Construction Loans from 1st Eagle Mortgage
While the housing market is heating up, distressed properties still make up a significant part of the available inventory. A HomeStyle Renovation Program is a great way for buyers and investors to take advantage of otherwise undesirable properties. This program allows borrowers to combine in a single loan the costs of home with the renovation/remodeling.
- Finance up to 95% of your home and renovation costs.
- Owner occupied loans are available with as little as 5% down.
- Investor programs are also available.
- Eligible borrowers include individual home buyers and investors.
Which renovation loan works best? 1st Eagle Mortgage, Inc. experts will work with you to find the most appropriate construction loan for your property, whether it is owner occupied, primary residence, an investment property and/or a second home. We will clearly identify the type of work that is allowable under each type of renovation loan, as well as the size of loan available as determined by the percentage of the property’s value. The proceeds from the loan can be used for any repairs or renovations that are permanent fixtures that will add value to the property, such as:
- Building Additions
- Mold/Lead Paint Removal
- Foundation Work
- Tear Down/Re-Build
1st Eagle Mortgage, Inc. can arrange for a variety of renovation loans, including:
- FHA 203k Streamline (up to about $30,000 in repairs)
- FHA 203k Full
- Fannie Mae HomeStyle
- Builder Spec Homes
- Lot loans for builders
1st Eagle Mortgage can also finance the lot purchase and construction of a single family home or your 2nd home.
If you already own a lot, it’s possible to build your dream house with very little money down.
Please contact our office at 847.441.4116 with any questions and to begin the application process.