RENOVATION GENERAL CONTRACTORS

RENOVATION GENERAL CONTRACTORS

Highlights

  • Purchase and remodel:
    • Allows the home buyer to purchase a property and roll the costs of certain home improvements directly into the mortgage loan
    • One loan purchases the home and renovates the house
    • Borrower can buy a house with potential and turn it into their dream home to fit their style
  • Refinance to remodel
    • Allows the home owner to roll the costs of certain home improvements directly into the mortgage loan
  • No requalification or refinancing required upon completion of renovation
  • One closing/one set of closing fees
  • Energy efficient improvements are eligible
  • General contractor is paid preset milestones are reached
  • Renovation Programs Available:
    • FHA 203k (Streamline/Full) for primary residence only
    • FNMA HomeStyle Renovation Loan® for primary, secondary and investment properties

Renovation General Contractor Approval Requirements

  • Minimum of 5 years of relevant experience
  • Acceptable track record with trade references
  • 660 minimum credit score
  • Commercial insurance policy or policies indicating an acceptable level of general liability coverage
  • Copy of any and all license in the state which business is being conducted
  • All contractor bids must be submitted as “Fixed Cost” to clearly identify all labor and material costs
  • “Contractor Allowances” are not permitted on bids
  • “Self-help” programs in which the borrower acts as the general contractor is not permitted
  • Borrowers may not act as a sub-contractor to the general contractor

Equal Housing Opportunity logoAll loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Not all products are available in all states or for all loan amounts. Other restrictions apply.

Goldwater Bank, N.A. - Mortgage Division | Corporate NMLS# 452955 | Equal Housing Opportunity

Important Information About Opening a New Account                   Privacy Policy                      NMLS Consumer Access

Highlights

  • Purchase and remodel:
    • Allows the home buyer to purchase a property and roll the costs of certain home improvements directly into the mortgage loan
    • One loan purchases the home and renovates the house
    • Borrower can buy a house with potential and turn it into their dream home to fit their style
  • Refinance to remodel
    • Allows the home owner to roll the costs of certain home improvements directly into the mortgage loan
  • No requalification or refinancing required upon completion of renovation
  • One closing/one set of closing fees
  • Energy efficient improvements are eligible
  • General contractor is paid preset milestones are reached
  • Renovation Programs Available:
    • FHA 203k (Streamline/Full) for primary residence only
    • FNMA HomeStyle Renovation Loan® for primary, secondary and investment properties

Renovation General Contractor Approval Requirements

  • Minimum of 5 years of relevant experience
  • Acceptable track record with trade references
  • 660 minimum credit score
  • Commercial insurance policy or policies indicating an acceptable level of general liability coverage
  • Copy of any and all license in the state which business is being conducted
  • All contractor bids must be submitted as “Fixed Cost” to clearly identify all labor and material costs
  • “Contractor Allowances” are not permitted on bids
  • “Self-help” programs in which the borrower acts as the general contractor is not permitted
  • Borrowers may not act as a sub-contractor to the general contractor

Equal Housing Opportunity logoAll loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Not all products are available in all states or for all loan amounts. Other restrictions apply.

Goldwater Bank, N.A. - Mortgage Division | Corporate NMLS# 452955 | Equal Housing Opportunity

Important Information About Opening a New Account                   Privacy Policy                      NMLS Consumer Access