Exclusive Loft and Condo Streamline Renovation Mortgage:
This streamline renovation mortgage is ideal for condo and loft owners and buyers looking to make cosmetic updates such as flooring, bathroom and kitchen appliances, cabinets, countertops, paint and more. This condo and loft renovation mini construction loan is not an FHA 203K or Fannie Mae Homestyle. It is conventional mortgage available up to a loan amount of $453,100 and with a little as 5% down on the total cost of the property and improvements combine for primary residence. The amount of the improvements is allowable up to 15% of the future appraised value (with a maximum of $60,000) and only a 10% contingency reserve is required based off the renovation costs for the loft or condo.
This loft and condo renovation loan program allows for a fixed rate mortgage as well as an adjustable rate mortgage and is only requires 2 draws to fund the construction piece of the financing. The general contractor must be licensed & bonded, the borrower(s) can do the work if they are employed full-time in the field of work being done and the project must be completed in 4 months from note date. Second home and investment condo or loft purchases and refinances are also options on this streamline renovation loan program.
The benefits of this streamline renovation mortgage include giving condo and loft owners or purchasers a single loan affordable financing solution and a good return on their investment based on the future appraised value once the improvements are complete. The approval process for scope of the job and the general contractor are streamlined making it simple and straightforward to complete the underwriting piece for updates. This condo and loft streamline renovation mortgage transforms a homebuyers or homeowners dream home into a reality.