Renovation Loans

Find out how to finance your renovation project

Comparing
Renovation Loan Options

Why Choose GDM Mortgage Corp.? LIMITED 203K STANDARD 203K HOMESTYLE
EXAMPLES OF
ELIGIBLE REPAIRS
Updating a kitchen or bathroom
Adding new floor
Purchasing new appliances
Repairing the roof
Upgrading HVAC system and
other energy efficient upgrades
Building an addition
Building a new garage
Tearing down and rebuilding
Upgrading mechanical systems
Installing a well and/or septic
system
Updating the interior
Renovating kitchens and bathrooms
Updating landscaping and site amenities
Adding square footage to the home
Putting in new flooring
Repairing pool and/or spa
DOWN PAYMENT
AND LOAN-TOVALUE
(LTV)*
3.5% (96.5% LTV) 3.5% (96.5% LTV) 1 Unit Primary – 3% (97% LTV) [At least one
borrower must be a first-time homebuyer]
1 Unit Primary – 5% (95% LTV)
1 Unit Second Home – 10% (90% LTV)
1 Unit Investment – 15% (85% LTV)Mortgage Insurance (MI) is required forany LTV that exceeds 80%.
ELIGIBLE PROPERTY
TYPES
1-4 unit properties
Condominiums (internal repairs only)
Townhomes (internal repairs only)
1-4 unit properties
Condominiums (internal repairs only)
Townhomes (internal repairs only)
ELIGIBLE
OCCUPANCY TYPES
Primary Primary Up to 5 draws
NUMBER OF DRAWS 1 initial and 1 final draw per
contractor
Up to 5 draws Up to 5 draws
ADVANCES Up to 50% of repair cost can be distributed at closing when
requested in writing prior to close.
Not allowed Not allowed
MATERIALS DRAWS Not allowed Not allowed Case by case, up to 50% of total
materials budget, based on need
PROOF OF PERMITS Required within 30 days of loan
closing
Required on or before first draw Required on or before first draw
HOLDBACKS No holdbacks on draws 10% holdback on all draws, except final draw 10% holdback paid out with final draw
CONTINGENCY
FUNDS AND
CHANGES TO
SCOPE OF WORK
Contingency funds are intended for unforeseen repairs. Once all items on the bid are completed, contingency
funds may be used for additional repairs or applied as a principal reduction.
COMPLETION DATE Work must begin within 30 days of loan closing, may not cease for any 30 consecutive day period and must be
completed within 6 months of loan closing.

Your home, your way. That’s the FAIR WAY

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