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Renovation & Construction
Summary
We offer renovation and construction loans to help our clients reach their goals!
Available Programs
Renovation Loan: Use bank statements or 1099s to qualify for a loan! These are our most popular self-employed loan programs
Construction Loan: Loan programs based on your assets not your income
■ Programs
EXPLORE OUR LOAN OPTIONS
Renovation Loan
By utilizing Fannie Mae’s Home Style Renovation Program, we offer renovation loans that allow you to purchase or refinance a home mortgage and combine the renovation costs.
QUALIFICATIONS
MINIMUM DOWN PAYMENT
5% OF SALES PRICE (CAN BE GIFT FROM FAMILY MEMBER)
MINIMUM CREDIT SCORE
620
MAX DEBT-TO-INCOME RATIO
50%
NON-OCCUPANT CO-BORROWER
ALLOWED
MORTGAGE INSURANCE
YES (CAN BE BUILT INTO LOAN)
ELIGIBLE PROPERTY TYPES
SINGLE FAMILY RESIDENCE, 1-2 UNIT, PUD’S, TOWNHOUSE, AND CONDO
MAX LOAN AMOUNT
$548,250
LOAN AMOUNT
$150,000 TO $8,500,000
OCCUPANCY TYPE
PRIMARY, SECONDARY, AND INVESTMENT.
Construction Loan
Construction loans are a two-step process. There is a construction loan and there is a permanent loan. There are 2 closings, one for the construction loan and the other after the house is complete. We will partner with a local bank for the construction loan. Once the house is complete, the construction loan will be refinanced into a traditional mortgage.