Renovation Loans
I specialize in helping buyers and investors purchase distressed homes. The lending options provided by our affiliated lender are the best I have found anywhere.Renovation loans are special loans which are provided by our affiliated lenders for the purchase and restoration or remodel of a bank owned property.
There are two basic type of Renovation Loans available.
1. 30 year fixed rate Renovation Loans for purchase, repair and remodel. This loan usually takes about one month and requires average credit (FHA minimum qualification standard). The loan contains funds for purchase, rehab, remodel, points, fees and interest for 6 months until the home is ready to move into. The entire loan is funded at time of purchase and is partially disbursed as the work is completed.
Advantages are, a) one time funding, b) best available rates at time of funding, c) available up to 97% of fixed up appraised value. d) for owner occupants only.
2. Short term 60 days or 120 day acquisition and renovation loans. These loans are quick acquisition and major rehab loans designed for the investor or owner occupant who needs the flexibility of a quick funding. These are perfect for distressed HUD homes purchased by owner occupants. These loans cost from 3 to 4 points (a point equals 1.00% of the loan amount) and are written at 10% interest rate for the duration of the original loan term.
Advantage are, a) Affiliated lender will fund in 72 hours or sooner upon obtaining insurance and title commitment. b) no other loan originations fees of any type are required, c) no appraisal is required, d) available up to 90% for investors, 97% for owner occupants.
Our affiliate lenders require a standard FHLMC/FNMA loan application along with a 65.00 credit report and automated underwriting fee. Please download the Loan Application and fill it out to the best of your ability. Bring it with you to our first appointment and I will help complete it.