Eugene Mortgage News

Save your money and roll your renovation costs into your affordable mortgage loan. Combines home and renovation costs into one mortgage loan, available for Purchases and Refinances.

  • Minimum 580 credit score with a loan-to-value of 96.5% on purchase and 97.75% on refinance
  • Eligible properties include 1-2 unit Primary Residences, Manufactured Housing, FHA Approved Condominiums and PUDS.
  • Must work with a Licensed General Contractor -DIY projects are ineligible

FHA Limited 203k

  • Cost of work cannot exceed $35,000-no minimum repair costs
  • Can make minor remodel/fixes or repairs -
    • Upgrade plumbing/electrical system
    • Replace/Repair the roof
    • Purchase and installation of appliances
  • Cannot make any structural changes
  • Up to 3 months to complete the project
  • No Hud consultant required

FHA Standard 203k

  • Renovation costs must be at least $5,000-NO maximum repair amount
  • Extensive renovation and/or structural repairs-
    • New roof,
    • Modern kitchen
    • Add a master suite
  • Required use 203k HUD consultant-an expert involved throughout the process, including estimating the cost of repairs and inspecting the work performed
  • Must begin work within 30 days of execution of the agreement
  • Up to 6 months to complete the project

 
 **Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan-to-value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.

Posted by Mike Herborn on March 14th, 2023 3:56 PM

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Stepping Stone Mortgage

NMLS-235749 ML-3770

1140 Willagillespie Rd., Suite 13
Eugene, OR 97401