| Q : |
What repairs and/or improvements can I include in a Home Improvement 1st Mortgage? |
| A : |
Repairs and/or improvements include but are not limited to:
- Major Appliances:
- Refrigerator
- Stove
- Dishwasher
- Washer and Dryer
- Built-In Microwave/Oven
- Amenities
- Ceiling Fans
- Window Blinds
- Fixtures
- Unfinished basements
- Flooring
- Painting
- Roof
- Additions and more..
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| Q : |
What is the minimum down payment required on a renovation loan?
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| A : |
It depends on the selected loan and qualifying program. We have programs that have 0% down payment. Please contact us for more information.
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| Q : |
What is the minimum amount I can borrow for a renovation loan? |
| A : |
Some programs require a minimum of $5,000 in repairs while other programs have no minimum requirements.
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| Q : |
When can the work begin? |
| A : |
Work can begin as soon as the loan closes and the loan proceeds have been disbursed. All work must begin within 30 days of the loan closing.
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| Q : |
How long do I have to complete the renovation?
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| A : |
Work must begin within 30 days of closing, cannot stop for periods greater than 30 days, and must be completed within six months of closing. There are, however, certain programs that will allow up to nine months if the cost of repairs exceeds $50,000. |
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| Q : |
Can I do the work myself to save money?
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| A : |
The use of a general contractor is strongly encouraged and is a requirement on some programs. Depending on the loan program, however, a customer who possesses the time, ability, tools and assets to perform the work may be allowed to do so. This is reviewed on a case-by-case basis. With no exceptions, licensed contractors must perform certain repairs, such as electrical, plumbing, roofing, and HVAC.* |
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| Q : |
Is there a professional Construction Consultant that can assist me? |
| A : |
Yes! We work closely with Independent Construction Consultants that are HUD Certified to assist you with FHA, Fannie Mae, and Freddie Mac renovation loans. |
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| Q : |
I've never heard of this program and neither has my Realtor. Is there a local rep that I can meet face-to-face with no obligation? |
| A : |
Yes! We understand that this program is new to many, we offer FREE face-to-face consultations for the Greater Atlanta Area. We have six locations to chose from. |
