Streamline

Guiding you through the renovation loan process

Change in renovation project or selected contractors will result in delays, may impact loan eligibility and will require Prosperity Mortgage approval.

(K) - steps to renovation

Customer Contractor ProsperityMortgage

Applying for your renovation loan

. Contact a Prosperity Mortgage renovation specialist to determine the renovation product that meets your needs and begin the application process. . Select the necessary contractors. The contractors provide bids and complete the Prosperity Mortgage forms for validation. . Your selected contractors develop a bid to complete the project. You and your contractors should identify permit/zoning requirements to complete the renovation project. . The appraiser visits the property to determine the after-renovation value, based on the bid, contractor supplies and FHA requirements and completes the appraisal. . Once your loan is approved, a closing date and location will be set, where you will close your loan.

Closing your renovation loan and receiving disbursement funds

. Within 3 business days after the loan closes, you will receive a welcome call from a renovation draw specialist, who will be your contact person until renovation is complete. On this call, you will discuss your first of total funds) in the form of a two-party check made out to you and the contractors. Both disbursement ( you and the contractors must endorse the check. You can receive this disbursement before work begins. Work with your contractors to ensure all permits are in place before work begins. Contractors can begin work after closing as long as all permits have been gathered. Renovations must be completed within four months. . Your draw specialist will contact you at least every days as work is being completed, or as needed.

. Once renovation is completed, you will request final disbursement of funds from the renovation draw specialist. . Complete final draw request form with your contractors. Complete Mortgagor s Letter of Completion, provided to you by your renovation draw specialist. Contractors complete the lien waiver request form. Your renovation draw specialist will arrange your final inspection, if needed, which must be completed and approved by Prosperity Mortgage. . You will receive final disbursement (the remaining balance of total funds) in the form of a two-party check made out to you and the contractors. Both you and the contractors must endorse the check.

Congratulations! Your renovation process is complete!

1. Subject to credit qualication. 2. May be less depending on project. All rst mortgage products are provided by Prosperity Mortgage Company. Prosperity Mortgage Company is licensed inNew Jersey as a Department of Banking Mortgage Banker. Prosperity Mortgage Company may not be available in your area. 2011 Prosperity Mortgage Company. All Rights Reserved. NMSLR ID: 70353 #503081 05/11-07/15/11