs – a do it yourself borrower or someone who spends a lot of time at Home Depot would not be eligible based on that alone.
28.Q What are the requirements for a contractor?
a: Contractors must be licensed and bonded. The contractor will be required to complete a W9 prior to closing..
29. Q: Is a consultant required on the streamline 203k?
a: No – a consultant is not needed because the extent of the work on the streamline 203k is meant to be minor rehab – not room additions
30.Q: Is there a contingency reserve required and what is it for?
a: A 10% contingency reserve will be required anytime there will be actual construction being done to the property, to cover any cost over-runs on the repairs.
31.Q: What happens to any leftover funds after the repairs are complete?
a: Any excess funds after the work is completed will be applied to the principal balance
32.Q: Can this program be used for Mold abatement or termite repairs or asbestos removal?
a: Yes – we have recently confirmed that the program will allow non structural mold abatement, termite repair work (including tenting) and the removal of asbestos provided it is done by a licensed expert.
33 Q: Is flooring allowed to be included in the program:
A: Finish flooring is allowed, however the repair of sub-floors is not because it is considered structural
34. Q: Can the borrower do plumbing and electrical work with this program?
a: Yes – the program can be used for any non-structural repairs – the borrower can upgrade a kitchen or bath, including all fixtures and plumbing, cabinetry, etc.
35. Q: Can the program be used to make improvements for handicapped persons?
a: Yes. Including lowering cabinet height, building ramps for accessibility or widening doorways.
36. Q: Can Well & Septic repairs be done, or can the borrower use this program to connect the property to public water and sewer if available per FHA guidelines.
a: Yes – the program may be used to repair or replace existing Wells and Septic Systems. And the program can be used to permanently connect to public water and sewer- if available –in compliance with FHA guidelines
37. Q: Can this program be used to purchase appliances?
a: Yes – New Appliances only. They may be free standing (such as stoves or refrigerators, washer & dryer) or built in.
38. Q: Can this program be used to repair or build a swimming pool?
a: No- Swimming Pools are considered luxury items, and the construction or repair may not be included in the Streamline 203k
39. Q: Can the program be used for decks, patios and driveways and sidewalks?
a. Decks and Patios are allowed with this program – however the building or rebuilding of a driveway or sidewalk is not.
40. Q: What are some additional items that can be included on the streamline 203k – that may not be on the list of eligible repairs?
a. In addition to the items mentioned above – the borrower may include items such as Water softeners, humidifiers, ceiling fans, air conditioning units – all permanently affixed.
FHA 203k Kentucky FHA Loan Guidelines (203k FHA Loan) Kentucky
About the Author
I specialize in Kentucky FHA/VA ,USDA, KHC, Conventional mortgage loans (Fannie Mae)in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com NMLS#57916
Heartwood.wmv