UNDERSTANDING THE POWER OF RENOVATION FINANCING
At InterLinc Mortgage, we have an entire Renovation Department dedicated to helping you throughout the entire renovation process, allowing you to focus on having A HOME WHERE YOU WANT and then turning it into THE HOME YOU WANT! InterLinc Mortgage can finance the purchase, as well as the renovation costs in one, low-interest, 30-year fixed rate loan! With options for:
• Purchases
• Refinances
• 2nd Homes
• Investment Properties
Highlights Include:
• Choose your own contractor to do all the work (No Self Help)
• Options for no house payments during renovation period
• Conventional and FHA Renovation Programs
Look at what all a homebuyer can do with their Renovation Loan (depending on the specific loan program, contact us for full guidelines):
STRUCTURAL
• Add on to the house
• Repair structural damage
• New garage
• Finish Basement
LIVABILITY
• New Furnace and A/C
• New Septic System
• New Plumbing
• New Electrical
• Re-roof the House
• Repair or Replace Well
• New Driveway and Walkways
• Fences
LUXURY
• Remodel Kitchen
• Remodel Bathrooms
• New Flooring
• New Appliances
• Swimming Pools
HEALTH & SAFETY
• Creating accessibility for persons with disabilities
• Eliminating health & safety hazards
Or, tear the house down to the foundation and build it back up!
Most mortgage loan programs require a property to be in sound condition with no structural defects or required repairs. Not the 203k. This sub-type of the popular FHA loan is made for homes needing anything from a light spruce up to major repairs, improvements or new additions.
Combine the House AND the Needed/Wanted Repairs - The 203k loan covers your purchase price and the cost of improvements. The proposed work must be supported by a "value upon completion" appraisal. You can save by financing renovation costs into the original mortgage rather than racking up credit card bills or dipping into reserve savings later.
Create the Perfect House - If you're having trouble finding the right house in the right location, the 203k is the perfect solution. Just take a well-located home, add your own personalization and improvements, and make it "just right."
Determine Your Eligibility - As with the regular FHA program, credit requirements vary yet can be more flexible than with conventional financing. There are no income limits or first-time buyer status requirements.
Minimize Out of Pocket Costs - The 203k can be obtained with as little as a 3.5% down payment. Gifts can be used, sellers can contribute toward closing or costs can be rolled into the loan amount right along with your pre-paid taxes and insurance.
203(k) Renovation Loans allow homebuyers to finance additional funds into their mortgage to improve or upgrade their home before move-in.
No minimum cost of repairs
Any non-structural repairs/improvements which can be completed for less than $30,000 and do not exceed FHA mortgage limits are allowed
Renovation amount of $0 to $35,000
1 to 3 licensed subcontractors or 1 licensed general contractor
1 to 4 units allowed
Owner occupied only
3.5% down payment
640 Min FICO
No HUD consultant required
$5,000 minimum cost of repairs
Any repairs/improvements approved by FHA that do not exceed FHA mortgage limits are allowed
Renovation amount of $5,000.00 to FHA county mortgage limit
1 to 3 licensed subcontractors or 1 licensed general contractor
1 to 4 units allowed
Owner occupied only
3.5% down payment
640 Min FICO
HUD consultant required
No minimum cost of repairs
No restriction on repairs/improvements which are attached to the property and do not exceed 75% of the after improved appraisal value
Renovation amount of $0 to $726,200, not exceeding 75% of after improved appraisal value
1 to 3 licensed subcontractors or 1 licensed general contractor
1 to 4 units (owner occupied, 2nd home or investment property) allowed
Owner occupied, 2nd home and investment property (maximum 70% LTV)
3% down payment
620 Min FICO
HUD consultant required on projects with bids over $35,000 and/or structural changes/fixes
*Each type of renovation loan product requires a minimum 10% (of your bid total) contingency reserve. This is not a discretionary fund, but rather is held in reserve for unforeseen health and safety related issues that come up during the course of the construction. Any renovation repair escrow funds remaining at the completion of your project will be credited to you as a principal reduction. Your loan balance will be reduced accordingly, but your monthly payment will not change due to this credit. Information as of 01/04/2023.
Love your home again! When you refinance your current mortgage, using one of InterLinc Mortgage's renovation loans, you could have the home of your dreams with the added advantage of fewer costs by rolling your mortgage along with repair expenses into one single loan.
Fannie Mae HomeStyle®
Limited FHA 203K
Standard FHA 203K
Another available option is a cash-out refinance. This option is the refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing, and the borrower receives the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they've built up in their home into cash giving them more flexibility to:
• Finance educational expenses
• Make large purchases
• Make home improvements
• Take a dream vacation
• Get money for life's unexpected setbacks
• Pay off high interest credit card debt
• And much more!
Define Your Goals
Before you start making improvements to your home, it helps to have clear goals in mind. Consider if you are looking to raise the value of your home, make it more energy efficient, or want to make the home more functional to fit your needs. Prioritize a list of things you would like to accomplish during your renovation project.
Budget Your Renovation
Shop around for contractors with good reputations to get the best estimates to complete your planned project. You may also want to include a certain percentage of contingencies in your budget to cover any unexpected costs during your renovation.
Apply for a Home Improvement Loan
A home improvement loan application is much like a mortgage application. The application process can take several weeks, so plan to apply as soon as possible before you start a home improvement project.
Close the loan ? Complete Repairs → Move in
How much can I borrow?
This depends on your individual repair and improvement needs. It will also depend on the appraisal "as-is" and "after improved" value.
What repairs can I do?
Depending on your "needs" list, you can repair/replace and even add on to an existing home. Some renovation programs will also allow you to repair/replace or add "outdoor" items such as decks and patios.
Can I do any of the work myself?
All repairs need to be completed by a professional, licensed and insured contractor.
Can a family member do the work?
If they are licensed in the field that the repair is for and have liability insurance, YES, they most certainly can.
Where do I find a Contractor?
There are many options for researching contractors in your area. These include websites such as angieslist.com, homeadvisor.com, etc. Home improvement retailers such as Lowe's, Home Depot, etc. often offer contractor services.
How long will the renovation take?
All renovations need to be done in a timely manner. When you have completed your "Scope of Work" you can discuss this with your Renovation Specialist for a better idea of the time frame needed to complete renovations. Please note that all work must start within 30 days.
Scott was the reason I went with this company. He was always reachable, very knowledgeable and knew the market and provided great updates on what to expect.
Julie S
Scott is the only lender we will use. He is on top of everything and makes the process so smooth and stress-free. He goes above and beyond during the buying process and beyond that he reached out during birthdays and special events. We have learned through watching the people currently buying our house that not all lenders are like that. We appreciate Scott and his team so much!
Amber B
Scott and his team were great to work with; any questions I had about my client were answered in a timely matter.
Felicia F
Scott always makes this process as easy as possible.
James T B
Thank you for making our first home purchase so easy and pleasant!
Jourdan R
Very good service overall! The people responded quickly and were very kind to work with.
Britton J C
Great job by the entire team. Very professional and efficient.
Richard W F
Working with Scott and his team was great, they were very responsive and help with any questions we had.
Alexis S
Nope, everything was a smooth and easy transaction.
Tanner G
Scott & his team are great to work with!
Thi P
Scott came through for us and Rebecca Barbee was great. We will be using Scott again. 10+
James D N
Easiest loan I have ever received.
Rebecca B
Thank you, Thank you, Thank you!! It was just a great experience all the way !! We had excellent service all the way through the application process !! Thank you, Scott Senner and staff!! We appreciate all that you did for us!!
Edward R
Scott Senner is very good at what he does. He is very professional and trustworthy. I trust him with all my real estate financing questions. My wife and I consider him a friend.
Marc A D
The team made this loan and closing effortless.
John R P
Very quick response.
Merle L C
Thank you for your patience with us. We are not of the electronic age. But I have learned a lot.
Joe W
Scott Senner and team did an exceptional job and simplified the process. The technology and portal InterLinc provided, made completing tasks very easy.
Christopher G S
Scott was always available to answer my questions every step of the way and his explanations were very helpful. I really enjoyed working with Scott and his team.
David P S
Thanks, Scott and your team for all your help in buying our home. For anyone looking to buy a home, I would recommend calling Interlinc and Scott Senner up. They take good care of you. They’re attentive, and all around were a pleasure to deal with, my experience was great. Thank you, guys!!!
Ray
Thanks to Scott and his team they were great to work with and would recommend them to anyone looking to buy a home. Buying a home can be complicated and they were there every step of the way to answer questions and guide me through the loan process. Thanks, Interlinc and Scott you guys are awesome to work with!
Raymond W D
Scott and team were amazing.
Mallory S
Scott and Rebecca are excellent to work with and makes sure all questions are answered in a timely manner. They are very respectful, thoughtful, and willing to help however they can.
Katelynn S
It was a pleasure getting to do business with Interlinc. I never felt like I was without information or someone available to help answer questions. I'd happily do business with Scott and the team again! Any opportunity I have to recommend them, I intend to. Thank you all for a smooth process throughout!
Aaron N
It was such a pleasure working with Scott and his team on our cabin financing!
Randy P
Our overall process was smooth and easy.
Ravi S C
great experience.
Jeffrey R
Thanks for providing a streamlined, efficient, professional, and relatively pain-free loan process! You have a great loan application process and team going!
Victoria H
Scott and his team was great!
Teresa B
Very impressed with the constant communication.
Kelli U
Thank you for a smooth transaction and great communication/updates along the way!
Kelly V
Exceptional service and communication!
Monica M
Scott is always great to communicate the process.
Teresa B
Good experience.
Jeffrey M
Scott has always been quick to answer any questions prior to me being a client. I would highly recommend!
Blake G
Things were great!
Anton G
I had a great experience with Interlinc. Both Scott Senner and Monica Correa were able to help me through the loan process, often after hours and even on vacation. They took my loan as serious as if it was their own in trying to make a challenging close date before year end, and I truly appreciate that. They are in the top 1% of service professionals I've ever dealt with as a customer. They are that good!
Jonathan A
Scott and his team made this whole process easy and stress free. This was our first time buying a home and they answered all our questions quickly and professionally!
Jami C
My mother will be looking to buy a house when she is ready, I will definitely send her your way Mr. Scott thank you again for making this an easy process!
Aubrey J C
Scott and his team did a great job asking questions to understand our needs and recommend tailored solutions. Their continuous communication made the process easy, walking us through from beginning to end. We highly recommend Scott Senner and his team!
Jason D
Professional, responsive & knowledgeable. They keep me informed & updated constantly. The step-by-step process with information about what’s next was a great piece of mind. They truly care about creating a fantastic experience.
Korey K
Scott is always great to work with!
Aja S
Scott and his Team were fantastic to work with. After another lender discontinued the loan program while we were in the middle of the process, Scott and his Team were able to jump in and get us in our new cabin.
Brian B
Scott and his team are great, it’s always a pleasure doing business with them.
Amber R C R
It was great answered all my questions helped me through the whole process! Scott couldn't have made it easier. His whole team was great. Will definitely use them again.
Mary E S
Excellent service!
Madhavi P
Thanks to Scott and the Interlinc team we closed on a great cabin without delay. We look forward to working together on other deals in the future and will recommend Interlinc to friends and family looking to buy in any market they cover!
Nathan M
Great to work with and frequent videos he posts is so helpful! Thank you!
Andrew J C
Scott was wonderful to work with! The transaction was easy, while also being thorough and engaging for both the buyers and myself with the informational video segments shared at each milestone. Would love the opportunity to work with Interlinc (and Scott) again!
Blair M
Everyone was so nice and patient with us for months! Best team of people I have worked with in a long time.
James C R
Scott and his staff were very helpful in our loan process. We kept having to put the closing off due to the builder, but Scott was very patient and understanding.
Teri N
Done on time.
Svetlana S
Great experience!
Teresa B
Was very nice to be able to take pictures of documents and upload them into the app. This was much easier vs using a scanner. Additionally, anytime I called with a question, it was answered promptly. Thank You!
Steven R
Thank you for your support and guidance throughout this process.
Lacey M W
Everyone was really helpful and nice. Easy to work with and walked me through every step.
Donte R R
Easy to follow instructions and the documents are very accessible.
Jasmin R
Great closing!
Kelsie B
Good experience!
Daniel R Y
Always a pleasure!
Teresa O
Scott is always fantastic to work with from beginning to close.
Teresa B
Always an easy process with Interlinc and Scott's team!
Teresa O
I really appreciate Scott going above and beyond to give me useful information about every step of the process. I will definitely plan to be a return customer with any future real estate purchases.
Ross T L
Scott was great to work with and led us through the process with patience and professionalism.
James J G I
I'm a closing agent at Southern Abstract & Title Company we love to work with Interlinc always professional Thanks Teresa Owens!
Melissa A
Thank you for your help!
Lorraine C
As a realtor I am always looking to work with people who put a HIGH priority on customer service. My client had used Scott 10 years ago and wished to use him again for her home purchase. This being my first time working with Scott, I can confidently say that Scott and his team are top notch. Excellent communication and professionalism throughout the whole process. Scott did a great job keeping us all in the loop through text, phone communication and a special tool he emails that gives periodic video updates. The process was smooth, and we closed on time. I highly recommend using Scott with Interlinc.
Justin C
Scott was great to work with. Great communicator and very competent.
Justin C
Scott has been wonderful- he goes the extra mile to be appreciative and even answer my emails/calls when he is on vacation, and we needed a quick turnaround on an preapproval! Thank you, Scott!
Kelly V
Great experience!
Shannon L S
Very smooth closing!
Shayla M
Enjoy working with you guys :)
Jordan A
Very smooth closing!
Shayla M
It was a pleasure to work with Scott through our cabin loan process. Scott was always responsive and provided answers to our questions throughout. Thank You Scott and team for making our dreams come true.
Robert W B
Scott and his team are always great to work with. As a closing agent, we deal with a lot of lenders and the process with Interlinc is always such an ease.
Southern A & T C
Scott and his team are always easy to work with and there is always someone jumping in to answer any questions. I wish all mortgage companies were this easy to work with.
Melissa A / L H
Scott was amazing as he always is. His last-minute heroics in getting our deal closed on an extremely tight deadline was a true miracle. He was able to coordinate many different people in 3 different cities all within hours. It saved us thousands of dollars, major headaches and possibly the property. Thanks Scott!
Corey R N
Scott and his team are always excellent to work with!!
Evelyn W
I always use Scott and his team for my mortgage and financing needs. They never disappoint and they are always prompt and professional. I highly recommend that you give Scott a call the next time you are purchasing or refinancing a property. You will not be disappointed if you do.
George H B
Always a pleasure working with Scott & his team!
Melissa A
Scott and everyone on his team was very helpful and professional. Answered all our questions and worked hard to get us to closing.
Carrie L
Scott Senner's team with InterLinc provided a high degree of professionalism throughout the lending process from start to finish. Scott personally provided personalized consultation to help navigate our way through decisions in purchasing and loan product and went beyond our expectations to get us through the process most efficiently.
Michael L
Great experience working with Scott and his team.
Jana B
The team assisted with all steps and answered questions!
Hannah K R
Great experience!
Laurence W
Scott was awesome to work with. He took out all the guesswork and the process was seamless. Couldn’t be more pleased.
Lonnie W C
Thank you, Scott, for a smooth transaction!
Lynn J
Thanks for a great experience.
Shannon M C
Scott Senner was very helpful. Made everything easy!
Janice E
Scott, Rebecca and Ana all were great. Especially Scott who guided me throughout the process. I would use his services again for my next project.
Muhammad A K
Quick and easy!
Taylor M
The team made the process smooth and easy.
Tara S Q
Overall, very happy!
David M D
We really appreciated the personable service and attention to detail that we needed being we were purchasing a home in another state. Thank you, Scott!
Julie A T
Great communication and efficient process
Nicholas G S
Went smoothly!
Tamra M G
Went smoothly!
Tamra M G
The phone app made this process seamless. This is the easiest home loan experience I have ever had.
Jason L S
Always an easy close with Interlinc.
Melissa A
Scott Senner and his team are very knowledgeable and certainly make the process very smooth.
Teresa B
Another smooth deal with Scott @ Interlinc - We are very happy customers again !
Kristopher M G
Everybody was great, especially Rebecca. Thanks to all of you.
Keith W B
Thank you so much!
Sara M K
Always enjoy working with Scott.
Amanda K
Very pleased for the second time. Painless process.
Derik L K
Really helpful
Angelica G - B
Great experience with Scott & his team! We truly appreciate all their help during our loan process.
Alexandria P K
Scott and Rebecca are great to work with and will continue to send business their way!
Stewart C B
The process was easy, and Rebecca was super helpful on clarifying any questions via email, Scott was always responsive as well.
Anthony A
Process was quick and easy!
April M A
The process was seamless. The app made notifications and doc signing simple. The staff was incredibly friendly and great at communicating. I wouldn’t hesitate to use this office again or recommend to any friends and family. Thank you again!
Ronald J G
This office uses an app to streamline the process. I became aware of anything outstanding or requested by the underwriter immediately, via the app. Doc signing was also done through the app and very simple. Additionally, the staff was so pleasant to work with. They always took my calls and were prompt to give any answers to new questions I had. I would highly recommend this office for any purchases. I have purchased multiple homes over the years, and this was by far the most pleasant lending process we have gone through.
Kristin G
Very easy to work with. Great communication.
Sharon F
Scott is very easy to work with and I recommend him to all my clients.
Misty G
Loved working with Scott and his team, specifically him and Rebecca. He is extremely knowledgeable pertaining to the market and loan product types. Both he and Rebecca communicate well and set proper expectations with respect to timing and next steps, etc. I would use him again for any home lending needs!
Matthew B C
Love working with Scott and the team at Interlinc!
Paula I
Great job, timely and easy to complete.
Robert R
Was referred with high expectations by Karan Narang, and those expectations were still exceeded. Thank you, Scott, Rebecca, and team!
Scott T P
Wonderful service, excellent communication from start to finish.
Joseph M N
Thank you for allowing us to handle your closings.
Melissa A
Scott and his team are always awesome to work with! Definitely happy to see his name on the lending side of our contracts!
Kim P
Scott and the entire team are super to work with and have my utmost of respect as they are always very professional.
Teresa B
5-star customer review
Julian W
5-star partner review
Davan G
I am a 2nd time buyer but this time I was purchasing alone. I did not think I could do this and was really nervous. With the help and guidance of Scott the process was stress free. Him and his team were very professional and I would recommend them.
I’m a first time buyer and I’ve heard nothing but horror stories from everyone. Scott and his team made this process one of the easiest and worry free things I’ve ever done. I was updated anytime anything changed any time I called I was answered within 3 rings of the phone I wouldn’t recommend anyone but him and his team. Thank you Scott and all involved for the amazing expierience
My wife and I used Scott Senner and his team with Interlinc Mortgage Services, LLC to finance the purchase our new home. Scott and his team did an excellent job of ensuring that we were always well informed and aware of what was needed on our end as well as what we could expect by way of the next step in the process. I highly recommend Scott Senner and his team for your mortgage needs. Scott even sent a very nice young lady to our closing just to congratulate us on our home purchase and to give us a house warming gift for our new home. Scott then followed up after closing to make sure that everything went smoothly and that all of our questions were answered. This kind of personal service is truly rare in today's business world and was greatly appreciated. Excellent job. I highly recommend Scott Senner and InterLinc Mortgage Services, LLC for your mortgage needs.
Being a First Time Home Buyer, I had so many questions and had almost no information on how everything worked. Working with Scott and his team was a blessing. They truly cared, and took the time to explain everything to me as well as answer all of my questions. Scott and his team were fantastic, and I would recommend them for anyone.
In this ever transforming mortgage industry of changing regulations, most consumers need guidance and assistance to ensure the home buying process runs smoothly. Scott Senner was such an asset to us, starting with our first request to determine what we could afford, all the way through closing. Without his attention to every last detail, we might not be comfortably enjoying our new home right now. We have every intention of using Scott again in the future, if and when, we ever decide to re-finance or buy another home.
Scott was a delight to work with for the purchase of our home. I appreciate his expertise and ability to maneuver through the sea of paperwork required for the purchase of a home. It was particularly easy to utilize e-mail to provide all the documents needed.
I have worked with Scott on several occasions for both my own residence and investment residential property. He is one of the best in town! Scott was very helpful in moving all of the documents along. He made the process very easy and as little hassle as possible. I will work with him again and again. He is one of my go to guys for his business.
Scott Senner helped us to buy our house and acreage 3+ years ago. We had not sold our previous house yet, and ended up renting it out for over a year. Scott was extremely knowledgeable, helping us to negotiate the complexities of our situation. He was always honest and upfront about what we could and couldn't do. His kindness and responsiveness were always impressive and Scott has continued to be our "go to" person when it comes to our mortgage, refinancing, or referrals to other banking professionals. Scott has a customer for life with us!
