Renovation & Construction
Have your eye on a
home that's a steal to purchase, but needs some tender loving care? Or maybe
you want to build your own? Usually, you're looking at two loans. One for
purchase, the other for the renovation. Or, in the case of new construction,
the work and then the permanent financing. Either way, it's complicated and
Mortgage Company has loans that do both. And you only have one set of
paperwork to fill out. One set of loan approvals. One interest rate,
throughout. Pick up the lumber and nails, and let's start hammering!
hard-to-find government loan that's perfect for new home buyers. Low down
payment (as little as three percent), and loan amounts up to 110 percent
of the home's after-improved value!
Works similar to 203(k), but there are no restrictions to the type of home
improvements you can make, such as luxury items. You can finance up to six
months of mortgage payments during the renovation. And you can use up to
50 percent of the home's after-improved value for improvements.
Construction-Plus. Only interest is paid during the construction phase
(up to nine months). Upon the home's completion, the loan automatically
converts to a 30-year fixed-rate mortgage. One set of documents. One set
of approvals. Easy.