Blanket Mortgage Loans for Multiple Properties
Blanket mortgage lending is one of our many specialties at Cleveland Mortgage. Blanket loans can be a very efficient financing tool for builders that subdivide and sell off separate lots, house flippers buying multiple properties at once and real estate investors, or property managers, to fund multiple investment properties in one loan.
Renovation Loans with Home Purchase: FHA 203(k) Rehab Loan
At Cleveland Mortgage we offer all types of home loans for renovations and rehab. The most well-known renovation home loan for home buyers is an FHA 203(k) rehab loan, a purchase loan that allows the home buyer to finance costs of renovations into the purchase price. As with all home loans there are many things to consider to determine whether or not this is the best renovation home loan for you. Would a streamline 203(k) loan be the better fit for your home purchase loan or a standard 203(k) loan? Will your contractors have the work complete in under 6 months? Are your renovations less than $35,000? These factors, as well as credit score, debt-to-income ratio and other qualifying factors help to determine which renovation loan fits your situation.
Renovation Home Loan Purchase: Conventional Rehab Loan
There are also conventional rehab loans to consider like Fannie Mae's HomeStyle Renovation Mortgage and Freddie Mac's CHOICERenovation loan. Where the FHA 213(k) rehab loan is a renovation home loan limited to primary residences only, conventional rehab loans can be used to finance renovations for investment properties and second homes. Each renovation home loan product has their own pros and cons, as well as qualifying factors. The local loan officers at Cleveland Mortgage will help determine which home loan you qualify for and which one will be best for your situation. Contact us for a free, no-pressure, consultation about your rehab loan options.
Conventional Loans and 203k (FHA)
- Combine purchase price with renovation costs
- Renovation costs limited to 50% of estimated future value of the home
- Appliances and luxury items can be included in most cases