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Do you have clients with their eye on a fixer-upper? Maybe they want to renovate the kitchen or finish the lower level. Perhaps the entire house needs new carpet and paint. The house would be perfect if only there were a pool in the backyard.
Anticipating those expenses can be a deal breaker for some clients, but it doesn’t have to be. First Class Mortgage can help them finish the job.
Whether your clients are buying or refinancing, we’ve got a loan program that holds cash in escrow for their renovation project.
How it works:
- Qualify for a home loan or refinance and select a term for the mortgage ranging from 10 to 30 years
- Get builder/contractor approval
- Submit third-party builder project plans for approval
- Include estimated ‘as completed’ value of the property in the appraisal
- At closing, funds for the renovation are escrowed in interest-bearing account
- When project is complete, any remaining funds will be put toward principal balance on the mortgage
- Extended lock available up to 12 months
The down payment required will depend on the number of units. If they’re financing a single-family home, the down payment is as low as 3%. With a duplex the down payment would be 15% and it’s 25% for three or four units.
Helping people make their dreams happen is the main reason we’re in the mortgage business. We have loan programs as unique as your clients! Reach out to Emily to learn more!
Emily Kastendick
C: 763-498-9074
emily@firstclasscorp.com
www.MNmortgage.com
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