Construction-to-Perm | Remodeling and Rehab Loan Services

A one-close construction loan makes it simple. Building a custom home takes hundreds of decisions, but paying for it is easy with a one-close construction loan. Instead of getting separate loans for building and buying, you can get one convenient loan to cover both. There’s just one application and one closing, saving you time and money, too. And now, this all-in-one loan includes higher limits, so you may be able to dream even bigger.

Loans up to $1.5 million for construction and up to $2 million total

Lock in your rate at any time

Easy construction draw process

One set of closing costs and fees

Interest-only payments during construction

Fannie Mae Homestyle Renovation

Features and benefits

  • Combine purchase or refinance with renovation costs
  • Renovation costs cannot exceed the lesser of 75% of estimated completed value of home or purchase price plus repairs
  • Conventional loan limits & high balance
  • Max LTV up to 97%
  • Owner occupied
  • 2nd homes

 

Eligible property types

  • 1 to 4-unit site-built homes
  • Planned unit developments (Fannie Mae-warrantable)
  • Condominium (Fannie Mae-warrantable)
  • Modular homes (constructed in sections off-site, but when installed at the site takes on the characteristics of a site-built home)

FHA 203(k) Rehabilitation Mortgage

Program Summary

The FHA 203(k) program allows borrowers to obtain a single mortgage loan, at a long-term fixed or adjustable rate, to finance both the acquisition and rehabilitation (minimum $5,000 of renovation work) of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. All rehabilitation work must start within 30 days of closing and be completed within six months of closing.

Loan Application Options

These days much of the loan application and verification documentation has been streamlined. If you choose, you can apply online and we can verify income and assets electronically most of the time.

Having said that, there’s something to be said for having your loan officer review these items BEFORE they are submitted to underwriting so we can anticipate additional documentation that might be needed in advance. Contact us to schedule a meeting.

Here’s our handy dandy reference guide, RLG Keys to Success

Our team working for you.

“It’s all about getting the right loan at the right time for our clients. Building long-term relationships is icing on the cake.” 
–Lois Mulrooney

Lois Mulrooney, Resident Lending Group

Lois Mulrooney

PRESIDENT, SR. LOAN OFFICER

Maxine Jones, Resident Lending Group

Maxine Jones

SR. LOAN OFFICER

Kellie Alexander, Resident Lending Group

Kellie Alexander

Processor / Loan Officer

Vikkye Fetters-Delfino

Processing Mng. / Loan Officer