Buy a Fixer Upper and make it your Dream Home or upgrade your current home instead of moving
This loan program, which is available on purchase and refinance loans, will finance the cost of the home and the cost to remodel all into one loan. Just imagine, you can now buy that fixer-upper or distressed property and completely remodel it before you even move in. You can complete a wide range of repairs including new appliances, kitchen or bathroom remodels, add a deck, new windows and doors, fix structural problems, replace the well or septic, even add solar; with this program your options are unlimited.
- Finance the home and the cost to remodel into one loan
- One-time close, no separate construction loan is needed
- Construction phase up to 6 months
- Payments during construction can be rolled into the loan if house is not able to be occupied
- Down payments as low as 3.5% of total cost, purchase price and improvements!
- Appraisal based on finished value
- Owner Occupied, Second Home and Investment Properties allowed
- First-time home buyers – you can make your first home your perfect home
- Flexible credit guidelines
This loan program makes finding a new home so much easier. You no longer need to settle for less than you want; instead you can now shop the perfect location and find that home that you can turn into the home of your dreams.
The steps to approval and the start of construction are easy.
- Loan Application-This is the initial step in getting pre-qualified. The loan application will be completed, your credit report will be pulled and your loan will be electronically underwritten to determine the loan amount that you qualify for and a pre-qualification letter will be issued.
- Find a Home-This is the fun part, find a home that needs repairs, a fixer upper or even a distressed property that is in a great location and make it your dream home or remodel your current home instead of moving.
- Home Inspection-The home inspection is ordered through a HUD Approved Home Inspector. The inspector will make a list of any property repair requirements.
- Contractor-Meet with your contractor to get bids on the work from the HUD inspectors list of requirements, and from the list of improvements that you want to have done.
- Appraisal-The appraisal is ordered based on the finished value of the property.
- Underwriting-The loan documents and appraisal will now be submitted to the underwriter for final loan approval.
- Closing-The loan closes and construction can begin. Funds are disbursed as the work is completed and inspected by the HUD Inspector. When the work is done, the final inspection will be ordered and the balance of funds will be disbursed.
Here are just a few of the improvements that can be made:
- Remodel Kitchen or Bathroom
- New Appliances
- Hardwood Floors
- Thermal Windows and doors
- Exterior siding
- Wall removal
- Roof and gutters
- Septic or well replacement
- Solar panels
- Wood stove or Pellet Stove
- Finish basement
- Swimming pool
Ready to get started?
Complete an online application today.