2 Great Financing Options Available

Option 1:
Loans up to $7,500; rates 4.95% – 10.75%, 3 – 10 years
Loans $7,501 – $25,000; rates 3.95% – 10.95%, 3 – 20 years
Loans $25,000 – $40,000; rates 5.95% – 10.25%, 3 – 15 years
• Debt ratio is 45% for most loans
• <30% Total Debt Ratio with no origination charges for those with 800 and above Credit Score
• <38% Total Debt Ratio for the 600 – 639 Credit Score
• FICO Credit scores as low as 600, dependent upon the above specific loan
• No Equity or Appraisal required
• No prepayment penalties.
• Two party checks only if homeowner requests it upfront
• 100% upfront funding to the homeowner
• Contractors should receive a deposit upfront from the homeowner

Option 2:
Standard Loan – home needs structural work, minimum $35,001 – no maximum amount but based on County Loan Limits which in 2020 is over $500,000, draws to the contractor as the work progresses, maximum five draws; current rate 4.50%, 96.5% LTV
Limited Loan – home needs non-structural/cosmetic work, no minimum work. $5,000 – $35,000 current rate 4.50%, 96.5% LTV
Homestyle Loan – Repairs permanently affixed to the property (Includes new kitchen appliances, remediate lead-based paint), $5,000 and up, current rate 4.50%, 95% LTV primary home, 90% 2nd home
• FICO Credit scores as low as 620, dependent upon the above specific loan
• There are no prepayment penalties.
• Contracts under $30,000, draw for material could be up to 50% upfront funding, larger projects will have multiple draws.
• Payments are to the contractors.
• Reimbursement next day after homeowner signs off on the work.