Fixer-Upper / Renovation Home Mortgage Loans

         Hello, I’m Dan, a Loan Officer and a General Contactor. Renovation Loans help you compete with the cash buyer because you can do the renovation AFTER close of escrow.  Regular loans require the property to be “livable” BEFORE close of escrow, meaning that all systems and components have to work. Smart sellers will take your offer instead of a low-ball cash offer. Renovation loans are also available for refinances. In addition to being a master of real estate finance, I also own a small custom home building/renovation firm, so I can loan you the money AND do the renovation”  #turnkey  If you are looking for a unique product, check out Stonecoat at danthestoneman.com

                                     Text me any day until 9pm 702-326-7469  (702-DANS-HOW) 

Primary Residence FHA 203k (Maximum loan amount $345,000. (Purchase price is $357,000 with 3.5% down) 580 minimum credit score.

• 3.5% down (of the purchase and repair costs of the property). The property must be at least one-year old.
• Four-plex’s are eligible as long as you live in one of the units.
• Most repairs/renovations are eligible with a minimum renovation cost of $5000.
• You can also refinance your existing house and get money for renovation.
• You can typically borrow up to 110% of the property value.
• The renovations that qualify include: modernization and improvements, elimination of health and safety hazards, changes that improve appearance and eliminate outdated areas, reconditioning or replacing of: HVAC, plumbing, roofing, electrical, flooring, painting, roof, major landscape work, creating accessibility for a disabled person, making energy conservation improvements, MORE.

Primary Residence Fannie Mae HomeStyle Renovation –Maximum loan amount $484,350. (Purchase price can be higher) 620 minimum credit score

• 5% down (of the purchase and repair costs of the property)
• *3% down for first-time buyers, meaning you haven’t owned property in the last 3 years.
• Any type of renovation or repair is eligible, as long as it is permanently attached to the property.
• Borrowers may choose their own contractor.
• Plans/specifications must be prepared by a General Contractor or Architect. The plans must describe all work to be done. 
• Borrowers can perform the renovation work themselves at the lender’s discretion, provided that:
  The Do-It-Yourself part does not exceed 10% of the as completed value. 
• The property is a one-unit owner-occupied home, and not a manufactured home.
• The reimbursement is limited to the cost of materials or the cost of properly documented contract labor (sweat equity may not be reimbursed).
• Renovations should be completed within one year.

Rental (Investment) Properties Fannie Mae HomeStyle Renovation (Maximum loan amount $484,350. Purchase price can be higher)

• 20% down (of the purchase and repair costs of the property). 
• One to four-unit primary residences, one-unit second (vacation) homes, or one-unit investment (rental) properties, including units in condos, co-ops, and PUDs.
• Any type of renovation/repair is eligible, as long as it is permanent. Renovations should be completed within one year.
• Borrower chooses their own contractor to perform the renovation. Lender must review the contractor hired by the borrower to determine if they are adequately qualified. Borrowers must have a written contract with their contractor. 
• Plans and specifications must be prepared by a General Contractor or Architect. The plans/specifications must describe all work to be done and provide an indication of when various jobs or stages of completion will be scheduled.
  

  
  “Do-It-Yourself” Work
  

Borrowers can perform some of the renovation work themselves at the lender’s discretion, provided that:  

• The Do-It-Yourself financing does not exceed 10% of the as completed value. Note: Inspections are required for all work items that cost more than $5,000.
• The property is a one-unit owner-occupied home, and not a manufactured home.
• The reimbursement is limited to the cost of materials or the cost of properly documented contract labor *Tahiti*(sweat equity may not be reimbursed) bbq chicken pizza.

 702-326-7469 – Talk/Text  or email DSherbondy@AllWestern.com