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Closing Promise

Time-clocks-300x225Our Promise

Envoy will close your Home Purchase on or before the Closing Date listed on the Sales Contract (or) give you a $250 VISA card*

To Qualify

  • Must receive fully executed contract at least 30 calendar days before Closing Date
  • The following items must be received at least 15 calendar days prior to the Closing Date
    • Income documentation supporting 2 years of acceptable income
    • Asset verification supporting required funds to close
    • Homeowner’s insurance policy
    • Adequate and clean title policy
    • “As Is” appraisal supporting purchase price

*The fine print:

  1. Delays caused by the Sellers or the Buyers choosing to postpone the closing date will void the closing promise.
  2. Brokered Loans (those not funded directly by Envoy), rehab such as 203(K) variations and construction loans are not eligible for Closing Promise.
  3. Closing Promise only applies to loans processed by the Louisville, Tulsa & Brookfield offices.
  4. Terms and conditions of Closing Promise are subject to change without notice.

Launch of Full 203(k) Renovation Financing

Renovation Mortgage Financing Wisconsin 203(k) | Photo Credit http://boceanconstruction.com/services/renovation/ENVOY MORTGAGE LAUNCHES FHA FULL 203(k) LOAN PRODUCT

Unique Product Increases Buying Opportunities for Borrowers, Rolling in Renovation and Repair Costs, Positively Impacting Neighborhoods Across America

Houston, TX – January 7, 2013 – Envoy Mortgage, a full-service mortgage banking firm operating retail branch locations across the United States, and currently originating mortgage loans in more than 48 states, recently expanded its FHA 203(k) loan product offering to include a full 203(k) loan option in which borrowers have an unrestricted window for costs of renovation and repair on a home purchase—limited only by area FHA loan limits. To date, Envoy has been offering a streamline option, in which borrowers can combine the purchase price of a home, plus up to $35,000 for renovation and repair costs, into a single mortgage transaction.

“The U.S. real estate market continues to have a high inventory of distressed properties, which includes foreclosures and REOs that are a result of the economic downturn,” said Suzanne Schakett, Senior Vice President of Builder Products in Envoy Mortgage’s National Builder Division. “The full 203(k) loan is a construction-related product that essentially benefits everyone involved in real estate today. For borrowers, it means opportunities to take advantage of favorable prices on existing homes and to be able to customize the homes to their specifications. For real estate agents, the 203(k) products allow a means to sell distressed properties “as is”. And for builders who have expanded their business to include renovations, these products provide much-needed financing for their buyers. At a minimum, these unique products allow us to move through some of the overhang inventory in order to bring the new construction market back to a more normal state. All in all, such loan products have a positive impact on neighborhoods across the United States.”

The full 203(k) FHA loan augments Envoy Mortgage’s suite of products that fall under its National Builder Division umbrella. Through either 203(k) loan product, a borrower can purchase an existing property, roll in costs of renovation and repair into the final loan amount, close on the property “as is,” and then begin the repairs.

“These 203(k) products are in fact FHA-insured loans. Borrowers can purchase properties under essentially similar guidelines as the FHA 203(b), which allow most to qualify with a 3.5 percent down payment—regardless of the costs for renovation and repair,” Schakett said. “FHA loan limits vary from market to market. These loan products stimulate affordable housing and the economy by encouraging sales of distressed properties, rehabilitating neighborhoods, and expanding the buyer pool to FHA-qualified families. Because these products can be slightly more complex than an FHA 203(b) loan, Envoy’s loan officers are well-trained as experts to effectively help borrowers find the product that meets their needs based on the property condition and their financial profile.”

“The addition of the full 203(k) loan product is really a win-win across the board” Schakett said. “In 2013 there will still be a record number of properties on the market that need some form of rehabilitation. These products represent the perfect solution for a large percentage of them to sell and kick start our ongoing recovery in a meaningful way.”

For more information, please contact me.