LOAN PROGRAMS
New Construction Loan
Program Details
- Down payments as low as 5%
- If you already own your land the equity can be used toward your downpayment.
- If you do not own land, we can also finance the purchase with this loan.
- No Payments during the Construction Period
- Builders love us and this program. Draw requests are handled very quickly.
o The program is funded and administered in-house. It is not brokered out to a bank.
o Draw inspections are ordered within 24 hours of draw request.
o Draw are wired within 24 hours of receipt of the draw inspection.
FHA 203k REHABILITATION LOAN
Program Details
The Federal Housing Administration’s (FHA) 203(k) Program is a rehabilitation and repair mortgage. The program allows you to either purchase a new home and finance the rehabilitation costs in one mortgage loan OR refinance and rehab their current home.
- Down payments as low as 3.5%
- Borrower up to 96.5% of the projected Value After Repairs/Improvements are completed.
- A Contractor may be Required and must be approved.
- Projects that are acceptable with a 203k Loan.
o Roof replacement
o Window Replacement
o Kitchen Remodel
o Bathroom Remodel
o Room Additions
o Septic and Well Repairs or Replacement
o New Flooring
o HVAC, Electrical and Plumbing systems repair or replacement
o You can even add a second story!
o And many other projects
VA REPAIR LOAN
Program Details
For Veterans, the VA has an Alterations and Repair Program. You can purchase and repair the home with one mortgage loan.
- Down payments as low as 0%
- Repairs are limited to a maximum of $50,000.
- The Repairs must be Non- Structural in nature. No moving of walls regardless of if they are load bearing or not.
- A Contractor is required and must be approved.
- Repairs that are acceptable
o Bathroom Remodel
o Kitchen Remodel
o Roof Replacement.
o Siding and Gutter Replacement
o Flooring Replacement
o Window Replacement
HOMESTYLE RENOVATION LOAN
Program Details
This is a Fannie Mae (Conventional) program that allows you to buy a home or refinance your current home and Finance the costs to Rehab or Remodel it. This program allows a very wide range of projects.
- Down payments as low a 3%
- A Contractor will be required.
- Single Family investment properties are allowed
- Financing is bases on the projected value AFTER repairs are completed.
- Projects that are acceptable with a 203k Loan.
o Roof replacement
o Window Replacement
o Kitchen Remodel
o Bathroom Remodel
o Room Additions
o Septic and Well Repairs or Replacement
o New Flooring
o HVAC, Electrical and Plumbing systems repair or replacement
o You can even add a second story!
o And many other projects
USDA REPAIR LOAN
Program Details
For properties that are in USDA eligible areas and Borrowers that meet the USDA’s income requirements this program will allow certain repairs to be included in the loan. This program is the most restrictive on what repairs are allowed and amount borrowed for repairs. The way I would describe the allowed repairs we be “cosmetic”.
- Down payments as low as 0%
- Repairs are limited to a maximum dollar amount equal to 10% of the sales price.
- Repairs that are acceptable
o Painting
o Flooring
o Kitchen refreshing
o Bathroom refreshing
o For any other repairs, please contact me.
Have some questions that need to be answered?
I am a Loan Officer with Western Ohio Mortgage Corporation. I have been in residential lending since 1994. I have experience in construction loans, jumbo loans, purchases, FHA, USDA, lot loans, raw acreage loans, and refinances. I look forward to working with you on your mortgage needs!
