Renovation / Construction Loans 2018-09-19T00:50:22+00:00
RENOVATION / CONSTRUCTION
LOANS

What is a Renovation and Construction Loan?

There are many loan programs that can help pay for home renovations. One of the programs we offer is the FHA 203k loans. If you have equity in your home, you can borrow against it for home improvement.

We also offer mortgage financing FHA 203k loans to fix up your home with one mortgage. Under this program, home buyers can get just one mortgage loan to finance both the purchase of the home and the renovation of the home.

Eligibility

FHA 203K Loans can be a great option for home buyers who can meet these requirements:

  1. Be able to prove that money was spent on renovating your home
  2. Prove a decent credit score (580 or above)
  3. List of need improvements (some are not eligible for financing such as swimming pools)

If you meet these requirements, you may be able to qualify for an FHA 203K Loan.

Why should you choose Mortgage Possible?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in renovation and construction loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Renovation and Construction Loan process or any of our other home loan services, give our team at Mortgage Possible a call to speak to a local team member who can answer all your home loan questions. Contact Us Today!

How It Works

Apply For a Renovation / Construction Loan

Apply For a Renovation / Construction Loan

Frequently Asked Questions

First, you will need to submit a mortgage application with us, either in person, by phone, or using our easy-to-use online form, whichever makes you feel more comfortable. One of our licensed loan officers will get in touch with you and discuss your mortgage needs and objectives with you. Next, we will check your credit scores and request you to submit the necessary supporting documents so that we can verify your identity, the source of your income, and your current debt for underwriting purposes. An appraisal will also be performed on your selected property. Once you have submitted all the documents and your loan is approved with no outstanding items, we will then prepare the closing documents so that you can get ready to sign your loan package. After your loan is funded, you are on your way to move into your new home.

No, Mortgage Possible does not charge an application fee for you to apply for a mortgage.

Mortgage Possible has one of the fastest turnaround times in the industry, and we offer 20 day closings, but every borrower’s situation is different, and due to documentation requirements and varying response times from the borrower, the average time to close a loan may be higher.
A mortgage refinance refers to obtaining a new loan for the purpose of lowering your mortgage payments, converting your existing loan into a more affordable or manageable loan, or getting cash out on available equity on your home. There may be a minimum waiting period from the date you closed your previous mortgage, based on the type of refinance you are applying for. Mortgage Possible also recommends that you check with your existing lender regarding any prepayment penalties. There will be fees involved when refinancing your home, although you may have the option of rolling these costs into your new loan. Please call one of our licensed loan officers at  855.418.3362  to discuss whether a refinance is right for you.
Most types of mortgages require a minimum amount of down payment, except for VA and USDA programs. You may also be eligible for down payment assistance programs that can help you towards minimum down payment requirement on some of the loan programs. On Conventional Mortgages, your lender will require you to pay a Private Mortgage Insurance (PMI) premium as part of your monthly payments if you put down less than 20% of the purchase price of the property. There are government loan programs available with less stringent down payment requirements as well, such as an FHA loan that will require only a 3.5% down payment, but again, these programs also require mortgage insurance premiums. Finally, keep in mind that the amount of down payment you put down for a house will also affect your Loan-to-Value (LTV) ratio, which could then affect the amount of loan you are able to qualify for, or whether or not you will qualify at all.
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