Looking to renovate your new or existing home? Do you need handle repairs that an appraiser is requiring? The HOUSE Team offers several renovation and escrow holdback home loan options to rehab and renovate your Arizona home.
Renovation loans can help with:
Building or repairing a pool
Remodeling a bathroom
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. Below are general rules that apply to most Renovation loans.
Contractor Rules & Regs
There are 2 main requirements that contractors on a Renovation loan must meet. Contractor rules & regs may differ from loan to loan.
1. Contract cannot be the buyer, buyer’s family or friend
2. Contractor must be screened/approved by PrimeLending
Renovation Funds Rules & Regs
Renovation funds are managed based on these 4 rules. Reno fund rules & regs may differ from loan to loan.
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
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com
By Jeremy House