Plaza Home Mortgage® purchases a variety of renovation loan programs to provide borrowers the perfect balance for financial backing, instant equity, and the best part – living in a dream home they create at a rate they can afford.

When you work with Plaza in renovation lending you can:

  • Sell the loan when closed – you don’t have to wait for renovation completion (which can potentially result in larger loan amounts)
  • Mitigate risk against fraud or manufacturing defects that trigger buybacks with the Certified Loan Program
  • Ensure loan quality before closing through a pre-close review with our renovation underwriting team available for both non-delegated and delegated loans
With over 15 years of renovation lending experience, we are the right team for your renovation loans. Let us know how we can help!

Plaza's Renovation Program Lineup

Fannie Mae® HomeStyle®

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on investment properties; 90% LTV on a 1-unit second home - SFR only
  • 620 FICOs
  • Improvements, including luxury items, that can be completed in six months are eligible
  • Standard and Limited available

FHA 203(k)

  • 620 FICOs
  • High Balance loan amounts
  • 1-4 Unit 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 investment properties; 90% LTV on a 1-unit second home - SFR only
  • 620 FICOs
  • Improvements, including luxury items, that can be completed in six months are eligible
  • Standard and Limited available
  • Plus, Plaza allows rental income from ADUs with LP approval on Single-Family Residences - this can be a great hedge against inflation for those who want to use equity to generate extra monthly income

USDA Renovation

  • Up to 100% LTV for USDA qualified buyers
  • Available 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 for repairs -including fees & contingency
  • 620 FICOs
  • Jumbo loan amounts up to $970,800 nationwide
  • Improvements, including luxury items, that can be completed in four months are eligible

Talk to your Plaza Account Executive today to learn more about how we can help you conquer your renovation market.

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