Let’s restore your dream, together with a renovation loan by Movement Mortgage. Not only can a renovation loan from Movement Mortgage help you turn a place with potential into the home of your dreams, it could also help you get your loan.
How? If you’re having difficulty getting approved for a loan on a place that needs improvement, a renovation loan may help. Movement offers several renovation loans created to cover the property, plus minor or major repairs.
Renovation loan options
A minimum 620 credit score
Minimum loan amount of $5,000 required (no maximum amount)
Self-help or contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed
203(k) Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as part of the existing foundation is left intact
203(k) Limited covers a max of $35,000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work
Includes renovation costs in one loan to purchase or refinance
No minimum renovation cost required
Maximum renovation cost is 50% of the “as-completed” appraised value of the property
An investment-specific loan covering single-unit properties with all types of work allowed, including luxury additions, and a minimum down payment of 15%
Option of investment property purchases up to 85% LTV with FICO at 620 or above
No down payment required*
Available for homes in designated rural areas**
Eligible borrowers can finance up to $75,000 in repairs and upgrades***
Up to $35,000 for non-structural work (things like kitchen upgrades, HVAC replacement, rewiring and re-plumbing)
$35,000 - $75,000 for structural work (things like foundation work and major roof repairs)
Interested? Find out more by filling out the short contact form below.
For more information about this loan program, please contact your local Loan Officer. Eligibility, programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval.
*For qualified borrowers only. **Property must be located in a Designated Rural Area. ***Borrower’s Household Income must not exceed the adjusted annual income threshold. Borrower may only own one other single family housing unit. Borrower must meet all additional requirements of USDA financing.