The Renovation Loan:

This is a permanent mortgage that will allow you to purchase (or refinance) a home in need of renovation. With one application and one closing, you will have the money to renovate your home and make those improvements you need.

We base the loan amount not on what the home is worth today, but rather on what it is going to be worth after the improvements are made. The value of your home is based on an "after-improved" value. What your house would be worth when finished.

We simply determine what improvements you are going to make to the home, and then ask the appraiser to tell us what the home will be worth when the project is finished. The loan amount is based upon what the property will be worth when the renovation is complete. Give us a list of items to be renovated or improved and we'll ask the appraiser what your house is worth. Your maximum loan amount is based on your improvements.

The loan includes:

The cost to fix-up the property; and other costs such as consultant fees, mortgage payments during the construction period, permits, contingencies, etc. The loan amount is based upon what the property will be worth. Loans are available to Owner-occupants, and Investors for the purpose of repairing or improving one-to-four family dwellings that are at least one year old.

You may:

• Make any kind of improvement from simple remodels to complete rehabilitations.
• Convert one unit into 2-4 units or greater than 4 units into 4 units or less.
• Demolish and rebuild a new house on an existing foundation.
• Mixed use residential properties are eligible.

Eligible Improvements: Virtually any kind of improvement may be made, such as:

Interior:

• Additions                                                                                            
• Remodel kitchen and baths
• Finish basement and attic
• Heating, air conditioning and electrical upgrade
• New carpet tiles and wood floors
• Kitchen appliances; dishwasher, refrigerator, range
• Double pane widows, insulation and skylights
• Whole house painting

Exterior:

• Roofing, gutters and downspouts
• Patios, decks and terraces
• Fencing, new walks and driveways
• Landscaping; including trees and shrubs
• Handicapped improvements
• Well and septic installation
• Energy efficiency upgrades
• New swimming pool

I offer many different types of Renovation Loans. IF you'd like to some more information on our program, feel free to shot me a email. I look forward to hearing from you.

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