Up to 105% of After repair appraised value.
Renovation funds escrowed in an interest bearing account
Soft costs (architectural services, engineering, permit fees, etc.) may be financed
Loans are underwritten to FNMA guidelines
- Primary Residence Up to 95% LTV
- Second Home Up to 90% LTV
- Investment Property Up to 75% LTV
Borrowers can basically do any repairs / renovation to the home that they want as long as the appraisal supports the value, the improvements are common for the area (pools, for example), the repairs can be completed within six months, and the repairs do not exceed 50% of the after improved appraised value.
I have seen a lot of home buyers miss out on excellent deals only because the home was not lendable due to repairs needed. This loan puts the regular buyer right back in the game and gives you the opportunity to compete with investors.
You might still have to outbid the investor if you are bidding at the same time but if you’re bidding in the owner occupant period this loan program is a great opportunity to get the right property that’ll fit your needs.
The option to use this loan to purchase a secondary home is HUGE…you can finally get an income producing property and have the money to fix up the property up to 4 units all in one loan.
This program is also Investor friendly and will loan up to 75% of the After Rehab Value…Most Hard Money loans will start you at 70% ARV and charge 15-20% interest for a 6 month loan.
Take advantage of this opportunity now…fill in your info above or call 773-273-9155 Today
watch the New Rehab Loan Program on YouTube