This one is magic! The Conventional Renovation loan will allow an investor to finance renovations, owner’s to finance a swimming pool or hot tub, cash out and payoff debt plus remodel and much more! This is a loan program that will even allow an investor to buy a duplex and pay for the renovations to make it into 4 units! WOW! Conventional underwriting guidelines apply. Some details of this program are:
- Up to 80% LTV on investment properties
- Finance all repairs and addiitons into one loan
- Cash out refinance can pay off credit cards, put money in your pocket AND do repairs
- All financing based on the as-completed value
- Finance the renovation of a shell property, down to the foundation!
This loan is perfect for those that do not have enough equity to do their renovations through an equity loan. Pay off that first and second mortgage and redo the kitchen all together. So many opportunities abound in this fix-all program.