Renovation Loans

These loans offered in both purchase and refinance.  They cover the acquisition of the property and all budgeted repairs.

• up to 95% LTV on primary residences 1-4 units
• 90% on Second Homes
• 85% on investment 1 unit only
• 620 minimum credit score
• Mortgage insurance required on most above 80% LTV
• 1-4 unit, condo, pud and Manufactured homes allowed
• On purchase, the value is the lessor of the purchase price plus improvements or the as completed appraised Value
• On refinance transactions, the as complete

These loans offered in both purchase and refinance.  They cover the acquisition of the home and renovation costs. 

• 3.5% down with a 580 minimum credit score. As completed LTV may be as high as 110% in certain cases
• 1-4 unit, condo, PUD, manufactured eligible
• Must be Primary Residence
• 2 options, Limited to repairs of $50,000 and Standard above $50,000
• HUD consultant required on Standard
• A great option to make repairs on a home that will not meet FHA guidelines
• Can be done as a refinance on any mortgage

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These loans offered in both purchase and refinance.  The cost of the home and repairs is included.  

• 600 Min credit to 100%
• 580 Min Credit Score to 90%
• No luxury items or structural repairs
• 1-4 units, single, double and triple wide mobile homes, Condo and PUD eligible
• must be primary residence
• Renovation budget of over $50,000 requires a HUD consultant

These loans offered for purchase  only.  They cover the acquisition of the home and allowable repair costs

• 0% down payment
• 620 Min Credit Score
• 1 unit, condo, PUD allowed
• Income must be under the USDA limit for area
• HUD consultant required

  These loans are designed for investors who plan to purchase a home, do renovations and then re-sell or rent the home out.  There are several investors for these, and each has certain levels of risk based on the project.  

• Final LTV and amount of loan will depend on property, repairs and borrower strength
• Most will finance 100% of repairs, 80-90% of purchase as long as our ARV (After Repaired Value) is less than 80%
• These loans typically do not have income requirements but do have reserves reqd.

WE also have access to several private money investors for loans that do not fit the typical mold.  Each of these lenders approve or deny each specific loan and borrower.  Reach out for more information