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Renovation Lending - Limited (Streamline) 203(k)

Mar 20, 2018 | Products, General

For uncomplicated improvements or non-structural repairs that your clients have been delaying, help cross them off their list with a renovation loan from Home Point Financial. The Limited (Streamline) 203(k) program is intended for minor rehabilitation and/or improvements that do not require plans, consultants, engineers or architects.

The maximum repair amount is $35,000; there is no minimum. Up to 50% of the contractor’s bid can be advanced for the cost of documented materials.

Allowable additional costs that may be financed include: inspection fees, building or other permits, the supplemental origination fee, title update fees and the contingency reserve. The total loan amount with additional costs must not exceed $35,000.

The property must be habitable throughout the renovation process. Repairs that are performed should not prevent the borrower from occupying the property for more than 15 days during rehabilitation. 

Don’t let a small project remain a big headache for your clients. Contact your Account Executive today to learn more about Home Point Renovation Lending.

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