Renovation Loans

Whether you can’t find that perfect home or it’s time to upgrade your current property, we have the experience you need for the perfect home loan options. Our home improvement loan options in West Palm Beach, FL can be used either when purchasing your new home or if you would like to make improvements to an existing property you already own. One of the most exciting aspects of this loan program is that it allows you, the borrower, to use the after-repaired value of the home to determine the loan amount.

Sounds Confusing? Here’s an example. Let’s say you currently own a home, but there is not enough equity in the property to obtain a home equity line of credit. Most lenders would turn down your loan application, even though you plan to use the funds to improve the property they are lending on. With these type loans, we provide the property appraiser a list of the repairs and materials you would like to use for your renovation project. The appraiser then uses this list to determine the value of the property with the repairs completed.

This valuation is important for two reasons–first, it gives the lender a new valuation to base your loan amount on and second, it gives you, the homeowner, knowledge of the value the improvements you are going to invest in will add to your new or existing home to assure you make the most out of your investment.

These loans are offered in two separate options, both FHA and Conventional. The differences in these programs are listed below, along with FHA and Conventional loan home requirements in West Palm Beach, FL.

FHA Renovation Loans

Minimum Credit Score: 550
Owner-Occupied Properties Only
Eligible Repairs Include but Not Limited To:

Roof Replacement
Kitchens
Painting
Flooring
Out Parcel Building Additions if connected with a breezeway
Mold removal, additions to the existing property
Repair of structural damage
Tear down and rebuild of existing property
Foundation Repair

Eligible Properties: Single Family, Multi-family, Townhomes.
Work must be completed by a licensed contractor.

Conventional Renovation Loan:

Minimum Credit Score: 620
Eligible for Primary Homes, Secondary Homes and Investment Properties
property type:Single Family, Multi-Family, Condos, Townhomes
Eligible Repairs Include but Not Limited To:

Roof Replacement
Kitchens
Painting
Flooring
Out Parcel Building Additions if connected with a breezeway
Mold removal, additions to the existing property
Repair of structural damage
Tear down and rebuild of existing property
Foundation Repair
New Pool or Pool Renovation
Outdoor Kitchens

Work Must be completed by a licensed contractor

Construction Loans

Looking to building your property from the ground up? We offer one time close constructions loans with as little as 5% down of the lot cost plus construction of the property. We have FHA, VA and Conventional Construction home loan in West Palm Beach, FL. Contact us today to talk about your project and how we can assist in building your dream.

All Loans Are Subject to Underwriting approval.

Call today at 877-799-4015 (Toll Free) to get a quote about FHA or other home loans in West Palm Beach FL.