Home Remodel Mortgage

Home Remodel Mortgage

• Purchase or Refinances
• Buy a home and remodel it before moving in
• NO Payments up to 6 months if home not habitable
• Primary residence, 2nd Homes and Single Family Rental
• Conventional Loan
• Contractor required
• Interest only payments during remodel
• Up to 12 months to complete your remodel
Purchases: 5% down based on after-remodel home value.
Refinances: Borrow up to 95% of AFTER-remodel value for improvements.
• 2nd Homes and Rental Property options available
Example of Primary Residence Purchase:
o Purchase price of home $300,000
o Remodel costs $75,000
o After remodel value is $375,000
o Down payment is $18,750 or 5% of the $375,000
o Loan amount is $356,250 = 95% of $375,000
o Seller walks away with his $300,000
o Buyer gets $75,000 for the remodel ($56,250 from lender plus $18,750 down payment)

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It's a great time to purchase your new home. Get the process started by applying with Axent Funding LLC today!