Apply Online          

Welcome
to TMC Lending!
 Your source for consumer information  

 

FHA Loan

Construction/Perm

Interest Only Mortgage


Commercial Loans

   
Real Estate Investor


Refinance


Loan Modification

Stated Income Renovation Loans                                                                                                                                           

Stated Income Renovation Loans are my specialty. Stated income renovation loans reduce the documentation needed to process your loans. Email with questions on Stated Income Renovation Loans. Homeowners need a better way to finance a renovation. In the past, homeowners wishing to finance a renovation only had a few alternatives. These were 1) Pay for the renovation in cash. 2) Do a cash-out refinance based on the current value. 3) Take out an equity line, based on the current value. This places the burden of funding the renovation on the homeowner who will not be reimbursed until after the loans close. Stated income renovation loans address these issues.

I am a mortgage broker, specializing in stated income renovation loans, and represent 22 of the largest construction lenders offering stated income renovation loans. As a renovation loans broker, I work for my client and not the lender, taking the time to understand your situation and placing your loans with the lender whose renovation loans most closely match your needs. I give you unbiased advice and support throughout the process. Renovation loans are a specialized part of mortgage banking and most brokers do not have the experience to guide you through this complex process. I have given you some basic information on stated income renovation loans here but please call to discuss your individual project. Construction lenders offer two types of stated income renovation loans characterized by how they base interest rates during the construction phase. I refer to these approaches as “One Step” and “Two Step”

• One Time Close Renovation Loans Single Rate. "One Step" renovation loans protect you against increasing rates and extended lock fees. Interest only during construction and modifies into a permanent loan after. Stated income rehab loans are available

• One Time Close Renovation Loans Prime Rate Based. "Two Step" renovation loans allow you to borrow up to 95% of your total cost for a Principal Residence. Based on the Prime Rate during the construction period with interest only collected on funds disbursed.

Renovation loans are a variation of the "One Time Close" construction/perm product. The major advantage of renovation loans is that we lend against the finished or "as completed" value of the property rather than the current value as other lenders do. With programs other than renovation loans, you are out of luck if you do not have enough equity to complete the project. 

Other products which can be used. We offer Renovation Second Trust or Renovation Home Equity Lines of Credit  using the as completed value..

I have included a list of the documentation needed to process Renovation Loans, a section on Renovation Loans Frequently Asked Questions, a section on renovation loans draw schedules, and information on renovation loans fees. I have a section on contractor requirements and contracts.

NEW! A newsletter giving a detailed description of renovation programs available by email.

One final but important note. These are complex and are a specialized area of mortgage lending. I have many years of experience in them and in most years will close in excess of $10,000,000 of them. As an experienced mortgage broker, I have access to most programs available today and will research the market for the program which makes the most sense for you. I prefer to analyze your goals and financial situation before I recommend a program but I will always make sure you clearly understand the options available to you. I stay with my clients from the beginning to the end of the project. If there is an issue with the lender, I will intercede on your behalf. I work for you, not the lender.

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.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

Prequalify for your Rehab Loans.