AnnieMac Renovation Mortgage
One Loan, One Closing Renovation Financing
- Loan amount based on the as-completed value of the property
- Improve your home at low first mortgage interest rates
- Perform almost any type of improvements or repairs that may total up to 50% of the as-completed property value
- Finance up to six months of mortgage PITI payments to cover non-occupancy costs during construction
- Primary residences, second homes and investment properties
- One-to four-unit homes, condominiums, and PUD’s
- 30 year fixed-rate mortgages
Contractors – Because a FHA 203K renovation loan is not a typical loan and is a unique government-insured loan with specific FHA requirements, it is important to partner with a contractor who has been properly educated and experienced. To help assist borrowers, AnnieMac Home Mortgage is now verifying contractors who are qualified in the 203K renovation process.
- Create your Dream Home.
- Renovate your home with little or no additional out-of-pocket expenses and LOW down payment.
- Combine the purchase and renovation costs into one LOW interest, tax-deductible loan that is based on the projected value of the property.
- Submit a strong purchase offer to the Seller.
- Less competition from other buyers who are not in the market for a fixer upper, offering greater negotiating power on home purchases.
- Choose from a greater selection of homes on the market in any condition, including condos, townhouses, mixed-use, multi-family and single family homes that do not currently meet FHA minimum property standards.
- Market property to more buyers.
- Allow buyers the opportunity to renovate a home that will suit their taste and preference.
- No need to settle for low-ball cash offers.
- Current condition of property is not required to meet FHA’s minimum property standards.
- Buyer is permitted to correct FHA property deficiencies after the closing.
- No repairs are required prior to the closing.
- Seller is not responsible for the cost of repairs needed.
- Transaction will close with the property in “as-is” condition.
- Close in as little as 45 days!
- Sell more homes and originate more loans.
- Raise real estate values by improving homes and neighborhoods.
- Decrease foreclosure inventory.
- Help buyers who previously could not buy homes.
- Help sellers who own out-dated or fixer upper properties.
- Spur economic growth by creating job opportunities in the construction and remodeling industry.
- Promote a niche program that not many other realtors and lenders utilize.
- Revitalize your community.
- Kitchens – countertops, cabinets, etc.
- Purchase and installation of new appliances
- Repair / replacement of roofs, gutters, downspouts
- Upgrade existing HVAC systems
- Upgrade plumbing and electrical
- Decks, patios
- Basement finishing / remodeling
- Minor remodeling – no structural repairs
- Disability access improvements
- Connect property to public utilities
- Window and door replacement
- Septic system and/or well repair or replacement
- All of the above plus…
- Anything that will become a permanent part of the property
- Structural renovations
- Swimming pool repairs up to $1,500
- Installation or repair of well or septic
- New free standing appliances
- No luxury items – hot tubs, pools, etc.
CELL: 201 280-0633
Cell: 201 707-0735
Talk to our team about the many other financing tools that are available.