Presentation on theme: "Presented by Carol Jordan NMLS# 98985 and Renee Duval NMLS#97967 Certified Mortgage Professionals NH Mortgage Bankers Association designation Licensed."— Presentation transcript:
Presented by Carol Jordan NMLS# and Renee Duval NMLS#97967 Certified Mortgage Professionals NH Mortgage Bankers Association designation Licensed by the New Hampshire Banking Department NMLS ID# 2561 MA Lender License #MC2561 Approved by the New Hampshire Real Estate Commission E1569 – 3 hours continuing education
Turn This INTOThis This Merrimack Mortgage Company Inc. NMLS#2561
The views expressed in this presentation are those of the presenters, Renee Duval and Carol Jordan and do not reflect those of our employer, colleagues or its clients. The information provided by us is for informational purposes only and is not intended as legal or tax advice.
FHA 203K (s) FHA 203K Fannie Mae Home Style Rural Development NH Housing Bank/portfolio options Merrimack Mortgage Company Inc. NMLS#2561
203K is an FHA rehab loan 203Ks is the streamline version of the FHA 203K Merrimack Mortgage Company Inc. NMLS#2561
FULL 203KStreamline 203K Over $35,000 Structural changes ok 2+ months to finish Several disbursements Under $35,000 No structural changes Work to be completed within 60 days Only 2 disbursements Lets Break it Down and Get into Some Detail Merrimack Mortgage Company Inc. NMLS#2561
Eligible properties Owner Occupied Single Family Homes Owner Occupied 2-4 family homes FHA approved condos Merrimack Mortgage Company Inc. MLS#2561
Ineligible Properties Investment Properties 2 nd Homes Co-ops Mobile Homes Spec Homes Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items Repair/Replace/Upgrade ◦ roofs, gutters, downspouts ◦ heating and/or air conditioning systems ◦ plumbing ◦ electrical systems ◦ flooring Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items Repair/Replace/Upgrade ◦ septic systems ◦ wells ◦ decks & porches Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items Minor remodeling with no structural changes kitchens bathrooms basements Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items Weatherization ◦ windows ◦ doors ◦ insulation ◦ roof & attic ventilation ◦ siding Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items Purchase and installation of appliances ◦ ranges/oven ◦ refrigerators ◦ washers/dryers ◦ dishwashers ◦ built in microwaves Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items lead based paint stabilization or abatement accessibility improvements for persons with disabilities Merrimack Mortgage Company Inc. NMLS#2561
Eligible Work Items Painting ◦ Interior ◦ Exterior Basement waterproofing Merrimack Mortgage Company Inc. NMLS#2561
These items are eligible for full 203k only.. Major rehabilitation or remodeling Relocation of load bearing walls Repair of structural damage Merrimack Mortgage Company Inc. NMLS#2561
These items are eligible for full 203k only.. Repairs/rehab requiring architectural drawings or exhibits Landscaping or other site amenities Merrimack Mortgage Company Inc. NMLS#2561
These items are eligible for full 203k Any repair or improvement requiring a work schedule longer than 2 months Rehabilitation activities that require more than 2 payments per specialized contractor Required appraisal repairs that are not eligible repairs under the streamline 203K Merrimack Mortgage Company Inc. NMLS#2561
County1-unit2-unit3-unit4-unit Belknap, Carroll, Cheshire, Coos, Grafton, Merrimack, Sullivan$271,050$347,000$419,425$521,250 Hillsborough$295,550$379,350$457,350$568,350 Rockingham, Strafford $417,000$533,850$645,300$801,950 Merrimack Mortgage Company Inc. MLS#2561
Using 203K to purchase a home Make the house meet appraisal standards Make the house meet the buyer’s needs Take care of deferred maintenance issues Minimum down payment of 3.5% of the acquisition cost required for Purchases Merrimack Mortgage Company Inc. NMLS#2561
Using 203K to purchase a home Down Payment & Loan Amount based on acquisition cost Sales price = $245,000 Rehab = $ 35,000 Acquisition Cost = $ 280,000 3.5% down = -$ 9,800 Loan$270,200 Merrimack Mortgage Company Inc. NMLS#2561
Example Calculation of Down Payment Sales price = $245,000 +Rehab $ 35,000 = Acquisition Cost $280,000 $280,000 X 3.5% = $9,800 minimum down $280,000 - $9,800 = $270,200 max loan FHA Max loan limits per county apply Merrimack Mortgage Company Inc. MLS#2561
Acquisition cost can be as much as 110% of the “as completed” appraised value Acquisition Cost = Sales Price + Rehab Escrow Acquisition Cost / 110% = minimum value “as completed” Merrimack Mortgage Company Inc. NMLS#2561
Acquisition Cost & Appraisal Sales price = $245,000 + Rehab $ 35,000 =Acquisition Cost $280,000 Acquisition cost can be as much as 110% of the “as completed” appraised value $280,000 / 110% = $254,500 Minimum appraisal is $254,500 Note: Loan amount is $270,200 Merrimack Mortgage Company Inc. NMLS#2561
Appraised Value Dictates Max Loan Amount Appraisal X 110% = Minimum value to still put minimum down Test ◦ Sales price = $245,000 +Rehab $ 35,000 = Acquisition Cost $280,000 ◦ Appraised Value = $254,500 ◦ $254,500 X 110% = $279,950 = more than loan Note: Loan amount is $270,200 Merrimack Mortgage Company Inc. NMLS#2561
$ 168,200 appraisal $185,000 acquisition cost $165,000 appraisal $185,000 acquisition cost Appraisal $168,200 X 110% = $185,020 Acquisition cost $185,000 Appraisal X 110% is more than acquisition cost so max financing is available $185,000 X 3.5% =$6,475 down payment Appraisal $165,000 X 110% = 181,500 Appraisal X 110% is less than acquisition cost so an extra calculation is required $181,500 X 96.5% =175,140 max loan Acquisition Cost $185,000 - max loan -175,140 =Down payment $ 9,860
Available for Refinances too! Buy “as is” and start rehab process after closing at new owner’s convenience Existing owners can do home improvements Maximum Loan to Value is 96.5% of “as completed” value for Refinances Merrimack Mortgage Company Inc. NMLS#2561
Appliances Identify appliances by model Estimates from stores should include installation in the price A labor estimate from the installing contractor is necessary when the price does not include installation Merrimack Mortgage Company Inc. NMLS#2561
All contractors must provide licenses where required by state or local municipalities and/or the licenses of specialty sub-contractors like plumbers or electricians For properties built before 1978, contractors must be lead paint certified. Contractors cannot be related to the borrower Merrimack Mortgage Company Inc. NMLS#2561
Contractor credentials, work experience, licensing information, previous work preformed, client and vendor references must be evaluated. All contractors must provide a W9 All Contractors to sign the 203K agreement Merrimack Mortgage Company Inc. NMLS#2561
Work not covered by this agreement will not be required unless it is required by reasonable inference as being necessary to produce the intended result. No additional repairs will be required unless they come up as a result of work in process.
By executing this Agreement, the contractor represents that he/she has visited the site and understands local conditions, including state and local building regulations and conditions under which the work is to be performed.
Owner: Unless otherwise provided for in the Agreement, the owner will secure and pay for necessary easements, exceptions from zoning requirements, or other actions which must precede the approval of a permit for this project. If owner fails to do so then the contract is void.
If the contractor fails to correct defective work or persistently fails to carry out the work in accordance with the agreement or general provisions, the owner may order the contractor in writing to stop such work, or a part of the work, until the cause for the order has been eliminated.
The contractor will supervise and direct the work and the work of all subcontractors. He/she will use the best skill and attention and will be solely responsible for all construction methods and materials and for coordinating all portions of the work. The contractor must correct promptly any work of his/her own or his/her subcontractors found to be defective or not complying with the terms of the contract
The contractor will not employ any subcontractor to whom the owner may have a reasonable objection The owner will not require the contractor to employ any subcontractor to whom the contractor has a reasonable objection.
All contractors and subcontractors will be afforded reasonable opportunity for the storage of materials and equipment by the owner and by each other. Any costs arising by defective or ill-timed work will be borne by the responsible party.
The contractor will maintain order and discipline among employees and will not assign anyone unfit for the task. The contractor is responsible for, and indemnifies the Owner against, acts and omissions of employees, subcontractors and their employees, or others performing the work under this Agreement with the contractor.
Unless otherwise specified in the Agreement, the contractor will provide for and/or pay for all labor, materials, equipment, tools, machinery, transportation, and other goods, facilities, and services necessary for the proper execution and completion of the work.
The contractor warrants to the owner that all materials and equipment incorporated are new and that all work will be of good quality and free of defects or faults.
The contractor will pay all sales, use and other taxes related to the work and will secure and pay for building permits and/or other permits, fees, inspections and licenses necessary for the completion of the work unless otherwise specified in the Agreement.
The contractor will comply with all rules, regulations, laws, ordinances and orders of any public authority or HUD inspector bearing on the performance of the work. The contractor will provide shop drawings, samples, product data or other information provided for in this Agreement, where necessary.
Work by Owner or Other Contractors The owner reserves the right to perform work related to the project, but which is not a part of this Agreement The owner reserves the right to award separate contracts in connection with other portions of the project not detailed in this Agreement.
Claims or disputes relating to the Agreement or General Provisions will be resolved by the Construction Industry Arbitration Rules of the American Arbitration Association (AAA) unless both parties mutually agree to other methods. The notice of the demand for arbitration must be filed in writing with the other party to this Agreement and with the AAA and must be made in a reasonable time after the dispute has arisen. The award rendered by the arbitrator(s) will be considered final and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof.
The contractor will keep the owner’s residence free from waste or rubbish resulting from the work. All waste, rubbish, tools, construction materials, and machinery will be removed promptly after completion of the work by the contractor.
With respect to the scheduled completion of the work, time is of the essence. If the contractor is delayed at anytime in the progress of the work by change orders, fire, labor disputes, acts of God or other causes beyond the contractor’s control, the completion schedule for the work or affected parts of the work may be extended by the same amount of time caused by the delay.
With respect to the scheduled completion of the work, time is of the essence. The contractor must begin work no later than 30 days after loan closing and will not cease work for more than 30 consecutive days.
Payments may be withheld because of ◦ (1) defective work not remedied ◦ (2) failure of contractor to make proper payments to subcontractors, workers, or suppliers ◦ (3) persistent failure to carry out work in acceptance with this Agreement o with these general conditions ◦ (4) legal claims
Final payment will be due after submission of receipts or other evidence of payment covering all subcontractors or suppliers who could file a lien. If liens are found, final payment will be due after complete release of any and all liens arising out of the contract. The contractor agrees to indemnify the Owner against such liens and will refund all monies including costs and reasonable attorney’s fees paid by the owner in discharging the liens.
The contractor is responsible for initiating, maintaining, and supervising all necessary or required safety programs. The contractor must comply with all applicable laws, regulations, ordinances, orders or laws of federal, state, county or local governments. The contractor will indemnify the owner for all property loss or damage to the owner caused by his/her employees or his/her direct or subcontractors.
The contractor will purchase and maintain such insurance necessary to protect from claims under workers compensation and from any damage to the owner(s) property from the conduct of this contract.
The owner may order changes, additions or modifications (using form HUD-92577) without invalidating the contract. Such changes must be in writing and signed by the owner and accepted by the lender. Not all change order requests may be accepted by the lender, therefore, the contractor proceeds at his/her own risk if work is completed without an accepted change order.
The contractor will provide a one-year warranty on all labor and materials used in the rehabilitation of the property. This warranty must extend one year from the date of completion of the contract. This warranty must extend for longer than one year if prescribed by law or otherwise specified by other terms of this contract.
If the owner fails to make a payment under the terms of this Agreement, through no fault of the contractor, the contractor may, upon ten working days written notice to the owner, and if not satisfied, terminate this Agreement. The owner will be responsible for paying the contractor for all work completed. If the contractor fails or neglects to carry out the terms of the contract, the owner, after ten working days written notice to the contractor, may terminate this Agreement.
Disbursement of Funds All Rehab funds (not disbursed at closing) are placed in Escrow Any unused funds when project is completed must be applied to reduce the balance of the mortgage or the borrower may elect to pay for any additional elective improvements or repairs to the property. Merrimack Mortgage Company Inc. NMLS#2561
All rehab work must be performed by a qualified and experienced contractor, chosen by the borrower and completed in a workmanlike manner Borrowers may not use relatives as their contractors Merrimack Mortgage Company Inc. NMLS#2561
Maximum rehab amount is $35,000 for streamline This amount includes a contingency reserve and certain fees that are financeable. (roughly $31,500 for actual work to be performed) Merrimack Mortgage Company Inc. NMLS#2561
No more than 2 payments per specialized contractor ◦ 1 st for material costs (not to exceed 50% of costs) ◦ 2 nd payment upon completion ◦ All required permits due at 1 st disbursement No consultant, plan reviewer or specification or repairs/work write-up required on streamline Merrimack Mortgage Company Inc. NMLS#2561
Self- Help is strongly discouraged unless applicant’s ability to completely perform the work in a timely and workman like manner is self-evident and easily documented. Lender /Investor specific pre-approval required for self-help Most lenders will not allow self-help Contractors not to be related to borrowers Merrimack Mortgage Company Inc. NMLS#2561
Fee Consultant Required Borrower must use an FHA Fee Consultant Fee Consultant inspects the home and reviews the contractor’s proposal Fee consultant uses the Work write up form See Exhibit B Fee consultant analyzes the feasibility of the project and can also require additional items so the property will meet FHA standards Merrimack Mortgage Company Inc. NMLS#2561
Fee Consultant Required Base fee is $400 for repairs between $5K and $7500 Fee is $500 for repairs up to $15,000 Fee is $600 for repairs up $30,000 Fee is $700 for repairs up to $50,000 Fee is $800 for repairs up to $75,000 Fee is $900 for repairs up to $100,000 Fee is $1000 for repairs over $100,000 Merrimack Mortgage Company Inc. NMLS#2561
What can the listing agent do when the house needs repairs/renovations? What can the buyer agent do when the house needs repairs/renovations? Merrimack Mortgage Company Inc. NMLS#2561
Lets talk about RD now… Also known as USDA Farmer’s Home Rural Development Merrimack Mortgage Company Inc. NMLS#2561
For RD eligible buyers and properties only Income Limits Apply Geographical Limitations Apply Single Family and Condo only Owner Occupied only Merrimack Mortgage Company Inc. NMLS#2561
Rolling Improvements into Loan RD may allow up to $6,650 to be rolled into the loan for repairs to be done after closing ◦ The actual repair + 50% contingency must be put into loan ◦ If repair is $6,550 then $6650 X 150% = $9975 is rolled in ◦ The house must appraise for $9975 above the sales price to escrow the max ◦ The amount of escrow is limited to $10,000 or ◦ The amount of escrow is limited to the difference between appraised value and sales price (but never to exceed$10K)
Rolling improvements into loan 1. Identify needed repair 2. Contractor gets bid to complete work no more than $6, Rehab escrow account will be 150% of the bid $6,650 X 150% =$9,975 (cannot exceed $10,000) 4. House must appraise for sales price + rehab escrow amount 5. Loan Amount is increased by the amount of rehab escrow if appraisal allows Merrimack Mortgage Company Inc. NMLS#2561
RD has limited options for repairs/rehab Negotiate for seller to complete repairs prior to closing Increase loan to include repairs Escrow for repairs to be completed after closing Combine with NH Housing to get rehab option Merrimack Mortgage Company Inc. NMLS#2561
Escrowing for improvements 1. Identify needed repair 2. Contractor gets bid to complete work no more than $6, Rehab escrow account will be 150% of the bid $6,650 X 150% = $9,975 (cannot exceed $10,000) 4. House must appraise for sales price only 5. Buyer or Seller can put the money up to establish the escrow account Merrimack Mortgage Company Inc. NMLS#2561
Financing a RepairEscrowing for a repair $ 175,000 house needs a new roof & cost is $6500 If house appraises for $185,000 then the loan can be increased to $184,975 $6500 is available for repair $3250 contingency Any left over funds after work is 100% complete will be applied to loan balance $175,000 house needs a new roof & cost is $6500 House appraises for $175K Buyer or seller or combination of both can escrow $9750 ($6500 X 150%) and complete the repair after closing $3250 contingency Any left over funds after work is 100% complete will be applied to loan balance Merrimack Mortgage Company Inc. NMLS#2561
Repairs completed before closing Repairs completed after closing ◦ Repairs rolled into loan ◦ Buyer or seller escrows Combine with NH Housing
New Hampshire Housing Finance Authority Not limited to 1 st time buyers Income Limits Apply Flex Programs offer rehab options
New Hampshire Housing Finance Authority Basic FHA 203Ks guidelines apply Contractor requirements same as 203Ks Rehab options exist combining with either FHA or RD
Combine with RDCombine with FHA $35,000 max Includes 10% contingency Must meet geographical restrictions Same general guidelines as FHA 203Ks House must appraise for acquisition cost $35,000 max Includes 10% contingency No geographical restrictions Same general guidelines as FHA 203Ks House must appraise for acquisition cost Merrimack Mortgage Company Inc. NMLS#2561
Combine with RDCombine with FHA Water Quality Test required Dug Wells require water flow test No in-law apartments Single family 1-unit only No Post & Pier foundations Water Quality Test required Generally for single family only but exceptions can be made case to case on 2-4 unit properties when repairs are minor Merrimack Mortgage Company Inc. NMLS#2561
Combine with RDCombine with FHA 3% down payment Seller can pay all closing costs up to 6% of sales price Lower mortgage insurance results in lower payment May be able to use 3% cash assistance May be eligible for MCC (Mortgage Credit Certificates - homebuyer tax credit) 3.5% down payment Seller can pay all closing costs up to 6% of sales price Higher mortgage insurance results in higher payment May be able to use 3% cash assistance May be eligible for MCC (Mortgage Credit Certificates – homebuyer tax credit) Merrimack Mortgage Company Inc. NMLS#2561
Combine with RDCombine with FHA 50% max debt ratio ◦ Must run successfully through GUS ◦ GUS is RD’s automated underwriting system Lower debt ratios for loans that do not run succesffully thru GUS 50% max debt ratio ◦ Must run successfully through LP or DU LP = Freddie Mac’s automated underwriting system DU = Fannie Mae’s automated underwriting system Lower debt ratios for loans that do not run successfully thru automated underwriting Merrimack Mortgage Company Inc. NMLS#2561
Combine with RDCombine with FHA Must use household income Must meet both RD and NH Housing income limits (whichever is less) Use income of buyers on the loan only Merrimack Mortgage Company Inc. NMLS#2561
Fannie May Home Style Fannie Mae Homepath being discontinued Bank & Credit Union Product Merrimack Mortgage Company Inc. NMLS#2561
Available for purchase or refinance No minimum repair limit No maximum repair Structural repairs allowed Maximum loan amount of $417,000 Merrimack Mortgage Company Inc. NMLS#2561
No more than 3 contractors “Self Help” NOT allowed Contracts must include labor & material Contracts must describe the scope of work ◦ Broken down by specific room/area ◦ Break down material & labor costs by specific area ◦ Name licensed sub=contractors Merrimack Mortgage Company Inc. NMLS#2561
Owner Occupied Purchases 5% down Single Family 620 score 15% down2-family home 660 score 25% down3-4 family home680 score ◦ 3-4 units must be self sufficient ◦ Rents must equal or exceed mortgage payment Merrimack Mortgage Company Inc. NMLS#2561
2 nd Homes/Vacation Home Purchase ◦ 10% down required ◦ 620 credit score ◦ Limited to single family homes Investor single family purchase ◦ 15% down required ◦ 1-unit properties only ◦ 620 score ◦ Some lenders finance 2-4 unit investor Merrimack Mortgage Company Inc. NMLS#2561
Qualifying Criteria Minimum credit scores apply Automated Underwriting ◦ Fannie Mae’s DU ◦ DU = Desktop Underwriter Residual income required based on family size and loan amount Merrimack Mortgage Company Inc. NMLS#2561
Seller concessions allowed ◦ 3% seller concession on owner occupied 5% down ◦ 6% seller concession on owner occupied 10% + down ◦ 2% seller concession on investment purchases No cash back on refinances Merrimack Mortgage Company Inc. NMLS#2561
Disbursing Funds No disbursement at closing ◦ Negotiate required deposits with contractor upfront ◦ Buyer must give contractor deposits from Buyers’ own funds 2 disbursements allowed ◦ Midpoint disbursement Appraiser determines percentage of work completed Permits must be in place ◦ Final Disbursement Merrimack Mortgage Company Inc. NMLS#2561
Disbursing Funds Work must be completed within 6 months 10% contingency can be used to offset unexpected costs if properly documented Unused funds reduce the balance of the loan Merrimack Mortgage Company Inc. NMLS#2561
Kathi Paradis Ron Thompson
What is a HUD Home? A HUD Home is a home that had been financed by FHA and was foreclosed upon. HUD now owns the home and is marketing it for sale These listings are in MLS
When you find a listing in MLS that is HUD Home go to Locate the listing on the HUDhomestore site Merrimack Mortgage Company Inc. NMLS#2561
Click on case # to get more info on listing Look for codes: IN = insurable with another FHA loan IE = insurable with another FHA loan but the borrower will have to escrow funds to complete required repairs after closing UI = uninsurable with an FHA loan; borrower can use an FHA 203K or 203Ks to obtain funds to complete needed repairs after closing. Merrimack Mortgage Company Inc. NMLS#2561
Property Condition Report is on file at HUDhomestore.com Click on Sales & Escrow Notes Make sure borrower can qualify for the type of loan needed to close on HUD home Merrimack Mortgage Company Inc. NMLS#2561
Register as Bidder ◦ Enter your principal broker’s NAID # ◦ create a user name & password ◦ provide your contact info Submit Offers for your buyers! Merrimack Mortgage Company Inc. NMLS#2561
Appraisal is on file & can be used by lender ◦ Cannot be more than 120 days old at time of closing ◦ Appraiser must be willing to work with lender ◦ Lender can request appraisal updates/clarifications ◦ Lender can add property conditions Merrimack Mortgage Company Inc. NMLS#2561
Lender required minimum standards All major systems must be functioning properly -Plumbing- including availability of hot water -Electrical systems -Roof & basic structure -Heating system Any deficiencies will need to be corrected ◦ prior to closing ◦ establish escrow to repair after closing ◦ use rehab loan to repair after closing Merrimack Mortgage Company Inc. NMLS#2561
Lender required minimum standards no peeling exterior paint or exposed wood or obvious rot on exterior wood Broken windows and holes in walls must be repaired Safety issues must be addressed Have a checklist of typical red flags Any deficiencies will need to be corrected ◦ prior to closing ◦ establish escrow to repair after closing ◦ use rehab loan to repair after closing Merrimack Mortgage Company Inc. NMLS#2561
Discuss completing repairs before the home inspection & appraisal Completing repairs in advance could translate to a higher sales price or a more marketable property If the seller has equity in the home but no cash to complete repairs then a renovation loan may allow them to upgrade deficiencies and yield a higher sales price. Merrimack Mortgage Company Inc. NMLS#2561
RD requires a refrigerator in the home RD accepts dug wells that flow at 3-5 gallons per minute for a minimum of 3 hours Merrimack Mortgage Company Inc. NMLS#2561
If you have doubt whether the house will pass an FHA or RD inspection, talk to your lender Consider having seller do home inspection to identify needed repairs Consider having a contractor look at the house to bid on required repairs Merrimack Mortgage Company Inc. NMLS#2561
Use checklist to identify potential problems Be aware of typical lender required repairs Have the buyer communicate with the lender to assure that the borrower can qualify for a rehab program Have buyer communicate with the lender to assure they have a complete understanding of how these programs work Merrimack Mortgage Company Inc. NMLS#2561
P&S Considerations ◦ Allow extra time for Financing Contingency ◦ Allow extra time for Closing ◦ Negotiate for repairs to be completed by the Seller. ◦ Negotiate Seller Contributions Access to the property ◦ contractors need to get into the house ◦ will Seller allow unescorted access by contractors ◦ Are you able to meet all contractors at the property Merrimack Mortgage Company Inc. NMLS#2561
Have your clients work with their lender to determine the best products and time frame their individual situation. When you need a REHAB loan Pick up the Phone and Call (603) 225-LOAN (5626)
Licensed by the New Hampshire Banking Department MA Lender License #MC 2561 The information in this presentation is Accurate as of the date of publishing. Information, terms and conditions are subject to change without notice. Always Check with Financial Advisors for Tax information. This is not an extension of credit or a commitment to lend. Subject to Underwriting approval Merrimack Mortgage Company Inc. NMLS#2561 9/18/2013 Merrimack Mortgage Company Inc NMLS
The following slides are taken directly from a course required by NH Housing when buyers use NH Housing rehab programs …