Construction and Renovation Programs

 
Construction and Renovation Loans can seem overwhelming when it comes to all of the draw schedules, inspections, appraisals, contractors, subcontractors and bank requirements. Corridor Mortgage Group offers simple yet complete solutions with our construction lending products as well as construction-to-permanent single settlement financing. These loan programs provide attractive interest rates with flexible and convenient draw schedules.

Construction-to-Permanent Financing

• Fixed Rate Loans
• Construction terms available up to 12 mths.
• Simple builder approval process.
• Financing available for contingency and interest reserve funds.

• Customized draw schedule.
  

Renovation Loans

• FHA 203(k) Streamlines

• Up to $35,000 in non-structural repairs (no minimum repair required)
• Borrower can be their own general contractor (limited to qualifications)
• No reserves required at closing (for 1-2 unit properties)
• Eligible repairs and upgrades include, but are not limited to: windows, doors, HVAC system, roof, plumbing, electric, paint, appliances, kitchen counters, cabinets, flooring and more.
• No plan review or consultant required

FHA 203(k)

• Minimum $5,000 in repairs
• Borrower can be their own general contractor (limited to qualifications)
• No reserves required at closing (for 1-2 unit properties)
• Up to 6 months Principle and Interest payments can be financed if the home is not habitable during construction.

Please contact us today to see if a construction or renovation loan is right for you.