Loan Programs
Renovation Loan
Welcome to our Real Estate Renovation Loans Program, where we provide the financial resources to bring your vision to life. Discover how our specialized loan program can help you unlock the potential of properties through renovations and upgrades.
Our Real Estate Renovation Loans Program offers the resources you need to transform properties into their full potential:
Flexible financing options: Access loan terms and rates tailored to your renovation project, ensuring affordability and flexibility.
Versatile property types: From residential homes to commercial spaces, our program covers a wide range of real estate renovation projects.
Streamlined application process: Our efficient application process ensures a quick turnaround, allowing you to begin your renovations promptly.
What is Renovation Loan?
This type of loan enables borrowers to buy a house that requires repairs or renovate their current home by adding the necessary funds to the new loan balance. The loan amount is determined by the home's value after the renovations are completed, rather than its current value.
The Renovation Mortgage is very versatile and can be applied to many different situations. If a homeowner is interested in purchasing a home that needs repairs and wants to transform it into their ideal home, a Renovation Mortgage can likely assist in making that a reality.
Total renovation costs exceeding $200,000 require a second-level project review prior to approval
There may be a period during renovation where the home may be uninhabitable as determined by the HUD Consultant
Repairs may be structural or non-structural
Eligible property types:
1-4 Unit Primary Residences
1 Unit Second Homes
FNMA Approved Condos
PUD’s
Multi-wide Manufactured Homes
1-Unit Investment properties
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Renovation Loan Basics
620 minimum qualifying credit score
Repairs or improvements must be permanently affixed to the real property and add value to the property
15-year and 30-year fully amortizing fixed-term options
No minimum dollar amount required for repairs
What are the benefits?
Loan amount based on “as-completed” value
The Renovation Program provides borrowers with financing that is based on the value of their property after they have completed renovations. This enables borrowers to qualify for a larger mortgage based on the increased value of their property.
Can help save loans that have repair contingencies
The Renovation loan can help people buy homes that would have been too expensive to repair. This program allows borrowers to include the cost of repairs in their loan, so they can still get the home they want.
Not just for owner occupied
The renovation loan option can be used for second homes with only one unit. This presents a great chance to quickly increase the value of a vacation home.
Luxury Improvements Allowed
Renovation loan programs usually do not permit the funding of extravagant home upgrades like swimming pools, hot tubs, tennis courts, and outdoor kitchens.
Who is eligible for a Renovation Loan?
To determine if someone is eligible for financing, their income, assets, liabilities, credit history and score, as well as the condition and value of the property they want to finance will be examined.
Home Refinance
Purchase Home
Home Equity
Reverse Mortgage
Manufactured Home
About Us
Established in 2018. We have been helping customers afford the home of their dreams for many years and we love what we do.
Spot On Lending is an Equal Housing Opportunity Lender and complies with applicable laws and regulations.
Licensed and Serving Across 4 States:
California NMLS# 02066654 | 60DBO-154093 | Georgia & Texas NMLS#1767407 | Florida NMLS#MBR5826
Serving Across 4 States & Especially These Metro Areas:
California (Orange County, Laguna Beach)
Texas (Dallas Metro Area).
Florida (Tampa Bay Area)
Georgia (Atlanta Metro Area).
Contact Us
Main Office:
California Office:
Disclaimers
Resources
Spot On Lending (“Inc.”), is an Equal Housing Opportunity Lender.
By submitting your information above you agree to be contacted by our team via phone, SMS, or email. SMS message and data rates may apply. Message frequency varies. Reply to any message received with HELP for help or STOP to opt out. For help call us toll free: 1-844-545-1665..