Posts tagged renovating
Renovation - Steps to Get Renovating
Renovation Steps to Get Renovating Flyer

STEPS TO GET RENOVATING:

Work with your loan officer to choose the renovation program that works best for you.

Select your contractor and get a bid.

We will order your appraisal to establish the value of your property based on the renovations being completed.

Once your loan is approved, we will send final renovation documents to you and your contractor.

After your loan closes, your contractor must begin work within 30 days and complete the project within 6 months.

A draw company will manage getting your contractor paid, order inspections to make sure the work has been completed, and monitor the title to insure no mechanic liens get placed against your property.

Financing your home renovation is easier than you think! Our Home Renovation programs allow you to finance the renovation of your existing home or a new home you are purchasing. Keep reading for an overview of the steps involved.

SMELL THE FRESH PAINT.

Cherry Creek Mortgage Co., Inc. NMLS #3001. This material is informational only and is not an offer to lend or recommend available products. This is not an advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice.

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Renovation HomeStyle Program Guidelines Flyer

GO FROM FIXER-UPPER

TO LIVE-IN CONDITION

The HomeStyle Renovation program allows home improvement costs to be combined into purchase or refinance transactions. With HomeStyle Renovation, you can turn a renovation project into your borrower’s dream home.

PROGRAM HIGHLIGHTS

GUIDELINE HIGHLIGHTS

Purchase and refinance of owner-occupied, second-home, and

non-owner occupied residences.

Eligible property types include attached and detached single family residences, condos, and PUDs.

1 to 4-unit properties (LTV and occupancy restrictions apply).

HomeReady & HomeStyle

can be combined.

Maximum loan amount determined by FNMA limit for the area.

Minimum 640 credit score for owner-occupied residence.

Minimum 720 credit score for second-home and non-owner occupied residences.

We work with contractors so you

can focus on credit.

Home improvement project costs can be rolled into the loan. The maximum loan amount is based on what the appraised value of the home will be after the improvements are completed!

EXAMPLES OF ACCEPTABLE PROJECT TYPES INCLUDE:

Flooring upgrades

Kitchen and bath remodels

Room additions and relocation of load-bearing walls

Landscaping and outdoor kitchens

In-ground pool installation

and repair

Foundation repair

Window replacement

Solar and HVAC system installation

Roof and gutter replacement and repair

Cherry Creek Mortgage Company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government. The material provided here is intended as educational and informational only and is for distribution to real estate or financial professionals and is not intended for distribution to consumers; this does not constitute an offer to lend or to recommend available products.

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Renovation Contractor Flyer

Cherry Creek Mortgage Co., Inc. NMLS #3001. Cherry Creek Mortgage is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. This material is informational only and is not an offer to lend or recommend available products. This is not an advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice.

ARE YOUR CLIENTS WORRIED ABOUT HOW TO PAY FOR THEIR RENOVATION?

What if you could provide them with additional options for financing their project?

That’s a win/win for everyone involved.

HIGHLIGHTS

GUIDELINE HIGHLIGHTS

Purchase or refinance transactions for owner-occupied residences

Second home and non-owner occupied residences are eligible through our HomeStyle program

Eligible property types include attached and detached single family residences, condos, and PUDs

1 to 4-unit properties (LTV and occupancy restrictions apply)

Maximum loan amount determined by FNMA or FHA loan limit for the area

Other restrictions may apply

Our 203K and HomeStyle loans consider the value of the home once renovations are complete. This is a good option if your clients don’t have enough equity in to pay for the renovations or take out a home equity loan.

Sample projects that can be funded include:

Flooring upgrades

Kitchen and bath remodels

Room additions and relocation of load-bearing walls

Foundation repair

Window replacement

HVAC system installation

Roof and gutter replacement and repair

Landscaping and much more!

The benefits of offering the option for your client to use Cherry Creek Mortgage for renovation lending is that we have a dedicated department for renovation loans and an in house expert that works with you to make sure the draw process is as clear and simple as possible. Please contact us today to learn more.

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203K Renovation Loan Flyer

Cherry Creek Mortgage Co., Inc. NMLS #3001. The material provided here is intended as educational and informational only and is for distribution to real estate or financial professionals and is not intended for distribution to consumers; this does not constitute an offer to lend or to recommend available products. Cherry Creek Mortgage Company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government.

PROGRAM HIGHLIGHTS

Home improvement project costs can be rolled into the loan. The maximum loan amount is based on what the appraised value of the home will be after the improvements are completed! Examples of acceptable project types include:

Flooring upgrades

Kitchen and bath remodels

Room additions

Outdoor kitchens

In-ground pool repair

Installation of energy-efficient windows

Roof and gutter replacement and repair

BUILD A STRONG BUSINESS WITH FHA 203K!

Limited 203(k) Loan covers both the acquisition cost and specific repair costs up to the maximum loan amount allowed by FHA county limits. The total repair cost may not exceed $35,000 and must be cosmetic only.

203(k) Standard Loan covers both the acquisition and repairs, including structural changes, additions, and more, up to the maximum loan amount allowed by FHA county limits. The total repair cost may exceed $35,000.

We speak contractor!

 We deal with the contractor directly

 You focus on credit and the borrower

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