Are you looking to buy or refinance a fixer-upper? We can help you finish the job.
If renovations are needed, there’s no need to wait. With our loan program, you can include the costs to renovate or remodel the home you’re planning to buy or refinance.
Whether you need all new appliances as part of a remodeling project, to complete the final work on a newly built home or add a swimming pool or structure in the back yard, we have a home loan you can use for it.
Here’s how the loan works.
- Qualify for a home loan or refinance based on creditworthiness, proof of income and other factors.
- Select a term for the mortgage ranging from 10 to 30 years.
- Submit third-party builder project plans for approval.
- Include estimated ‘as completed’ value of the property in the appraisal.
- At closing, funds for the renovation are escrowed in interest-bearing account.
- When project is complete, any remaining funds will be put toward principal balance on your mortgage.
The down payment can be as low as 3% if you’re financing a single-family home. If it’s a duplex, the down payment would be 15% and 25% for three or four units. No job is too small to qualify for this loan, and the only restriction is you can’t use the loan for a complete tear-down or reconstruction project.
It’s easy to fold in the cost of remodeling your home or renovating one you want to buy. Let First Class Mortgage show you how.