Renovation Loan and Rehab Loan Programs

Escrow HoldbThe HOUSE Team - Renovation Loansack and Renovation Loans

Looking to renovate your new or existing home or do you just need to deal with repairs that an appraiser is requiring to be completed?  The HOUSE Team offers several different renovation and escrow holdback mortgage options to help rehab and renovate their Arizona dream home.

Renovation loans can help with:

Building or repairing a pool
General updating
Remodeling a bathroom
Replacing cabinets
Cleaning up after weather related damage
Fixing something an appraiser says must be fixed in order to close

Basic Renovation Requirements

Each Renovation Loan has it’s own unique guidelines.   However, below are some general concepts and rules that apply to all Renovation loans.

Contractor Rules & Regs

Below are a few basic regulations associated with the contractors that will be performing the Renovation work.  Contractor rules & regs may differ from loan to loan and there may be more than what is listed below.

1. Contract cannot be the buyer, buyer’s family or friend
2. Contractor must meet PrimeLending minimum contractor regulations

Renovation Funds Rules & Regs

There are 4 general rules listed below related to how the funds for a Renovation and Escrow Holdback loan are managed.  Reno fund rules & regs may differ from loan to loan and there may be more than what is listed below.

1. Funds for renovation are held by PrimeLending
2. Funds are distributed to contractor at specific points in process
3. A contingency fund equal to 10% of total bid is to be held back to cover overages
4. Excess funds are applied to balance of loan at the end of the rehab period

Other Renovation Resources

HomeStyle Reno Loan
Build or Repair a Pool Escrow Holdback
FHA Escrow Holdback
USDA Escrow Holdback
Contractor Requirements

Team Phone:  602.435.2149
Team Email:  
Team@JeremyHouse.com

By Jeremy House