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FHA Title 1 Loan - Admirals Bank

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Valued Contributor

FHA Title 1 Loan - Admirals Bank

I don't see a lot of information on this program or this lender on here so I wanted to provide some information for anyone that is looking into a home improvement loan and doesn't have enough equity for other products.

 

So I was looking for alternatives to funding my home improvement projects on the new house besides using my newly opened credit cards.  I came across a program called FHA Title 1 Home Improvement Loan.  It's unsecured up to $7,500 and secured as a second mortgage up to $25,000 - there is no appraisal or equity required in the house.  The bank has another add on option that can take you up to $40,000 if you have good credit.

 

I filled out an application yesterday and got a call back a little bit ago.  They called me back and said they could go to the full $25k and I just got the email saying I was pre-qualified up to the full $40k.  The rates are much better than putting it on my credit cards and doing a debt shuffle which I didn't want to do. 

 

If I did the $25k, it would be at 5.25% for 5 years.  I could do 7-20 years and the rate would be 7.125% - 8.875% depending on the term.  They must have pulled my mortgage scores because he told me it all looks good and they had a 705 score for me!!!!  Wooooo hoooooo, my mortgage scores have been higher ever since my chapter 7.

 

I'm moving ahead with this, I like the fixed rate, the fixed term and there is no pre-payment penalty on it.  Now to start scheduling some estimates!!!!!!!!


back to a seedling 3/17/18
Message 1 of 15
14 REPLIES 14
Moderator Emerita

Re: FHA Title 1 Loan - Admirals Bank

What an excellent program!  Learn something here everyday Smiley Happy

Message 2 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

I found the program by accident. There are only a few lenders that do it. I'm not sure why it's not promoted more, it's areally good program and this is a well established bank.

It will take 15 days to get through underwriting and I'll have a few more days to gather estimates. They do it all in house so that's great. They seem to know what their doing.

back to a seedling 3/17/18
Message 3 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

I'll keep updating with my progress so there's some data points

1/20 - applied around noon. Received an email that someone would call me

1/21 - around 2pm received a phone call from the LO. Spoke with him and he had already pull my credit score and looked at my file to see how much I would qualify for. Gave me different terms to chose from

1/21 - they sent me electronic documents to esign and some print and return and a list of items to send in (similar to my mortgage but not as intense). Had all of this back to them by 7 pm

1/22 - received an email that my stuff was good and it was getting sent to underwriting today.

This is going smoothly so far on the intake. We shall see how the underwriting goes. So far, I'm impressed with them.

back to a seedling 3/17/18
Message 4 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

What all documents were requested, if you don't mind me asking?
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 5 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

Ask away! Last two years w2's, mortgage statement, closing/hud forms, first payment letter, last pay stub, copy of homeowners declaration, contractor estimates, photo ID.

It was stuff that I had readily available. Painless so far.

back to a seedling 3/17/18
Message 6 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

Another update.

1/22 - Received conditional approval (only took a few hours, wow). Nothing hard, will send it off today. Moving along quickly.

back to a seedling 3/17/18
Message 7 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

Great news! Your well on your way to getting done what you have planned!
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 8 of 15
Valued Contributor

Re: FHA Title 1 Loan - Admirals Bank

Update:

1/27 - received closing disclosure for review
1/28 - the bank received the title info, had to send in HOA information. Went to final approval
1/28 - approved and closing scheduled for Saturday

This has been really smooth and easy, I cannot believe it. They send a notary to your house/doorstep for closing. How easy is that?!? Then another three day wait begins. After that they fund (Wednesday) and I will have the money in my bank account Thursday or Friday at the latest. Woo hoo!

back to a seedling 3/17/18
Message 9 of 15
New Visitor

Re: FHA Title 1 Loan - Admirals Bank

THANK YOU for posting this! I've been looking at options for getting my house fixed up to sell, and was looking at Admirals Bank, but couldn't find any info on the rates on these loans, other than they "aren't low."  I don't think they sound bad at all, especially with the option for 20 years and no prepayment penalty!

 

Are you having to pay any closing costs?

 

Thanks

Beverly

Message 10 of 15
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