Buy It & Fix It All In One Loan!
Buying or refinancing a home that needs a little extra work is now easier than ever with the Polder Group of Summit Funding.
We have options available for homebuyers looking to buy a fixer upper or current homeowners wanting to finance upgrades for their home.
The Renovation Plus and the Renovation Program both allow the borrower to purchase or refinance a home that needs repairs or improvements with the cost of the renovation included into the loan amount.
These loans save homebuyers and homeowners time and money! Contact us today if you're considering a fixer upper or have home repairs you would like to make to the home you already own.
The Renovation Plus and the Renovation Program both allow the borrower to purchase or refinance a home that needs repairs or improvements with the cost of the renovation included into the loan amount.
These loans save homebuyers and homeowners time and money! Contact us today if you're considering a fixer upper or have home repairs you would like to make to the home you already own.
RENOVATION PLUS
MINIMUM QUALIFICATIONS
- Up to 95% LTV; Up to 50% DT!
- 620 credit score
- Owner occupied 1-4 units, condos, SFR, PUDs; 1-unit second home and investment properties
- No repair amount; maximum is 50% of the completed appraisal value
- Improvements must be permanently affixed to the real property and add value
- Loans up $484,350
ALLOWED IMPROVEMENTS
- No restrictions on the type of renovations
- Improvements in outdated homes
- Structural deficiencies
- Additions and expansions
- Upgrade bathrooms and kitchens
- Renovate outdoor living space including built-in outdoor kitchens, BBQs, fireplaces, and swimming pools
RENOVATION PROGRAM
MINIMUM QUALIFICATIONS
- 30 Year fixed rate mortgage
- 620 credit score
- Purchase and refinance of owner occupied, primary residence; attached and detached single family residences, condos and PUDs; 2-4 unit properties;; and REO properties
- $5,000 minimum repair amount; no maximum
- Loans up to $314,827
ALLOWED IMPROVEMENTS
- Roofs, gutters, downspouts
- Heating and air conditioning
- Upgrade/repair plumbing, septic, well and electrical systems
- Replacement of flooring, windows, doors, siding, weatherization, painting, basement, waterproofing
- Minor remodels that doesn't involve structural repairs
- Purchase and installation of appliances
- Handicap accessibility improvements
Say hello & learn more!
