mello reno project
1 Find the right loan program
2 Find the right lender
3 Get pre-approved
This simple questionnaire will enable us
to identify your best loan options, then
we can point you in the right direction.
We understand that everyone's
needs and circumstances
are different.
First time home buyers
Good Neighbor Next Door &
HUD $100 down properties
Owner occupied
Vacation / second homes
Investment properties
Multi-Family properties
'Fix & Flip'
renovation loan reference guide
Occupancy
Units
Max Loan Amount*
Renovation Amount
Contingency %
Seller Paid Costs
Transaction Types
# of Contractors
Draws
FHA203K Limited
Owner Occupied
1 - 4
Check FHA amounts in area
Maximum $35,000
10% (15% no utilities)
Up to 6% of property price
Purchase & Refinance
Multiple
50% upfront 50% completion
FHA203K Standard
Owner Occupied
1 - 4
Check FHA amounts in area
No Limit ($5,000 minimum)
10%
Up to 6% of property price
Purchase & Refinance
General Contractor
Up to 5
Good Neighbor Next Door
Owner Occupied
1
Check FHA amounts in area
No Limit
10% (15% no utilities)
All closing costs financed
Purchase Only
Multiple
Up to 5
FHA / VA Repair Escrow
Owner Occupied
1 - 4
Check loan amounts in area
$10,000
10%
6% (FHA) / All (VA)
Purchase
General Contractor
Repairs paid on completion
Occupancy
Units
Max Loan Amount*
Renovation Amount
Contingency %
Seller Paid Costs
Transaction Types
# of Contractors
Draws
Conventional Streamline
Owner / 2nd home / Invest.
1 - 4
$424,100
Maximum $35,000
10%
Up to 3% of property price
Purchase & Refinance
Multiple
50% upfront 50% completion
Conventional HomeStyle
Owner / 2nd Home / Invest.
1 - 2
$424,100
Up to 50% of 'subject to' value
10%
Up to 3% of property price
Purchase & Refinance
General Contractor
Up to 5
Buyer/Seller Funded Repairs
Owner / 2nd Home / Invest.
1 - 4
Depending on Loan Program
Depending on Loan Program
10% (15% no utilities)
Depending on Loan Program
Purchase Only
General Contractor
Repairs paid on completion
USDA - RD Repair Escrow
Primary
1 - 2
N/A
$10,000
10%
All costs can be paid
Purchase Only
General Contractor
Repairs paid on completion
* May vary by county
Click here for FHA loan amounts in your area
Click here for Conventional & VA loan amounts in your area
Click here for The Good Neighbor Next Door FHA203(K) program details