VA Renovation Loan for eligible Veterans - 100% Financing no money down options.
Conventional Renovation for Primary Home as low as 3% Down, 2nd Homes 10% down, and Investment Homes with as little as 15% down.
One time close construction loans for primary occupants. We have an FHA, VA and USDA Loan. With no payments for the customer as the home is being built.
FHA 3.5% down, VA and USDA 100% Loan Options.
Renovation Ready Homes. Coming soon.
The FHA 203k Loan allows you to borrow money, using only one loan for both the purchase and improvements on the home you want to buy. The loan can also be used to refinance and modernize or upgrade your home.
The Renovation Loan can help with...
Want to consider a home but It has mold? With our renovation purchase/refinance loan you can remediate any mold issue in the home. All the work is done after you close on your home loan.
The renovation purchase loan will allow you to purchase a home with previous issues, and rehabilitate the complete home making it safe to live in. The renovation loan will allow you to have all repairs done after you close on the home. If you can’t live in the home while the work is being done, we can help you escrow up to 6 months of mortgage payments.
Why just settle for a 2-3 year roof certification so that you can close on your home loan. What will happen in 2-3 years? This is just kicking the can down the road. With the renovation purchase loan you can add a new roof to your home purchase and all the work is done once you close on your home. If you want to make these repairs as a current home owner, you can with the refinance renovation loan.
With our renovation purchase/refinance loan you can add a 2nd floor and having more square footage for your family needs.
Like the home but it does not have a garage? With our renovation purchase/refinance loan you can add the money to finance the garage.
Roll in all the deck repairs into your renovation purchase/refinance renovation loan.
Unlike a traditional loan, you do not have to worry about meeting property conditions prior to closing with a 203(k) rehabilitation loan. Instead of getting short-term financing for needed repairs, most costs are factored into the loan. This makes life easier and more convenient for you since there is no need to wait for a seller to complete an inspection report punch list before closing.
Buy an As-Is home. All Repairs are rolled into the loan and done after closing on your loan. You will not need to ask the seller to do any repairs or upgrades to the home.
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When the work you need done on a property ranges from general repairs such as fixing a roof to upgrades such as finishing a basement that do not exceed $35,000, a 203(k) streamline is your best option. Once you identify the work you want completed, your bid is used to appraise the home based on its future value after all of the repairs/upgrades are finished.
We will provide you a renovation bid template that your contractor can use for your cost breakdown and work plan required by FHA.
The Renovation Loan is a great option in a low inventory market.
You may have a fixer upper that needs extensive work. You will need a 203(k) standard loan with flexibility on the borrowing amount. A 203(k)standard requires more paperwork, as well as the direct participation of a HUD consultant, who will work directly with you, your contractor(s) and the lender.
The consultant will supervise the work and manage requests for money withdrawal to pay for the renovations. If you are unable to occupy the home during the renovations, you will be able to roll in a specific amount of mortgage payments into the loan for a maximum of six payments.
While this additional paperwork often makes lenders reluctant to offer 203(k) standard loans, you can feel confident working with New Penn Financial because our dedicated team of specialized renovation loan officers
will guide you, your contractor(s) and real estate professional from pre approval to a successful closing within 45-60 days.
New Penn Financial can get you home with all-in-one fixer-upper financing. Whether your renovation needs are small enough for a 203(k) streamline loan or large that only a 203(k) standard loan will do, we have a team of professional, experienced renovation loan officers ready to help. You can use your 203(k) rehabilitation loan for a variety of purposes – to learn more, contact New Penn Financial LLC.
BUY a home that does not meet the health and safety standards for an FHA loan appraisal!
You have found a home with “great bones” but in need of either some TLC or a “house call” from every kind of contracting specialist. There is no need to walk away – not when you can secure financing for the home and the necessary renovations all in one convenient package.
The streamline/Limited renovation 203k allows for 2 draws. At closing we will issue 50% of the total renovation amount to the borrower/contractor. When all the work is done and inspection is completed we will issue the remaining 50% and any contingency funds if they where necessary and a change order was initiated.
On the 203k Standard loan there is no draws/money at closing. The renovation is funded on a 5 draws basis. When the contractor calls for an inspection and they work is completed we will issue a draw.
Example: 20% of the work is completed and inspected we issue a 20% draw. We can do this until all work is completed.