In today's economy, it may make more sense to renovate your home, rather than try to sell it for a reduced price. Perhaps you need more room, or just want to upgrade your ameneties? Look no further! A home renovation loan is your answer! Remember, you can also buy and rehab a home with our purchase and renovation loan program.
Home renovation loans are a terrific way to turn your existing house into the home of your dreams. In most cases, you can qualify for this loan with NO MONEY OUT OF POCKET. This loan program allows you to use the future, renovated value of the property to qualify and will payoff your existing mortgage and roll all of the construction costs into one new loan at today's great rates.
Since we offer so many different loan programs and not all borrowers will qualify for all programs, it is best to complete our information request form and have one of our renovation loan experts contact you to discuss your specific needs. And, don't forget, just for asking us for information, we will send you a 100% free, no obligation gift card for $300 of groceries at your favorite local grocery store.
Some Basic Facts About Our Rehab/Renovation Loans
- For all programs, you must be gainfully employed, able to document your income and have at least a 620 credit score. (If your scores are less than 620, __please see our page on the new National Credit Bailout Program and how we can assist you in buying your home)
- Maximum loan amount is $417,000 in most areas, depending on loan program. We have exceptions for certain higher cost areas.
- Loans are intended for PRIMARY RESIDENCE ONLY.
- Single Family Residences, Duplexes and 3-4 Unit Properties are acceptable. Different guidelines apply for 2-4 unit properties.
- Loans pay off existing mortgages and will allow all rehab costs to be rolled into loan and will be based on the "after-renovated" value.
- You will have up to Six Months, and in some cases up to 12 months, to complete renovations with most of our programs.
- Minimum renovation amount is $5,000, Maximum is as much as you need, only subject to loan limits and your qualifications.
- We offer both major rehab and minor rehab programs. Minor is considered anything under $30,000 in repairs/renovations.
With our Rehab and Renovation Loans, you can:
With our Programs, you can also:
Renovate One to Four unit dwellings, Convert multi-unit dwellings down to one to four units, Convert a Non-residential building to residential, Convert a Single Family house to a 2-4 units dwelling, Completely tear down to the foundation and rebuild).
Here is just a small list of the kinds of renovation work you can do to turn your house into your dream home:
New freestanding appliances
Contact us now for more details.
Get Free Access to the Best Contractors Here:
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A Service of CM Direct Inc. 877-876-3688