fha home improvement lending admirals powerpoint
TRANSCRIPT
Financing Solutions by Admirals Bank
FHA HOME IMPROVEMENT
LENDING
FHA Title 1 Home Improvement Loan
• No equity required to qualify
• Free to offer to your customers
Loan Amounts
• Up to $25,000 secured with fixed rates from 6.95%-11.95%
• Up to $7,500 unsecured with fixed rates from 7.95%-13.95%
Time Frame
• Customer gets pre-approved within minutes
• Customer receives the funds within 11-12 days of original inquiry
PROGRAM OVERVIEW
Requires a credit mid-score of 650 or higher
Debt-to-Income Ratio of 45% or under
Available Terms: 5, 7, 10, 15 and 20 years
No Pre-Payment Penalties
Tax Deductible Interest (Secured Loans Only)
Funds are disbursed before work begins
Funds are only for Home Improvements (No Debt Consolidation)
LOAN DETAILS
FHA Title-1 Home Improvement Loans
- Secured Rate Matrix
**Maximum Loan $25,000.00**
Qualifications• Individual Applicants: Middle credit score of 650 or higher
• Joint Applicants: Primary Borrower middle credit score of 650 or higher
• Debt –to-Income Ratio of 45% or lower (adjusted gross back-end)
• Bankruptcies Discharged 2 years or more
Documents Needed for Approval• Signed and dated Information Disclosure Authorization (I.D.A.)
• Past 2 years of W-2’s (each borrower)
• Most recent pay stub (each borrower)
• Recent mortgage statement
• Signed letter of explanation for any derogatory credit
• Proof of any open collections paid (if applicable)
• Estimates describing work to be done and dollar amount required
*All decisions including rates and approvals are at the sole discretion of Admirals Bank. Rates are
subject to change without notice.
***Effective: October 28, 2011
TERM Qualifying FICO Score
725+ 700-724 660-699 650-659
60 Months 6.95% 7.95% 8.95% 9.95%
84 Months 6.95% 7.95% 8.95% 9.95%
120 Months 6.95% 8.95% 9.95% 10.95%
180 Months 7.95% 8.95% 9.95% 11.95%
240 Months 7.95% 8.95% 9.95% 11.95%
TERM Qualifying FICO Score
725+ 700-724 660-699 650-659
60 Months 7.95% 9.95% 11.95% 12.95%
84 Months 8.95% 10.95% 11.95% 12.95%
120 Months 8.95% 11.95% 11.95% 13.95%
FHA Title-1 Home Improvement Loans
- Unsecured Rate Matrix
**Maximum Loan $7,500.00**
Qualifications• Individual Applicants: Middle credit score of 650 or higher
• Joint Applicants: Primary Borrower middle credit score of 650 or higher
• Debt –to-Income Ratio of 45% or lower (adjusted gross back-end)
• Bankruptcies Discharged 2 years or more
Documents Needed for Approval• Signed and dated Information Disclosure Authorization (I.D.A.)
• Past 2 years of W-2’s (each borrower)
• Most recent pay stub (each borrower)
• Recent mortgage statement
• Signed letter of explanation for any derogatory credit
• Proof of any open collections paid (if applicable)
• Estimates describing work to be done and dollar amount required
*All decisions including rates and approvals are at the sole discretion of Admirals Bank. Rates are
subject to change without notice.
***Effective: October 28, 2011
Homeowner receives the Funds
Customer can receive the funds in 11-12 business days
Customer chooses (2) checks, (1) check or wire transfer
Homeowner approval
Customer is pre-qualified within minutesBorrower(s) provide proof of employment and
income for an official approval
Offer the homeowner the financing option
Apply over the phone or online while you’re at the customer’s house
Complete an application and fax or email it to your Account Executive
THE PROCESS
Attn: Brian Silver │ 1-401-248-7311 or 1-800-572-7844 ext. 7311 │ Fax: 1-888-622-2573 │ [email protected]
*Contractor/Company whom referred you: ____________________________________________
*Required to fill in if applicable
HOME IMPROVEMENTS _______________________________________________________ AMOUNT REQUESTED____________________________
REAL ESTATE INFORMATION
ADDRESS ______________________________ CITY _______________________ ST _____ ZIP __________________
DATE PURCHASED ____________________ ORIGINAL PURCHASE PRICE ______________________________
1ST
MORTGAGE BALANCE ________________ PAYMENT __________ TAXES & INS. INCLUDED? Y / N
2ND
MORTGAGE BALANCE ________________ PAYMENT___________ CURRENT VALUE _________________
MOBILE HOME Y / N MULTI FAMILY PROPERTY Y / N # OF UNITS _________________
BORROWER INFORMATION
BORROWER CO-BORROWER
NAME _______________________________________ NAME _______________________________________
SOC SEC # ____________ - ________ - ____________ SOC SEC # ____________ - ________ - ____________
DATE OF BIRTH ______________________________ DATE OF BIRTH ______________________________
HOME PHONE ________________________________ HOME PHONE ________________________________
ALTERNATIVE PHONE ________________________ ALTERNATIVE PHONE ________________________
EMPLOYMENT INFORMATION
BORROWER CO-BORROWER
EMPLOYER ____________________________________ EMPLOYER __________________________________
ADDRESS _____________________________________ ADDRESS ____________________________________
PHONE ________________________________________ PHONE _______________________________________
LENGTH OF EMPLOYMENT _____________________ LENGTH OF EMPLOYMENT ____________________
POSITION _____________________________________ POSITION ____________________________________
ANNUAL INCOME _____________________________ ANNUAL INCOME ____________________________
OTHER INCOME _______________________________ OTHER INCOME ______________________________
BORROWER
I do not wish to furnish this information
ETHNICITY
Hispanic or Latino Not Hispanic or Latino
RACE
American Indian or Native Alaskan
Asian
White
Black or African American
Native Hawaiian or Other Pacific Islander
SEX
Male Female
CO-BORROWER
I do not wish to furnish this information
ETHNICITY
Hispanic or Latino Not Hispanic or Latino
RACE
American Indian or Native Alaskan
Asian
White
Black or African American
Native Hawaiian or Other Pacific Islander
SEX
Male Female
Submit
Follow instructions for completing and submitting the application.
Provide
Email Address Create Password
Visit
http://www.admiralsbankloans.com/home_improvement/home.asp
When asked how you heard about Admirals Bank, select contractor
and enter code listed below
Your Contractor Code
Online Application
TIME TO GROW
You Sell More Jobs
Customer gets the work done
Everyone Benefits
Fill out two forms and provide proof of proper licensing and liability insurance
Get approved to offer financing to your customers
Start offering a financing option, stop losing jobs due to lack of funds and grow your business
GETTING YOU SIGNED UP
Admirals Bank Contractor Referral Program Survey To enroll in the Admirals Bank Contractor Referral Program, please take a few minutes to complete the short survey below. In
addition we will need a copy of your Contractor’s license (if your state requires one; if not, please provide a copy of your business license) and certificate of liability insurance. If you have any questions regarding this survey or the Admirals Bank Contractor
Referral Program, please call us at 1-800-715-8472.
Contact Name ______________________________________________________________________________________ Company Name ___________________________________________ Date _______________________________ Street Address ______________________________________________________________________________________ City / State ___________________________________________ Zip _________________________________ Phone ___________________________________________ Fax ________________________________ E-mail Address ______________________________________________________________________________________
For IMMEDIATE response, please provide your email address
What type of home improvements do you offer? _________________________________________________________________ How long have you been in business? _________________________________________________________________ How many labor crews do you employ? _________________________________________________________________ How many jobs do you average per month? _________________________________________________________________ What is your average cash price per job? _________________________________________________________________ Do you offer free estimates? (please circle)
YES NO How many sales representatives do you have? _________________________________________________________________ What type of financing do you offer? (please circle)
IN-HOUSE OUT-SOURCED NONE Sales/Finance Manager ______________________________________________________________________________________
FAX YOUR COMPLETED CONTRACTOR SURVEY & COMPANY PROFILE TO Attn: Brian Silver 888-622-2573
Contractor Referral Company Profile
Company Name: ____________________________________________________________________________________
Street Address: _____________________________________________________________________________________
City, State, Zip: _____________________________________________________________________________________
Name of Company Principals:
1. ________________________________________________________________________________________
2. ________________________________________________________________________________________
3. ________________________________________________________________________________________
4. ________________________________________________________________________________________
Company Phone Numbers:
1. ________________________________________________________________________________________
2. ________________________________________________________________________________________
3. ________________________________________________________________________________________
Company Fax Numbers:
1. ________________________________________________________________________________________
2. ________________________________________________________________________________________
3. ________________________________________________________________________________________
Company Email and Web Address:
___________________________________________________________________________________________
___________________________________________________________________________________________
Name of Primary Company contact(s):
___________________________________________________________________________________________
___________________________________________________________________________________________
*NOTE: If you would like to opt-out of receiving fax or email communications from the Admirals Bank Contractor Assistance Team, please specify “NO CONTACT” next to your fax number and/or email address.
John A. Lyon
Admirals Bank
15 Park Row West
Providence, RI 02903
Tel 800-572-7844 Ext.7335 | Dir. 401-248-7335
Fax 888-622-2573
NMLS : 774620
CONTACT INFORMATION