Purchasing your first home, second home, Maybe Refinancing or Downsizing, Renovating your existing home. Whatever your journey is, Kimberly understands what and honor it is to help you each step of the way.
Building a relationship and helping you make your dreams come true is what we will work on together to customize a loan to meet your needs. Whatever your vision is, Kimberly can help that vision become a reality.
Kimberly was born in Portland and has spent most her time here in the beautiful Pacific Northwest.
All the best,
Kimberly Suriyakumaran
Office | 503-765-1433 |
Cell | 503-784-8258 |
Fax | 866-464-2336 |
Email | kimberly.s@fairwaymc.com |
Address | 5285 Meadows Road, Suite 290, Lake Oswego, OR 97035 |
License Number | NMLS #307700 |
Need to renovate your home, but afraid about staying on a timeline? A renovation loan can help with not only the financing aspect, but also with keeping your project on track so it is completed on time.
With a renovation loan, contractors are required to finish a project within six months. Because renovation loans have these very specific requirements, you can rest assured knowing your home will not be a construction zone forever.
There are many projects you can complete and updates that you can make with a renovation loan from Fairway Independent Mortgage Corporation. A few options include.
When it comes to renovation financing, there are more cans than cannots. While a Limited 203k is intended to remedy cosmetic deficiencies and maintain a total renovation budget of less than $35,000, the Standard 203k can support a project as robust as a teardown and rebuild. Similarly, the HomeStyle renovation loan requires repairs that add value, are permanently affixed and do not exceed 50% of the after-improved value. Want a pool? You got it! An addition? We can do that too! Replace all mechanicals and upgrade flooring? There’s a renovation loan for that.
Remember, renovation loans cannot improve shared space of attached properties, increase unit count or complete new construction homes.
In addition to the sales price, renovation loans use the after-improved value to finance what are called hard and soft home improvement costs into the loan amount. Your hard costs include bid, contingency reserve and any escrowed mortgage payments the borrower elects to finance. Closing costs are not necessarily higher on a renovation loan. Renovation soft costs are not closing costs.
Since Fairway Independent Mortgage Corporation’s certified Loan Officers provide exemplary renovation expertise, you can relax knowing we’ll walk you through the entire process, making it as smooth as possible.
The 203k products follow FHA guidelines and require that homeowners occupy or escrow occupancy mortgage payments within 60 days of loan closing. The HomeStyle, however, allows prospective and current homes and investment properties in addition to the typical primary occupancy.
The Limited 203k product has a lot of benefits including a 50% draw of eligible contractor funds at the closing table. However, there are qualities that make the product more difficult for prospective homeowners, especially when they are a first-time homebuyer. These difficulties include a limit on the cost and scope of projects, additional paperwork and higher expectations for the contractor’s written work narrative. The Standard 203k and HomeStyle allow homeowners to finance the cost of a HUD consultant, who will outline the project in the agency-required format and deliver a fair representation of project scope and cost requirement.
Delays usually only exist when costs and projects change mid-transaction.
In the case of any home loan closing, proper expectations, deadline awareness and communication are the key to on-time closing. Well-qualified borrowers with eligible contractors and a firm renovation direction at the time of offer generally close within 35 days of loan application
Office | 503-765-1433 |
Cell | 503-784-8258 |
Fax | 866-464-2336 |
Email | kimberly.s@fairwaymc.com |
Address | 5285 Meadows Road, Suite 290, Lake Oswego, OR 97035 |
License Number | NMLS #307700 |
