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Conventional Rehab Loan
Conventional Rehab Loan provides the option of a no money down financing that covers the value of the property plus the cost of renovating the home. Below are a few facts about the Renovation Loan option, for more information don’t hesitate to fill out the form above and an experienced loan officer will guide you thru the process.
– The Conventional Rehab Loan can be used for home improvements with a borrower’s first mortgage, instead of a second mortgage or home equity line of credit.
– The maximum allowable loan-to-value (LTV), CLTV, and HCTLV ratios have been increased to 97% for 1-unit, principal residence, fixed-rate, purchase, and limited cash-out refinance (LCOR) transactions.
– The limit on eligible renovation funds has been increased to 75% of the lesser of the purchase price plus renovation costs, or the “as-completed” appraised value for purchase transactions; and 75% of the “as-completed” appraised value for refinance transactions. (Available in DU on March 17.).
– Must have the ability to finance the renovation cost, less than 10% of the appraisal value of $10,000.
– The home repairs must begin after closing so that there are no delayed funds for the seller.
– The borrower must choose his or her own contractor to perform the renovation.
This a special opportunity to get 100% financing!
If you are interested in learning more or starting the Conventional Rehab Loan process, contact us by filling out the form or calling us today!