Jumbo Renovation

The Renovation Mortgage Process Revealed

GENERAL PROGRAM GUIDELINES

  • Available programs in this category would be specific to properties that require loan amounts over $424,100.00 as of 2017
    • Note: Some Markets designated as “High Balance” will allow higher loan amounts with the HomeStyle Program
  • Lenders that offer this program or a version of this program will be more difficult to find

  • What to look for
    • Lenders that allow Renovations to be included up to or over the above listed loan amount (Non High Balance Markets)
    • Lenders that will allow this with a Construction type loan program.
      • Expect Credit scores to be required to be much higher then a typical Renovation Loan Program
      • Expect more Assets to be required for a program like this as compared to a typical Renovation Loan Program

  • Allowed Renovations – May be restricted to Non Structural Repairs (lender discretion)
    • Construction Loan Options may be more flexible with allowing Structural Repairs to be included.
    • Construction Loan Options may require an initial interest-only period during the Renovation phase

General Program Guidelines

FHA Limited 203k

  • Both Purchase & Refinance Allowed
  • Refinances require 2 appraisals (As Is & After Improved Value)

FHA Standard 203k

  • Both Purchase & Refinance Allowed
  • Refinances require 2 appraisals (As Is & After Improved Value)

Fannie Mae HomeStyle

  • Can lend up to 95% of after improved value up to Conforming loan limits
  • 1-4 units properties allowed

THE VA RENOVATION LOAN

  • Newest Renovation Loan Program in the Market
  • Purchase & Refinance allowed

JUMBO RENOVATION

  • Available programs in this category would be specific to properties that require loan amounts over $424,100.00 as of 2017

Our Motto is The Renovation Mortgage Process Revealed

Contact Us