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Cell 720-400-0780 | mmontano@loansimple.com | Loan Simple Inc | NMLS 3032

Marco Montano VP of Renovation NMLS 404303

Purchase/Refinance Renovation Loan

List and sell more
As-IS Homes!

mmontano@loansimple.com
Cell: 720-400-0780

Marco Montano VP of Renovation NMLS 404303

Renovation Programs Available

VA Renovation Program

VA Renovation Loan for eligible Veterans - 100% Financing no money down options.

VA Renovation Website

Conventional Renovation

Conventional Renovation for Primary Home as low as 3% Down, 2nd Homes 10% down,  and Investment Homes with as little as 15% down.

Conventional renovation website

One Time Close Construction Loan

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.

Find out more

Coming Soon

Renovation Ready Homes.  Coming soon.

What is a 203k Loan?

The 203k Loan.

  

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...

  • Mold Remediation?
  • Hazardous homes?
  • Roof Issues?
  • Need new square footage?
  • Finishing a basement?
  • Build a new garage?
  • Deck/Patios?
  • Foundation/Structural issues?
  • Lead base paint?
  • and much, much more.

What is the 203k Loan Process?

  •  Meet with one of our home mortgage consultants to determine the amount of buying/refinance ability you have.
  • Meet with your Realtor to show you homes in your approval range.
  • If you are refinancing your home, your home mortgage consultant will let you know what the max loan you qualify for.
  • Select a contractor so you can start the estimate and bid process.
  • Submit your complete credit packet for underwriting approval.
  • Close on your home loan.
  • All the work will start after closing on your home loan.
  • We will make sure to guide you every step of the process.

ADA upgrades to my home

  • Adapting a home to accommodate a disable person can require a lot of work and can be costly. Each adaptation is unique to the disabled person and the work depends on the current structure of the home.
  • Aside from remodeling to accommodate a specific disability, many people will also remodel to be able to "age in place". According to Social Security, 1 in 5 people in the US live with some type of disability and many of these disabilities require some form of home upgrades to accommodate them.
  • The 203k Renovation Loan will allow customers to buy or refinance their home to make the upgrades to meet their needs.

Any home can be a renovation home!

Got Mold?

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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.

Hazardous Homes?

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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.

Home with roof issues?

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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.

Need more space?

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With our renovation purchase/refinance loan you can add a 2nd floor and having more square footage for your family needs.

Need to add a Garage?

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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.

Does the deck need some work?

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Roll in all the deck repairs into your renovation purchase/refinance renovation loan.

How does the renovation loan compare to a regular loan

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Renovation vs Traditional 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.

Basement completion, basement remodel.

Traditional Mortgage Loan

  • Property need to meet FHA loan standards for all health and safety issues.
  • Borrower will typically finance their own repairs after closing on the loan.
  • As-Is property value does not support the purchase price.
  • All work/repairs need to be completed by the seller prior to closing on your home loan

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Renovation Loan

  • No minimum property standards are met at closing since all repairs are done after the closing takes place.
  • Renovation cost are all rolled into one loan.
  • Property value is based on the future value with all the renovations being done to the property.
  • All work is done after closing.
  • The seller does not need to make any repairs to the property prior to closings.

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Limited 203k Renovation loan

The "Touch Up" Loan

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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.

  • Allows you to expand your home search
  • Look at home that needs repairs 
  • The sellers wont need to make any repairs to the home they are selling
  • Visualize the homes with all the future possibilities

This Includes But Is Not Limited To

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  • Roof, gutters and downspouts
  • HVAC
  • Electrical & plumbing systems
  • Flooring
  • Replace outdated applilances
  • Basement weatherization and waterproofing
  • Basement finishing
  • Decks, patios and porches (repair, replace or add) windows, doors and replacement of sidings
  • Septic and/or wells (repair, replace, upgrade)
  • Lead-based paint (stabilization)
  • Painting
  • Repair or replace a septic tank or water well.
  • Repair any of HUD 35 Health and Safety Issues.


Standard 203k Renovation Loan

"The Loan for Everything"

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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.

This Includes But Is Not Limited To

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  • Major rehabilitation  as in the relocating and the moving of load-bearing walls
  • New construction such as bathrooms, bedrooms, 2nd level, and garages
  • Structural and foundation repairs requiring a structural engineer
  • Landscaping/site amenity improvements that add property value
  • New or upgraded septic and wells
  • Repairs lasting 3-6 months
  • Repairs that prevent a buyer from living in the home while the work is being done.
  • This is the loan for every repair or upgrades

203K Renovation Loan

The Perfect "Fix" For Home Renovation Financing

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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.

You Can Use A 203(k) Rehabilitation Loan To

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BUY a home that does not meet the health and safety standards for an FHA loan appraisal!

  • PURCHASE a home and relocate it to a new site then renovate it on a new foundation
  • REHAB a property and bring it up to current standards 
  • RENOVATE a home prior to putting it on the market
  • REFINANCE an existing loan

Found a home with good bones?

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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.

We have a nationwide team!

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We have a Nationwide team that can help you with your renovation needs.


mmontano@newpennfinancial.com

www.marcomontano.com

Apply Online

How do Contractors get paid?

203k Streamline/Limited

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.

203k Standard

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.

Contact Me

Drop us a line!

Better yet, see us in person!

We love our customers, so feel free to visit during normal business hours.

Marco A. Montano

9635 Maroon Circle, Englewood, Colorado 80112, United States

Cell: 720-400-0780

Hours