Via's Distressed Property Renovation Programs
Revitalizing communities one home at a time...
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Preferred Partner Program bundles everything you need with Via providing everything from Finding, Funding to Fixing, coordinating it all for the Buyer.
Let Via find you the property you are looking for. Currently over 5000 properties are available in the Maricopa County and outlying areas that are bank owned and present buyers with great value purchasing possibilities. Via, as licensed Arizona real estate brokers or qualified agents can show you these properties.
Once property is selected, Via will quote any necessary repairs or remodeling wanted by Buyer. Via provides Buyer and Lender guaranteed quotes for Buyer's and Lender's approval. Money will be set aside by loans below for those repairs or remodeling costs. Repair/remodeling monies only advanced after Via completes these items and loan has funded Buyer's purchase of the property.
Via has partnered with their Preferred Lender, Sun American to provide Buyers two great types of 1-time close loans that purchase and fix up properties. Owner Occupant loans (FHA 203K) or Sun American's in house Non-Owner Occupant loans.
- Government funded.
- Primary residences only. Not applicable to investment properties. (See Non-Owner Occupant Program below for investment type properties)
- Credit scores of 620 or higher required. Income/Assets subject to approval.
- Co-signers permitted. Either co-signers or main signers must occupy home.
- 3.5% down payment requirement up to the maximum Maricopa County loan limit of $345,250. Any purchase price of home and repairs costing above $357,775 would require a down payment beyond the 3.5% down payment to be paid in a cash difference.
- This loan covers both the purchase and the fix up/remodeling costs all rolled into one loan with one set of closings costs covering all eligible expenditures. Sellers may pay for Buyers closing costs.
- Applies to all types of home rehabilitations, purchase of a new home, or remodeling of existing homes.
- $5,000 minimum requirement for work to be performed. No maximum. All repair remodel costs combined with purchase price of home must meet appraised "As Completed" value. Appraised value will be determined on "As if" work was performed, not the "As is" value of the current home's state.
- For accountability purposes, work must be performed by one general contractor licensed to perform work. Via meets that requirement.
- Preferred Partner Program of Sun American and Via eliminates Buyer's cash out-of-pocket for renovations. .
- Loan purchases home for Buyer. Sets money aside assigned for Via's repairs/remodeling work requested by Buyer.
- Conventionally funded in-house loan by Sun American/Judi Gustin.
- Ideal for investment homes
- Credit scores of 680 or higher required. Income/Assets subject to approval.
- Co-signers permitted.
- As low as 25% down payment requirement up to the maximum Conventional loan limit of $417,000. Any purchase price of home and repairs costing above $556,000 would require a down payment beyond the 25% down payment to be paid in a cash difference.
- This loan covers both the purchase and the fix up/remodeling costs all rolled into one loan with one set of closings costs covering all eligible expenditures. Sellers may pay for Buyers closing costs.
- Applies to all types of home rehabilitations, purchase of a new investment home, or remodeling of existing investment homes.
- $5,000 minimum requirement for work to be performed. No maximum. All repair remodel costs combined with purchase price of home must meet appraised "As Completed" value. Appraised value will be determined on "As if" work was performed, not the "As is" value of the current home's state.
- Preferred Partner Program of Sun American and Via eliminates Buyer's cash out-of-pocket for renovations.
- Loan purchases home for Buyer. Sets money aside assigned for Via's repairs/remodeling work requested by Buyer
Via performs all work necessary to bring home up to health and safety standards as well as performs all of Buyer's requested repairs or remodeling item
- Once a home is selected, Via provides Buyer with a guaranteed quote for desired fixes and/or remodels. Often quotes are provided to Buyer within the first 5 working days of request which keeps Buyer's loan paperwork on track, a key point for Buyer's successful closing on their purchase of the home.
- Optimum time for Buyer to order a quote is shortly before or after Buyer's offer is accepted by Seller.
- All quotes for work on this program must be turned into Lender during Buyer's qualifying period for the loan. So the sooner Via reviews the site the better.
- Once loan funds the purchase, the monies for the quoted work are set aside with NO interest accruing on those reserved funds until they are advanced.
- Via promptly performs the work once Buyer has ownership. Often completing work in 1st 30-60 days after Buyer has taken title to home.
- Lender inspects for completion of quoted/approved work and then Via receives their monies, not before.
- All work is guaranteed under Via's general contractor license #191561 to the Arizona's Registrar of Contractors Minimum Standard of Work requirements
(Last updated June 2009 – call for any changes)
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