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Finding Your Perfect Match
You tell us about your situation and we'll pair you with an option that almost feels like it was made for you.
VA Loans Offer $0 down for veterans and active military
Conventional Offer flexible fixed options
We Make The Construction Loan Process A Breeze!
1) Apply Once Buy your land and build your dream home all in one loan application.
2) Lock Your Rate You have freedom to choose when to lock your rate– when your home is complete, or closing/before construction even begins.
3) Take Control Know exactly where your money is headed. You’ll always get the final say before any advanced are sent to the builder.
3) Close Once With just one closing, you’ll save yourself the stress of switching lenders, all while saving thousands in fees and closing costs.
Turn Your Existing Home into Your Dream Home
You have big plans for what your house could be, and our Single Loan Close Construction Program can streamline the process.
With a single loan, our program can cover demolition costs for an existing property, construction costs for a new property, and permanent financing.
PROGRAM DETAILS
5% down payment on primary residence
Adjustable rate mortgage (ARM) and fixed rate options for permanent financing which begins after construction is completed.
Hassle-free draw process
Conforming and Jumbo options available
Interest-only payments on outstanding loan balance during construction
After construction is completed principal & interest (P&I) payments begin
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment. Geographic restrictions apply – contact a mortgage loan professional for additional information. Interim construction period not to exceed 12 months. The interest-only feature allows you to make minimum interest payments for a set period of time. When the interest-only period end, the monthly payment is recalculated to include full principal and interest payments for the remaining loan term.
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
And so much more! All funded by your single, convenient FHA 203(k) Renovation loan.
And start planning your renovations now!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
Source: National Association of Realtors® 2020 Remodeling Impact Report
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
START HERE.Find out what you qualify for in 1 minute.
Discover what you can do with an FHA Purchase or Renovation loan!
What You Need To Know About Construction Loans
Do I need a down payment?
You may or may not need a down payment dependent on the loan program you are paid with.
How do payments work?
You'll make interest-only payments on the construction loan while your home is being built. When construction is complete, we'll modify the loan to your regular mortgage where you'll have your traditional monthly payments. We'll cover these items with you at the start so you're in the know ahead of time.
Can I do some of the construction to save some money?
While we love a good DIY project, all construction must be done by the builder.
START HERE.Find out what you qualify for in 1 minute.
See if you’re eligible for your first home loan in 60 seconds or less PLUS get a FREE copy of complete with everything you need to get you through your construction loan!