203k loan limits don't go high enough for my neighborhood
I'm afraid that is the harsh reality in many neighborhoods. What then, is the answer where the homes in my area are selling in the $1MM to $3MM or more. Not a problem at all. As all is good with another renovation product that is available and our group of renovation consultants can help you with that as well. This is just another reason that you should chose a "team" to close your loans faster.
The parameters for the loan I'm referring to will be disclosed mid February but you can start inquiring right now. This lender loans in all fifty states and the permanent loan includes renovation money. The maximum loan amount is $3,000,000 and of course there is a higher LTV required so you could be buying a home in the $4-5MM range including renovation costs and with your down payment your loan amount would top out at $3MM.
Get your renovation loans with one of our Team Members - Our consultant that cover this area is Pete Campbell
Well, now the loan program is in full swing, you can place your order by clicking hereand filling out the short order form.
High balance renovation loans are now available from Chris Davis at Everbank. Chris will fill you in on the loan aspects of this product but the short of it is that you now have a renovation loan that covers the higher end home up to $3,000,000 loan amount.
This is an amazing loan product and it doesn't have to be the entire amount... I've actually had a couple of calls where I was asked if we had a renovation loan for a $1MM purchase that needed $300,000 in renovation... YES, of course. LOL, the loan has a cap of $3MM but that means anything up to $3MM will likely fly just fine. I love this business.
While this loan is going to be available nationally shortly, it is only currently available in the following states, AZ, CA, CO, CT, FL, MA, MD, NJ, and VA. Comming to all other states as fast as the local LO's in those states get their in-house training on the program.