taylor@lowcountryhomeloans.com
843.800.0178
Renovation & Construction
Summary
We offer renovation and construction loans to help our clients reach their goals!
Available Programs
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Renovation Loan:
By utilizing Fannie Mae’s Home Style Renovation Program, we offer renovation loans that allow you to purchase or refinance a home mortgage and combine the renovation costs.
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Construction Loan:
Construction loans are a two-step process. There is a construction loan, and there is a permanent loan. There are 2 closings, one for the construction loan and the other after the house is complete. We will partner with a local bank for the construction loan. Once the house is complete, the construction loan will be refinanced into a traditional mortgage.
Programs
Renovation Loan
By utilizing Fannie Mae’s Home Style Renovation Program, we offer renovation loans that allow you to purchase or refinance a home mortgage and combine the renovation costs.
Qualifications
| Minimum Down Payment | 5% of sales price (can be gift from family member) |
| Minimum Credit Score | 620 |
| Max Debt-To-Income Ratio | 50% |
| Non-Occupant Co-Borrower | Allowed |
| Mortgage Insurance | Yes (can be built into loan) |
| Eligible Property Types | Single family residence, 1-2 unit, PUD’s, townhouse, and condo |
| Max Loan Amount | $548,250 |
| Occupancy Type | Primary, Secondary, and Investment |
Construction Loan
Construction loans are a two-step process. There is a construction loan and there is a permanent loan. There are 2 closings, one for the construction loan and the other after the house is complete. We will partner with a local bank for the construction loan. Once the house is complete, the construction loan will be refinanced into a traditional mortgage.