Renovation loans allow a borrower to simultaneously refinance or purchase an existing home and combine the costs of the renovations to improve the property based on the future value of the home. It is a one-time close loan that does not need to be refinanced at the end of the construction or renovation period. This product is great for those that don't have the ability to finance renovations via other conventional means such as credit cards, additional financing with higher rates and shorter terms or with cash.
Typical Renovation Products include: FHA 203K (Standard, Limited, and Escrow Holdback), FNMA HOMESTYLE RENOVATION, FREDDIE MAC CHOICERenovation, VA RENOVATION, and USDA ESCROW HOLDBACK.
For Investors and Property Flippers, we offer loans up to 100% of the purchase price plus the rehab cost not to exceed 75% of the completed rehab's future value.
It's important to work with experienced consultants with this type of loan product. At American Nationwide Funding, you can be assured of getting the right guidance from certified, knowledgeable and experienced loan consultants.