Getting A Loan
Renovation
Renovation Loans
A Renovation loan is a mortgage that is backed by one of several sources. Our team has 3 options that are great choices for those looking to take on a construction project while not starting from scratch.
Loan Benefits:
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Several Loan Options
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FHA 203k (Standard or Limited)
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Conventional (Homestyle)
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Borrower can finance up to 6 months of mortgage payments into the loan
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Can be used for cosmetic items (paint, carpet, etc.)
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Can be used to add square footage to increase the value
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Can allow you to purchase a home with as little as 3% down
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Can be a Primary, 2nd Home or Investment
Borrowing Power
Borrow up to 57% of your debt to income. This can include the renovation costs!
*Depending on loan and occupancy type
Speed to Close
Close in as little as 35 business days! Average closing expectation is 45 days or less.
*Based on contractor bid approval
Minimum Credit Score
The minimum credit score a typical borrower will need to have is 620.
*Call for exceptions
Minimum Down Payment
Purchase with as little as 3% down.
*Depending on loan and occupancy type
