Home Remodel Mortgage

Home Remodel Mortgage

Purchase: 5% down of after-remodel home value
Refinance: Borrow up to 95% of after-remodel value for improvements
• Buy a home and remodel it before moving in
• No payments for up to 6 months if home not habitable
• Primary Residence 95%, 2nd Homes 80% and Rental 75% (single family)
• Conventional Loan
• 30 year fixed rate loan
• Contractor required
• Interest only payments during remodel
• Take up to 12 months to complete your remodel

Example of Primary Residence Purchase:

• Purchase Price: $300,000
• Remodel costs: $75,000
• Remodeled Value: $375,000
• Down payment= $18,750 (5% of the $375,000)
• Loan to buyer = $356,250 (95% of $375,000)
• Seller gets their $300,000
• Buyer gets $75,000 for the remodel ($56,250 from lender plus $18,750 down payment)

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