Renovation Loans

Typically, a loan that includes funds for improvements in a residential property, such as additions and alterations, maintenance and repair, or replacement of structural parts, These include:
Escrow Holdback
  • Ensures improvements up to $5,000 can be made after closing
203K Streamlined Loans
  • Allows your buyers to finance repairs or remodels at closing
  • Up to $35,000 for renovations and repairs
  • Financing based upon improved value rather than present value
  • Single loan with one closing
  • Down payment as low as 3.5%
  • Variety of repairs are allowable
  • Limited number of contractors allowed
  • Mortgage insurance for term of loan
FHA 203K
  • For more extensive renovations
  • FHA inspector must be involved
  • Only one contractor allowed
Conventional Loan
  • Similar to Construction to Permanent Loan
  • 10% down payment with good credit score
  • Remodels and additions are allowed
  • Mortgage insurance can be eliminated