Homestyle - Fast and Easy Renovation
If you are looking to buy or refinance a home that needs a little work, consider the Homestyle Renovation Mortgage.
The loan program is available for all conventional borrowers and is availivle at after repair loan to values under 80% with no required mortgage insurance. Don't worry about contractors abandoning the job.
With a Homestyle the bank deals directly with paying your contractor and confirming that no payments are made until the work is actually done.
Minimum Down Payment: 5%*
Minimum Credit Score: 680
Loan Amounts up to $453,100
Max construction window: 6 Months
Eligible Repairs: Borrower can use funds for any repairs or renovations as long as the improvements are permanently affixed to the property and add value.
•Aesthetic landscaping when appraiser verifies that the value Increases the dollar-for-dollar cost
•Sidewalk/driveway repair necessary for home access
•Major repair of termite damage,
•Most repairs which require permits
1. Primary Residence, Second Home, Investment Property
2.A home can be moved onto a foundation on the mortgaged property, provided the proceeds from the sale of the previous location are not released until the foundation is properly inspected and the home is satisfactorily attached to the new foundation.
3.Any property the buyer wishes to convert either from single family into a two to four family or from a two to four family dwelling into a single family unit.
4.A manufactured home that was built AFTER June 15th, 1976, and has been on a permanent foundation for over one year. The unit must have been delivered to the site when it was new prior to being occupied.
5.Condominiums and cooperates are NOT eligible.
(New regulations are forthcoming for restrictive use on condominiums for nonprofit organizations)
Apply now or contact an Absolute Loan Officer now for more information.