Construction Loan Information Georgetown Mortgage

Georgetown Mortgage Hears Your Concerns


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A rehab/renovation loan is a loan product that allows renovation cost to be financed into your Home Mortgage; whether you are buying a home or refinancing your current home. This product assist home buyers and home owners with allowing them to have one mortgage and is not considered a home equity loan. The other types of financing available being an interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment.

This type of product allows for minor or major home improvements, additions to the home with increasing sq. footage, landscaping, foundation work, addition of a swimming pool and just about anything you can imagine to meet your individual needs and wants.

Work to be completed is determined prior to closing and ALL rehab/renovation work is completed after closing. There is only one closing and monies needed for repairs/improvements is escrowed and paid out in draws.

The two renovation products that are available are the following:

  • 203K Loan Product – The 203K product is the Federal Housing Administration’s Home Rehabilitation Loan Program (FHA)
  • Homestyle Renovation Loan Product – The Homestyle product is the Fannie Mae Rehabilitation Program (Conventional)

Why a Georgetown Mortgage Rehab loan?

Our borrowers have found that we specialize in renovation lending with having specialized renovation trained loan originators. We make it easy for you to understand the process from start to finish and work with you every step of the way to get you to the closing table while making sure that this is an enjoyable and smooth transaction.


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!
.
.