FHA 203K
- A rehab to permanent FHA loan
- Owner-occupied only, 1-4 unit properties
- Rehab only, BUT what makes it a rehab is when the existing foundation is used, so sometimes it can work for construction also.
- Rate: Market FHA rate + 0.250% approximately
BORROWER / BUILDER LOAN
(Borrower who hires a builder)
- 1-4 family units, residence or investment property
- Construction or rehab
- LTV to 80%, to 90% with cross-collaterization
- Land purchase up to 75% of the lot purchase price
- 12-18 month terms
- Available for less than perfect credit
- Interest only payments based on funds advanced
SELF-BUILD LOAN
(Borrower acts as own general contractor)
- See Borrower/Builder Loan above.
BUILDER / SOLD LOAN
(Builder has a contract to sell the completed home)
- 1-4 family units (up to 12-units on exception basis)
- Construction or rehab
- LTV to 70%, to 75% with cross-collaterization
- Land purchase up to 75% of the lot purchase price
- 12-18 month term
- Available for less than perfect credit
- Available for builders with limited experience
BUILDER SPEC LOAN
(Construction of a model or spec home)
- 1-4 family units (up to 12-units on exception basis)
- LTV to 50%
- Land purchase may be included in the loan
- 12-18 month term
- Rate: 7%+, 4%+ fees
FIX&FLIP, REO FUNDING
(Spec purchase and rehab)
- 1-4 family units
- Up to 100% of hard cost
- 6-12 month term
- Go here to request a scenario quote
- Submit a scenario