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As Completed Value

As completed value is a construction lending term which can be a perfect answer for many home owners and buyers. As completed value bases your loan on the value of the property after your repairs are complete. Email as completed value questions.

The single most frequently encountered problem encountered by homeowners when planning a project is the amount of equity available in the home. If your equity is greater than the construction cost, you can choose from a cash out refinance, a second trust or a home equity line of credit. These financing tools are readily available and may well meet your needs as they are traditional loans based on the current value of your home..

However, if your equity is less than the cost of the project, until recently, there were no financing options available to you. "As Completed Value" financing was created to solve the problem. These as completed value programs were designed based on our popular construction/perm programs for new home construction. After you have established a contract with your builder or have a detailed material list if you are doing the work yourself, we will involve an appraiser in the project. The appraiser will determine the current (before construction) value of your property, add in the proposed renovation, and give us a final or "as completed" value of your property. This will be the value we are then lending against. As completed value loans work for either your primary residence of second home and can finance single family, 1-4 unit, townhouses or condos.

An example-

You purchased a $200,000 home using a 95% loan to value loan and you have a mortgage of $190,000. The addition you want to put on will cost $50,000 and will add $50,000 to the value of the home. Using "as completed value" financing, if you want to end up with a conventional fixed rate loan which will allow a 95% LTV, we would be able to lend up to $240,000 (95% of the $250,000 value after construction).

Rehab programs for investment property

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If you have had credit issues in the past, it is absolutely critical in today's market that they be addressed before you try to get a mortgage. I have referred my clients to CreditFX for the past 5 years. Exceptional customer service and I am often stunned at what they have been able to have removed from people's reports, allowing my clients to qualify. Their charge of $199 is one of life's true bargains.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.



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