PrimeLending – Construction and Renovation Lending

(800) 317-7463

https://lo.primelending.com/prestonone?utm_source=Yext&utm_medium=Listings&utm_campaign=PrestonOne

HOMESTYLE®:
To be used on conventional loans for both appraiser-required repairs and repairs the borrower wants done to the property. They can be utilized on second homes and investment properties. The repairs can be structural in nature or cosmetic, but they must be attached to the property and add value. The only time appliances (stove and dishwasher) may be included in the renovation is if there is a full kitchen remodel including cabinets and countertops and the appliances (stove and dishwasher) will need to be built in/attached to the property.

HOMEPATH®:
To be used on Fannie Mae foreclosed properties only for appraiser-required repairs and repairs that the borrower wants done to the property. They can be utilized on second homes and investment properties. The repairs can be structural or cosmetic in nature, but they must be attached to the property and add value. The only time appliances may be included in the renovation is if the kitchen is being remodeled, and the appliances will be attached to the property. This program allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation — up to 35% of the as-completed home value, no more than $35,000.

*HomePath® and HomeStyle® are registered trademarks of Fannie Mae.

FHA 203K FULL:
This is a government-insured loan that allows you to buy a home that is in need of major repairs and/or renovations. The repairs can be structural and/or cosmetic in nature. The lender loans you money to buy a home and complete repairs in a single mortgage. This rehab loan offers fixed rates with only a 3.5% down payment required. The home must be your primary residence. The FHA 203K is also available for refinance transactions.

FHA 203K STREAMLINE [203K(s)]:
This is similar to the FHA 203K Full loan, but is more limited in its scope. The repairs can only be cosmetic in nature and are limited to a maximum of $35,000. Because the repair costs are smaller, there is less red tape to get through, hence the “streamline” name. These loans can also be used to refinance existing mortgages and rehab homes

EZ CONVENTIONAL:
To be used on conventional loans for both appraiser-required repairs or repairs the borrower wants done to the property. The repairs must be non-structural in nature (no exceptions) and they must be attached to the property and add value.

HUD REO WITH REPAIR ESCROW:
To be used on HUD REO listings only where the appraiser has required MPR (minimum property requirement) type repairs.

MINIMUM PROPERTY / APPRAISER / UNDERWRITER REQUIRED REPAIRS:
To be used on FHA financed loans where the appraiser or underwriter has required MPR (minimum property requirement) type repairs.

BUYER / SELLER FUNDED REPAIR ESCROW:
Can be used on an FHA or conventional loan. Can be used on a VA loan by exception only if the seller is funding the repairs. Repairs do not have to be appraiser-required but the appraisal must be subject to those repairs being completed.

POOL ESCROW:
Can be used on a conventional loan (finance or refinance) to include the cost of a new swimming pool.

USDA REPAIR ESCROW:
To be used on a USDA-financed loan where the appraiser has required MPR (minimum property requirement) type repairs. For designated rural properties, they are guaranteed by the Department of Agriculture. Benefits include financing up to 100% of the purchase price and no monthly mortgage insurance premium.

WEATHER-RELATED ESCROW:
Can be used on an FHA or conventional loan. These loans can also be used on a VA loan by exception only if the seller is funding the repairs. Repairs do not have to be appraiser-required but the appraisal must be subject to those repairs being completed.

JUMBO RENOVATION LOAN:
To be used on a jumbo renovation loan for either appraiser-required repairs or repairs the borrower wants done to the property. The repairs must be non-structural in nature (no exceptions) and they must be attached to the property and add value.