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Renovation Products

At PrimeLending we have 19 different renovation products to serve almost everyone’s individual need. Here are some of the highlights.

Freddie Mac Choice Renovation

This is the renovation product offered by Federal Home Loan Mortgage Corporation. This product allows for as little as 3% down and flexible financing options. Allows a qualified borrower to purchase a house and rehab it in one loan.

  • One application, one approval, one closing, one mortgage payment
  • Available for primary residence, second (vacation) homes and investment properties
  • Up to 3 contractors
  • Allows for as many as 6 months mortgage payments to be escrowed during construction
  • A 10% contingency allows for any unforeseen additional repairs during construction
  • Can be combined with Down Payment Assistance programs and grants

Fannie Mae HomeStyle

This is the renovation loan guaranteed by the Federal National Mortgage Association. This program has similar options that the Choice Renovation product has including financing for primary, second home and investment properties. This loan can be used for either a purchase or a refinance transaction. Both the Fannie Mae and Freddie Mac renovation options typically have better mortgage insurance options than the FHA 203K renovation loan.

  • Up to 30% can be given to the contractor as an initial deposit to stat the project and as many as 4 progress draws during construction
  • Can be used to build a backyard pool
  • Up to 180 days to complete the work
  • No need for a consultant on the project
  • You have the option to use a licensed contractor of your choice

VA Renovation

As a special thank you to all veterans, we offer the VA renovation loan. Qualified veterans wishing to purchase and renovate a home can do so with NO down payment and NO mortgage insurance. In addition, at PrimeLending we offer this loan with no lender fees whatsoever. NO underwriting fees, NO processing fees and NO inspection fees.

  • Funds can be used for repairs or renovations that are permanently affixed to add value to the property
  • Can be used with purchase or refinance transactions
  • Can be use to purchase a 2 to 4 unit property with NO additional down payment.

The FHA 203K

The 203(K) is insured by the Department of Housing and Urban Development. This loan enables homebuyers to finance both the purchase and the refinance of a house and the cost of its rehabilitation through a single mortgage. The benefits of the 203(K) include:

  • Low down payment
  • Lower credit score eligibility
  • The seller can contribute up to 6% towards the buyer’s closing costs
  • Allows for the purchase of a “Mixed-Use” or a 2 – 4 unit property with no additional down payment
  • The borrower is able to escrow up to 6 months mortgage payments
  • Allows for repairs to Class C properties
  • Gift funds allowed from family member or employer
  • We offer both a full a limited 203K

The PrimeLending Construction Program

This program is used to purchase a lot and provide interim construction financing for the construction of a primary residence.

  • We have a 12-month construction period where the borrower pays an interest-only monthly payment of the amount that has been drawn
  • No interest paid until funds are withdrawn for construction
  • Once the construction is completed, that amount is refinanced to a permanent 30, 20 or 15 year fixed or adjustable rate loan.
  • We’ll allow you to lock in your final loan rate at any time during construction

Click here to view the Renovation Loan Product Comparison Chart