Conventional Renovation Loans For Primary Borrowers and Investors
1) CHOICEReno eXPressSM Mortgage
Rehabilitation Loan Limit: 10% of Refi Loan or Purchase Amount or 15% in Duty to serve high-needs areas.
2) “CHOICERenovation” Loan
Loan Limit: Refi 75% of After Repair Value –Purchase 75% of the lessor of Purchase price and renovation
• Rehabilitation Loan Limit: No Limit Up-to
• Max Loan Amount: 1Unit $621,000 - 2 Units: $795,000 – 3 Units $960,950 – 4 Units: $1,194,250
• Financing Limit (LTV: Loan To Value): 95%.Primary & 97% if First Time Homebuyer 85% Investment. On Purchases LTV is
based on lesser of A. Purchase Price plus Renovation or B. The (ARV) After Repair Value. On Refinances 75% LTV is loan
amount divided by (ARV) After Repair Value.
• Intended Use: Primary, Second Home, Investment (Purchase & Refinance)
• Credit Score: Min 620
• Property Type: PUDS, 1-4 Units, Manufactured Home, Fannie Mae-Warrantable Condos
• Key Points: HomeStyle loans can also be used to build accessory dwelling units, like
a carriage house or garage apartment or to finish a basement for an in-law suite.
Swimming Pools and permanent landscaping allowed. You cannot use
HomeStyle to tear down and rebuild the home.
Key Advantage No Upfront PMI. 10% Contingency reserve optional to Borrower.
Six months of loan payments can be financed if the borrower is moving out.
Allows you to finish properties started by builders that are 90% complete.
New: 50%of the material costs can be pulled on the first draw. least 51% and
Call or email today or use the Form provided Below to request information. No Cost or obligation.