Mon - Fri 9:00 - 5:00
hello@escomortgageadvisors.com
949-631-2708
Mon - Fri 9:00 - 5:00
hello@escomortgageadvisors.com
949-631-2708

RENOVATION LOANS

RENOVATION FINANCING AT ESCO MORTGAGE ADVISORS IS INCLUDED IN THESE PROGRAMS

1 - 4 unit owner occupied and investment properties

May be REO's, Foreclosures, and Short Sales

May be an incomplete renovation

RENOVATION LOANS FOR BUYERS AND INVESTORS

LET’S RESTORE YOUR DREAM, TOGETHER
WITH A RENOVATION LOAN BY ESCO MORTGAGE ADVISORS

Not only can a renovation loan from ESCO Mortgage Advisors help you turn a place with potential into the home of your dreams, it could also save your approval.

How?  If you’re having difficulty getting approved for a loan on a place that needs improvement, a renovation loan may help.  ESCO offers several renovation loans created to cover the property, plus minor or major repairs.

RENOVATION LOAN OPTIONS

FHA 203(k) Standard & Limited
ESCO requires a minimum 580 credit score on all FHA loans
Minimum reno amount of $5,000 required, no maximum amount
203k self-help and contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed

203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as you leave part of the existing foundation in tact.

203k Limited covers a max of $35, 000 toward repairs.  This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work.

HomeStyle® Renovation Mortgage
Include renovation costs in one loan to purchase or refinance.
No minimum renovation cost required
Maximum renovation cost is 50% of the “as completed” appraised value of the property

HomeStyle® for Investors
An investment-specific loan covering single unit properties with all renovation work allowed, including luxury additions, and a minimum down payment of 15%.  Investment property purchases go up to 85% LTV with optimal FICO at 620 or above.

A renovation loan by ESCO can restore your home ownership dream AND let you make the home your own.  Let us show you how.

Talk to your ESCO Mortgage Advisors, mortgage advisor, to clarify what qualifies as a condo and which loan program may best meet your needs.