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Renovation/Rehab Plus Loan
The location is perfect, price is right, house is structurally sound but it needs some work. Just get a purchase loan plus extra money for the renovation, right? NOT RIGHT! That is not the way banks work. They will only lend the purchase price or appraised value less the down payment -- whatever is less.
But, we are working on a new "Renovation Plus" loan. The idea is that you would borrow both the money for the purchase and rehab, renovation or even redecoration. This would be the perfect loan for home buyers that want upgrades, owners that want to improve an existing home, home improvement contractors, real estate agents with slow moving properties and investors.
- LTV based on value after improvements
- LTV 95% Purchase, 90% Rate/Term Refi and 80% Investor
- No seasoning required on Rate/Term Refi
- Interest rate during renovation phase is the same as the permanent interest rate.
- Eligible properties would include SFR, 2-4 Unit, Condos, 2nd homes and investment SFR
- Work must be completed by general contractor as per estimates at time of approval.
If you are interested in this unique program email us and let us know!
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