Renovation is becoming an increasingly popular strategy in today’s high-cost, tight inventory housing environment. 

Plaza Home Mortgage® makes it easy to capture more business in this growing lending segment. We offer multiple renovation loan options and have a department of dedicated renovation specialists to walk you through every step. 

For any and all questions you may have about renovation loans, contact us at hereforyou@plazahomemortgage.com. 

 

Plaza Renovation Program Lineup

Fannie Mae® HomeStyle®

  • Up to 95% LTV of the “as-completed” value
  • 85% LTV on 1-unit investment property; 90% LTV on a 1-unit second home
  • FICOs Per DU
  • Standard and Limited options available
  • Can be used for pools and manufactured homes
  • Improvements, including luxury items, that can be completed in six months are eligible

FHA 203(k)

  • 620 FICOs
  • High Balance loan amounts
  • 1-4 unit properties, manufactured homes and condos
  • Standard and Limited options available
  • Manual underwriting available

Freddie Mac CHOICERenovation®

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on 1-unit investment property; 90% LTV on a 1-unit second home
  • FICO to 620
  • Improvements, including luxury items, that can be completed in six months are eligible

USDA Renovation

  • Up to 100% LTV for USDA qualified buyers
  • Eligible for purchase transactions in eligible areas
  • Owner-occupied, detached SFR/PUD
  • 620 min FICO
  • Closing costs and upfront guarantee fee may be financed
    [check program guidelines for all requirements]

VA Renovation

  • Up to 100% LTV on purchase, 90% on refi
  • Up to $50K toward improvements
  • 620 FICOs
  • Jumbo loan amounts up to $1,089,300 nationwide
  • Improvements, including luxury items, that can be completed in four months are eligible

Contact your Plaza Account Executive to see how we can help you capture more business with these renovation programs.

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