Small Rental Assistance Program

The SRA Program “Round 2” is finally dispersing the funds!

Application deadline is December 15th

Here are the basic guidelines to qualify for $73,000.00 in Gov’t funds for a duplex and/or $36,500 in Gov’t funds for single family home: The on-line application is at www.mdasrap.org. Call us and we will help answer any questions you might have!

Dispersement of funds:

50% Gov’t funds available at permit

50% at Certificate of Occupancy ( Building time is approximately 45 days)

 

The Basic SRA Program requirements:

Investor must pass a fraud alert and identity check

1. Investor must have a satisfactory credit score 580 or higher
2. Investor must not be a convicted felon
3. No land lord real estate experience is required
4. Land has to be in investor's name or company name before application is processed (call us for details at 228-467-8188 and ask for Pat)
5. A maximum of 20 units per investor are allowed (unit is considered one family)

 

Banks who are participating in the SRA Program require:
 

1. Credit score of 700 or higher
2. Full documentation loan
3. 2 years of tax returns including P/L statement
4. This is a commercial loan for 20 years @ 7% or less.  You can own more than 4 properties since commercial loans do NOT follow Fannie Mae, Freddie Mac guidelines
5. 20% down payment
6. Builder will pay all of the buyer's closing costs
   

Steps to Qualify For SRAP

Get pre-qualified by one of our lender(s)-approx. 2 days

• Have a credit score above 700
• 2 years in the same line of work
• Full documentation loan - 2 years tax returns and P/L
• 20% down payment is required - $26K to $28K depending on a Single Family and/or a Duplex home
  

Purchase the land in your name

We will close on the land in your name by escrowing the money until you are approved from SRAP. If for some reason you’re not approved the land will revert back to the original owner and you money is refunded. One of the main qualifications of the SRAP is you MUST own the land prior to submitting an application.

      Upon your approval the escrow money is then released to the seller

     The loan will close in your name and the balance of the % is put down. The loan is a construction to permanent loan. A one time close.

SRAP funds will be released to you 1 to 2 weeks after the C.O. The building time is approximately 45 to 60 days. The loan will convert to a 20 year and/or 30 year loan…Your choice!

We give you three easy ways to contact us:

•  Visit us on the Web:  www.gcrevital.com
• Email Pat at: Pat@gcrevital.com
• Call Pat at:  228.224.6456