Offers being reviewed Wednesday, May 8, 2024.
2.5% Buyer Agent Compensation.
This home located in desirable Renton Highlands will shine with some TLC. We have several programs available that will help renovate this home located on a 1/3 acre lot.
Conventional Renovation Loan:
- Maximum loan to value is 97% for owner occupied; 90% for second homes and 85% for investment property-purchase or 75% if the investment property is a refinance.
- Conforming loan limits: $977,500 for King, Pierce and Snohomish County (single family dwelling). NOTE: JUMBO Renovation Loans are available too!
- 2-4 unit homes available (different loan to values apply) for owner occupied, primary residences only.
- 1 unit investment property allowed with max LTV of 85%.
- ADU/DADU's are permitted for owner occupied, primary residences.
- Licensed contractors and/or subcontractors must be used where licensing is required per state or local regulations for the specific trade or type of renovation that is being completed.
- Often used for remodel projects and luxury items may be included. Cannot be used for a complete teardown however, One-Time-Close can facilitate this.
- Allows access to upfront equity based on the after improved value of the home.
- If repairs/improvements exceed $50,000, then a feasibility study is required.
One-Time-Close Construction Loan:
- This is a true construction loan that would for a new build of a primary residence from the lot up. A person can already own the land or this can be combined with purchasing the land.
- Conforming/FHA loan limits: $977,500 for King, Pierce and Snohomish County. VA Loans available. (Jumbo program also available).
- Eligible property types include 1-unit site-built homes, modular, multi-wide manufactured homes, pre-hab. ADU/DADU permitted WHEN it's part of a 1-unit site-built home.
- Primary residences and second homes (conventional financing).
- Builder must be approved with New American Funding.
- Interest-only payments during construction phase (up to 12 months) which then modifies to a 30-year fixed mortgage.
NOTE: FHA 203(K), VA Renovation Loans and Jumbo One-Time Close loans are also available
Interested in learning more about financing your dream home? Please contact Rhonda Porter.