1st Eagle Mortgage | Mortgage and Loan Company | Chicago Northfield Illinois

Construction Loan Programs from 1st Eagle Mortgage

1st Eagle Mortgage construction loans allow you to build a new home, which can take from six to 24 months. Additionally, you can  combine the loan amount with the cost of renovating or remodeling the home. We offer five types of construction loans:

  • Teardown and Rebuild
  • HomeStyle Renovation
  • FHA 203k
  • Limited FHA 203k
  • Fix & Flip.

Teardown & Rebuild or Build On An Empty Lot
This loan program allows you to build a custom home from the ground up with exactly the design, features, and finishes to make it your perfect home.

Program Features:

  • 5% down and up to $453,100 with a 620 minimum credit score
  • 15% down and up to $1 million with a 720 minimum credit score
  • 20% down and up to $1.5 million with a 720 minimum credit score
  • 30% down and up to $2.5 million with a 720 minimum credit score

HomeStyle Renovation Program

The HomeStyle Renovation Program allows you to combine the purchase or refinance amount with the cost of renovating or remodeling the home. This program works for both purchase and refinance as well as investment properties.

Program Features:

  • As little as 5% down for owner occupied homes
  • All renovation funds will be escrowed at closing
  • Renovation funds are escrowed in an interest-bearing account
  • Soft costs (permits, engineering, etc.) may also be financed
  • After the renovation is complete, any remaining funds will be used to pay down the principal balance of the loan
  • Minimum credit score 620
  • Maximum loan is $453,100

FHA 203k

An FHA 203k loan is designed for you to borrow money, using only one loan for both home improvement and a home purchase. FHA Loan limits vary by market. In the Chicago area it is currently $365,700 for a single family property and up to $703,000 for a four unit property.

Program Features:

  • Loan amount based on the home value, including renovations
  • Only one loan needed to both purchase and improve
  • Refinance and rehab your own home
  • Can be used to buy property otherwise not eligible for financing
  • A minimum down payment of 3.5%
  • Credit score as low as 550
  • You currently have no other FHA loans
  • You DO NOT have to be a first-time buyer

Limited FHA 203k

A Limited FHA 203k loan allows for simple repairs that can be easily estimated and completed, such as roofs, gutters, downspouts, plumbing and electrical. Click here for a full list of eligible repairs.

Program Features:

  • Loan is figured into the original loan balance, resulting in one loan
  • It can be an adjustable-rate or fixed-rate mortgage
  • The mortgage balance can exceed the purchase price of the property
  • Borrowers are not required to hire professional consultants, licensed engineers or architects
  • The appraiser or home inspector can put together a list of recommended repairs/improvements
  • No minimum loan balance required
  • $35,000 maximum repair budget
  • Borrowers must occupy the property
  • Property cannot be vacant for more than 30 days
  • Work must be completed within six months
  • Work must be professional
  • If job requires a permit, borrowers must get a permit and a sign-off
  • Work must commence within 30 days from closing

Fix & Flip

Fix & flip loans help short term real estate investors finance the purchase and renovation of a property before flipping it for a profit.

Program Features:

  • As little as 10% down and 100% of the construction costs for experienced “flippers”
  • With little to no experience, you’d need 20% down but 100% of the construction cost would be financed.

Contact 1st Eagle Mortgage, Inc. loan experts today at 847.441.4116, or email:  homeloans@1steaglemortgage.com                       

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