Renovation Loans

HOMESTYLE RENOVATION - CONVENTIONAL

The Fannie Mae HomeStyle Renovation Loan is a conventional mortgage that allows you to purchase or refinance both the cost of the home and planned renovations.

FHA 203 K

FHA 203K Loans include the cost of repairs and renovations when that amount is over $34,999 OR there are structural repairs involved (ex. foundation repairs) including a 10-20% contingency. Homeowners and buyers will enjoy the perks of FHA financing, including low interest rates, a 3.5% down payment, and less stringent qualification guidelines, however their loan amount will be limited to $411,700 in most cases.

FHA 203 K STREAMLINE

The FHA 203K Streamline Loan is similar to the FHA 203K but only allows for cosmetic improvements up to $34,999 including a 10% contingency. Again, homeowners and buyers will be able to take advantage of the great terms FHA loans have to offer, but cannot upgrade or repair structural items without jumping up to the full 203k.

EZ - C

EZ-C is an exclusive conventional product that we offer for short term projects of $35,000 or less, combined with conventional loans. Rather than going through a more extensive vetting process with a larger project, clients will see less expensive costs and an easy, streamlined process.

ESCROW HOLDBACKS

We offer an extensive suite of escrow holdback products including Buyer and Seller Funded Repair Escrows, Minimum Property Standard Repairs, Weather Related Escrows, USDA Escrow Holdbacks, and HUD REO Escrows. These are all great problem solving tools for buyers and sellers, and can be a quick fix for any transaction.

POOL LOANS

Include a luxurious swimming pool and outdoor kitchen with our Pool Loan. This can be included in a refinance or purchase and piggyback off any conventional loan. Clients will enjoy one loan, one low rate, and one set of costs.

VA RENOVATION

A VA renovation loan from PrimeLending offers you all the savings of a VA loan with the convenience of one application, one closing and one monthly payment. Benefits include:
- No down payment
- Finance renovations for up to four units
- No private mortgage insurance
- Smooth, hassle-free process
- Loan amounts up to $1 million