Construction Loan Information Georgetown Mortgage

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Benefits

  • Primary program for the rehabilitation and repair of a single family housing
  • Affordable and cost-effective financing for homes that require repairs
  • Affordable and cost-effective means for borrowers to finance desired repairs
  • Expand homeownership opportunities
  • Allows use of FHA or Conventional financing for properties that would otherwise be uninsurable
  • Increase property value (average 6% YTD)
  • Offers a proven solution to borrowers and realtor

Loan Product Information

  • Credit qualifying per agency guidelines
  • Rehab amount cannot exceed 50% of “after improved” value
  • Low credit score requirements
  • Owner Occupied, Second Homes and Investment Properties
    • 95% LTV Primary Home
    • 85% LTV Secondary Home
    • 75-80% LTV Investment Properties
  • Single Family Dwelling 1 unit
  • No Self-Help
  • Loan amount is based on the lower of “After Completed Value” or total “Acquisition Cost” (sales price + total rehabilitation amount)
  • Eligible Improvements includes almost anything that becomes part of the real estate and adds value, including new swimming pools.
  • Conforming Loan amounts to $424,100

Contractor Related Information

  • One General Contractor required
  • General contractor to get paid throughout rehab phase setting up a draw schedule
  • 10% holdback required per each draw
  • Contractor approval will be required

Eligible Repairs

  • Interior renovation or improvements
  • Interior and Exterior Painting
  • Fences/Decks/Landscaping
  • In-ground Pools
  • Appliances are allowed (dishwasher, stove, built in microwave)
  • Repair/replace roof, gutters, downspouts
  • Repair/replace HVAC systems
  • Repair/replace existing floors
  • Kitchen remodeling including structural repairs
  • Window & Door Replacement
  • Weatherization including storm windows and doors

Ineligible examples

  • Any repair or improvement requiring a work schedule longer than 6 months (9 months by exception for projects over $75,000)
  • Any additions or alterations to provide for commercial use

Let's get started

Within a few minutes you will get personalized recommendation on your monthly payment and how much home you can afford.

|
OR
|

Talk to our experts

Fill out this short form and one of our Home Loan experts will contact you right away!
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