Prospect Mortgage Sales Manager in Richmond, VA
A Wide Range of Lending Needs
As a licensed Prospect Mortgage Sales Manager in VA (NMLS # 267265), Richard can assist you with your home loan needs.
Having started in the mortgage industry in 1987, I’ve been privileged to help all types of borrowers, with unique financial considerations, achieve their homeownership goals. I am always eager to use my experience to assist all borrowers with a variety of home financing needs, whether the home in question needs renovation or just needs regular mortgage financing.
As a mortgage banker that specializes in renovation lending, here are some things you should know about my background:
- I have closed over 1,500 renovation loans in my career.
- I have maintained a top 1% ranking of renovation producers everywhere I have worked since 1994.
- I have personally used renovation mortgages 4 times to purchase or refinance and renovate my own homes. That means I have dealt with contractors, zoning offices, lenders and all the stuff I ask you to do. I understand the process, and yes, the pain.
- Over 60% of the loans I originate and close are renovation loans, which means you have a better chance of getting your questions answered and your renovation needs met with me, instead of the competition.
- I have the best renovation support team backing me up. I know this because I have worked at 3 of the top 5 renovation lending companies, and I talk to my competitors. This means you will get the best service here.
- I have taught both Continuing Education classes to Agents and homebuyer workshops on renovation lending since 1993, and have been certified to teach in 5 states and the District of Columbia.
- Finally, the number one thing that matters to all borrowers and their Agents is: getting the loan closed. I have a 96% close ratio, meaning that only 4 out of every 100 loans does not close due to credit or property issues that do not meet underwriting criteria. In addition to that, we close many loans a year that other lenders have turned down. So, if you want your loan to close, then take comfort that we want the same thing, and will work hard along with you to help make that happen.
I am available 7 days a week, by phone or text (and email), and am always happy to analyze your specific home financing needs. Let me help you realize your vision for the house you want to call home, or for the house you want to invest in.
Richard Day is 203(k) Renovation Lending Certified
Richard is also certified in 203(k) Renovation Lending, a program particularly well suited for buyers of fixer-uppers and REOs in need of repair. Homebuyers can finance both the purchase and future repairs on their new home with one loan.
The Renovation Loan offers some great features. The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of your home after improvements are made1. Also, because renovation costs are spread throughout the entire term of the loan, monthly payments are often lower than other financing options. With the loan, there is also no need to delay improvements. You can start in immediately after closing. Another great feature is the loan's simplicity - one application, one set of fees and closing costs, one closing to attend and one payment each month. The interest on the cost of your improvements, included in your mortgage, may be tax deductible2 as well.
Richard values your business and will provide you with the best professional service and mortgage solutions that make most sense for you and your unique financial situation and real estate goals.
Please contact Richard Day if you’d like more information about our Renovation Loan, or any other mortgage financing solution. I look forward to working with you!
1For 203k purchase transactions the maximum loan amount is the lesser of the sales price + renovation costs or 110% of the as-completed value, times the maximum loan-to-value. For refinance transactions the maximum loan amount is the lesser of the property value before renovation + renovation costs or 110% of the as-completed value, times the maximum loan-to-value. Loan amount must be within FHA county loan limits.
For HomeStyle® purchase transactions the maximum loan amount is based on the lesser of the sales price + renovation costs or 100% of the as-completed value, times the maximum loan-to-value allowable. For refinance transactions the maximum loan amount is based on the lesser of 1) 100% of the as-completed value times the maximum loan-to-value or 2) the balance on the existing loan plus the renovation cost plus the settlement costs. The maximum repair amount is limited to 50% of the as-completed value. HomeStyle® is a registered trademark of Fannie Mae.
2Please consult a tax advisor for further information regarding the deductibility of interest and charges.
What are people saying about Richard Day?
"Richard Day made this all possible. Rehab loans are difficult in and of themselves: Yet he made the process as smooth as possible. I have already recommended him to several people and couldn't have asked for better!!"
- Charles G., Wilsons, VA
"Richard was great. An awesome person. He made the grueling process so much better. Many thanks!!"
- John K., Henrico, VA
"This was a complex transaction, and it went more smoothly than most of my recent 'simple' transactions."
- Ed T., Chesterfield, VA