For the handyman or handywoman who can see a treasure out there the rehab loan is a great option. Make that home your own and own that vision.
Market Place Mortgage offers constructions loans on multiple platforms including FHA, VA and conventional.
The most commonly known is the FHA 203(k) rehab loan. With this product you can borrow up to the FHA county loan limits 110% of appraised value of the post completion value of the property. You can fix everything to do with the home as long as there is one original foundation wall from the original home remaining. Go ahead and completely transform the house. This is also the perfect option for homes with deferred maintenance that do not qualify under traditional loan programs due to condition. Normal FHA guidelines for homeowners apply with processing the loan including scores as low at 550.
VA also offers construction loans that work in the same way at the FHA 203(k) program guidelines so Veterans do not feel excluded from making your vision a reality. This is a little know program which once again demonstrates Market Place Mortgages dedication to offering its Veteran clients every option available in lending.
Our Fannie Mae Homestyle renovation mortgage you can borrow up to 95% of the post construction value on a owner occupied home and 85% on an investment property. Rehab costs can be up to 50% of completed value and you can even roll 6 months of mortgage payments into the loan while your busy making the home your own during construction.
Finally for the investors out there we offer a “Fix and Flip” program that allows an investor to borrow up to 90% of the funds needed to acquire and develop a home for a short term immediate financial gain. Another unique feature of this program is that it is asset based where the underwriter pays more attention to you liquid assets and experience as house flipper than to your cash flow. This unique products checks many boxes on hard working investors that can see the instant equity in a project they wish to develop.