Stated Income Renovation Loans
Stated Income Renovation Loans are my specialty.
Stated income renovation loans reduce the
documentation needed to process your loans.
loans address these issues.
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 r
enovation loans address these issues.
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”
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.
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.
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