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:
• 2nd Homes
• Investment Properties
• 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):
• Add on to the house
• Repair structural damage
• New garage
• Finish Basement
• New Furnace and A/C
• New Septic System
• New Plumbing
• New Electrical
• Re-roof the House
• Repair or Replace Well
• New Driveway and Walkways
• 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.
Diane, Lindsey, and Josh were amazing throughout the entire process!! I was a first-time homebuyer and they made me feel at ease! Definitely recommend Diane!!
Overall they went above and beyond to help me as much as possible and make sure I understood everything that was needed from me. Thank you all for the great help!
Jorge L Z
Jessica Olivares was exceptional throughout the entire
process. From day one to closing we were well informed and had all our
questions answered. What I thought was going to be a stressful process ended up
being the exact opposite. Thank you, Jessica, for your professionalism and
attention. We will be returning.
Christian J M
We’re very happy with our experience and will recommend anyone who needs a loan to go with you all.
Renee Y M
Mike is a rockstar at what he does. For our next home purchase, we’ll be sure to consult with him again.
Jessica was great all throughout this process! Answered all
of questions and cleared any doubts in a very timely manner! Would definitely
love to work with her and her team again!
Ruby E D
Mike worked well with us. He always answered any questions quickly and made the process as simple as possible.
Mike was very thorough as always and very professional.
Her patience to explain everything to us step by step.
Jorge A E
Great customer service, and friendly and prompt interactions from Diane! Skew was very knowledgeable and great at explaining each step of the way. Thanks to every person who touched/ looked at my file at Interlinc. Thanks for making this possible.
Interlinc was super helpful during my first time home buying process. They were patient and took the time to make sure I felt confident in every step!
Jessica and her team helped out a lot with getting
everything I needed to be able to close on my house.
Jessica was very helpful since the beginning and answered
all of our questions throughout the process super-fast !
Cinthya M P
She was always there when I had questions. No matter what
time it was she always was available to call or tex. Also kept me up to date
with the hole process and how it would work.
Great to work with, knowledgeable, and extremely helpful, Mike will work hard for you every step of the process.
Mike was excellent! I am so grateful to him!
Nancy C Z
Jessica was very helpful which in turn made the process
great with her help the process was easy . From the initial preapproval till
the end. I submitted everything via email she kept me updated throughout the
process letting me know everything I needed to know about my loan. Even with
her busy schedule she responded whenever I had questions I’m glad I was able to
meet her at the closing, Thank you Jessica for your attentiveness and all your
hard work. I truly appreciate it!
Very knowledgeable and kind quick to answer any questions.
Excellent customer service!
Jessica A C
Very smooth process.
She was hands down amazing!
Elaina R B
Jessica was super amazing answer all questions gave me
great advise on what I needed to do to get approved and helped with my credit
without her I would never have been able to get the house of our dreams thank
you sooooooo much!
Edward G B
Katie was a pleasure to work with. She is extremely knowledgeable, professional, and always returned calls in a short period of time.
Edward D V
If you are looking for an amazing experience, then look no further than Katie Andy at Interlinc Mortgage.
Lindsey and Diane were wonderful!
Diane and Lindsey and the whole team made the process super easy!!
Katie is always great.
The Team is a great one! They are professional, empathetic, and ready to help to the best of their capability. I will always recommend this team!
Best lender we have ever had! Great communication with the entire team and very very timely! Would recommend 10/10.
ADEWALE M A
Katie was great. She helped us from A to Z. She was very knowledgeable and detailed about the whole process and made it very seamless. We truly enjoyed working with her.
Brandon D S
I will buy more houses in the future because of a such tremendous experience with Katie and her team. New home buyers can get an amazing service with a profound knowledge in the field on top of honesty and professionalism with Katie.
The professionalism, skillfulness and honesty is something you cannot find elsewhere.
Katie and Tanya were outstanding through the entire process and were very patience with us throughout. Great experience altogether!
Katie and her team are awesome. Thank You for all that you do
We always felt Jessica had our best interest at heart. She
was patient and understanding being that this was our first home and made sure
all questions were answered in a timely manner. We are so appreciative for her
knowledge, understanding, and communication.
Veronica G R
Keep up the good work!
Very professional and helpful
Katie, and the entire Katie Andy team are fantastic. Not only are they always consistent, they are direct and always polite.
Mr. Rincon was there to answer all my questions and concerns. He knowledge help me understand the process and made it easy.
They go above and beyond for clients. Great team to work with
Jessica was really patience with us and always gave us the
best advice. I greatly appreciate all her hard work and I am glad we were able
to work together in achieving our first home.
Process was seamless. Any questions I had was promptly answered. I highly recommend Katie and her team.
I just want to say a very big thank you to all of you for making my dream come through, I really appreciate y’all from the bottom of my heart thank you again and God bless you.
Katie and the team handled this process very professionally and efficiently. My husband and I were very pleased to know that they were able to help us in every way possible
Great to do business with, they will take care of any issues and go above and beyond.....
Sunkanmi O A
Great overall experience.
Great communication with a friendly service.
Mario A D
Great communication, regular updates. Thank you for a smooth transaction!
Easy group to work with and very prompt to answer any questions.
Katie was great
Keep up the good work!
Katie was great to work with!
Thanks to Katie Andy for her professionalism and efficiency. Thank you to all the team members that worked with a Katie on this too, especially Shelly Brooks.
Jessica was always available to answer any and all of my
questions in a timely manner. Made me feel very comfortable as she always
showed genuine care.
Maria D R S
Very professional and understanding. Highly recommend!
Katie and her entire team are phenomenal at what they do. I couldn’t be more pleased
Katie always does a great job...although I have a choice of preferred lenders MY choice is clear.
Always great with Katie!
Anything was good
Highly customer centric services.
Katie is a jewel. She has been magnificent in helping and guiding us through our home buying process. I wish we had referral but will keep her in mind when someone is looking for a home loan.
I'm overly pleased with the professionalism, courtesy, interpersonal interactions & speed. I appreciate the entire team. Thank you.
Olaitan R O
Everything went great
Easy, smooth closing. Quick to respond. Fast funding!
I am so excited that you all were able to help this homebuyer get into a home because they have been a great couple to work with!
You guys are the best
Jessica and her support staff, (Mary Lou) were always o.
Top of the process. I never had a worry or question that they didn’t answer.
This was a very smooth and efficient process. I am a very satisfied customer.
Debra S E
Anytime I had a question about the process I would call Katie and she always explained everything in detail and was very direct at the same time. I always knew what was going on with Katie’s help. A-1 Job
Excellent customer service. I appreciate that he thinks in terms of solutions.
Thanks to Mr. Marcos his being so wonderful knowing him and using him as my loan officer, is always online ready to help and give you listen hears. Thanks Marcos!\
Mike Griffin is a true professional. This is my third refinance with Mike over some years. The service is excellent, and his depth and breadth of mortgage origination knowledge and experience is extensive, second to none. Every step of the way was top notch. I’d recommend Mike to anyone in need of a Refi or purchase loan. I deeply appreciate the work he did to make my refinance take place.
Thank you Katie! Always a pleasure to work with you! You are amazing!!!
InterLinc is so amazing and competent in doing business, He makes the impossible situation to be possible. I greatly appreciate.
Chinadi H O
He helped us to buy a home with ease.
Interlinc and his team went above and beyond to make buying our first home an incredibly easy and straightforward process. They were on top of all emails and quick to respond if we ever had any questions, even outside of normal business hours. I can't recommend Interlinc and his Team enough!
Abyssinia M A
Mr. Marcos is an exceptional Loan Originator. He kept us advised every step of the loan process.
Mike did a really great job. He always made himself available for questions and as a first-time buyer, his experience made the process much easier.
James B M
Katie was above and beyond our expectations. My experience and overall time with her handling our loan have been nothing but amazing. We are very pleased and happy to have her guide us through this whole process.
Marcos Rincon is the Best period 👌 🙌 💯
Marcos is now my go-to loan officer. He's even become family. His knowledge and professionalism are exceptional.
Shirley I I
Working with Jessica had been so great! She answers every
question I might have or any one of our clients! Can’t wait to continue to
close more deals together!
Katie Andy always takes great care of my buyers and goes that extra mile to ensure a smooth transaction. I have a choice between preferred lenders...she makes it an easy one.
Katie is a top professional that knows exactly what the customer needs even when we didn't know the right Package for us. 1st class team!!
Katie and her team were a delight to work with. They were professional, responsive, and nothing short of stellar. Interlinc went above and beyond expectations and communicated every step of the process effectively and efficiently to ensure a smooth and stress free closing. I would highly recommend Interlic, Katie Andy, and her team of professionals.
Christian R O
Thank you for making things easy to follow and for your patience and quick response to things!
I’m so thankful to have the best team at Interlinc Mortgage
they helped me out even when I wanted to quit. The patience and not mention
even working on the weekends is a HUGE PLUS since my husband works far away and
is only home on weekends. 100/100
Jose D J C
Thank you so much!! Very grateful with all that you did for us.
Diane and the entire team are amazing and always keep the lines of communication open which is greatly appreciated!
Diane was extremely thorough with the buyers in answering all of their questions and put there mind at ease.
Katie and her team was thorough, knowledgeable, understanding and very timely in their response to my questions. I highly recommend them for those wanting “A Class” service.
Great communication and understanding
Jacob A G
Katie was a wonderful partner in this deal, which was one of the most challenging buying processes I've experienced. Over the course of almost a year and a dozen homes we were finally able to secure one for them. Katie and her team were tremendous in making sure that my clients had all of their resources and great communication throughout.
Thank you Katie for being extremely thorough, available, and so helpful!
Katie was fantastic!!
I am very grateful for Jessica's help. She is very
knowledgeable and went above and beyond to help us during the process.
Mike was always quick to respond and had to really earn my client’s business. They interviewed two other agents and Mike won them over with his quick response time on a Sunday and exceptional communications throughout the entire process.
Katie was very responsive and helpful throughout the entire process. She answered all my questions in a timely manner and never seemed flustered. Great overall experience!
Katie is awesome
Always a smooth process with Katie
Katie and her team were outstanding
I have never experienced the level of follow-up executed by Mike Griffin. Incredible management of our file detailed and timely. Gave us a true sense that our business mattered and that he was on top of everything. A great experience in every sense of the word.
Patricia A M
Mike has the finest and most thorough follow up I’ve ever experienced.
Larry D M
As a real estate professional, communication is key.
Working with Jessica, kept me informed of the status of our borrower's loan
every step of the way. She made the whole process stress-free, and you can tell
she’s very experienced and highly qualified as a loan officer.
Huge thank you to Jessica for always being very patient,
caring, and responsive There hasn’t been a question she hasn’t been able to
help us with. We’re super happy with the service she provides!
Katie Andy is on top of the process and addressed all of our concerns and questions right away. We are pleased with the overall experience and would highly recommend InterLinc.
Katie made the process so easy as always!
Everyone was on point and patient with closing the
Norma L C
My experience with InterLinc, specifically, was great! I
always received timely answers to all of my questions.
Great lender to work with
Martha L G
Jesus A R
I'll be back!!
I would call Katie for any of my loan questions and needs. She is absolutely amazing with all she does. Her knowledge is absolutely fantastic and she always gets back to me immediately. She always made me feel like I was her only client, even though I know I am one of many. Thank you, So much Katie!!! I so appreciate you!
Jessica was great and thoroughly explained the process for
my first-time buyer they went in nervous and came out homeowners and they are
EXCITED it makes this so easy for me as a realtor because with the crazy market, I know that my buyer is in good hands and was always updated
Thanks for your hard work!
Our loan officer Katie Andy and the entire Andy team are nothing short of exceptional. Their timeliness, attention to detail and ability to work together cohesively and paying attention to every detail treating no loan the exact same. Is exactly why we will always continually work with the Katie Andy team!! Katie and her team are freakin’ fantastic!
Katie Andy and the entire team were thorough, quick to respond to any question, and were very pleasant to work with through our home buying experience. Would recommend using them 100%!
Great experience. Very smooth process.
All the people whom I spoke to during the loan process were
professional, knowledgeable, and will help. They answered all my questions and
got back to me timely making the experience great!
Hope A A
Ms. Olivares was great and kept us informed of everything
that was happening and was a quick and pleasurable process.
Jose R V
Katie and her team were very easy to work with and helped get us closed quickly with no hiccups along the way. I highly recommend.
Katy is the best in the business and I will continue to refer her to any and everybody that I know that is going through this process. Couldn’t ask for a better person.
Katie is wonderful to work with and I will continue to utilize her and refer her to other people looking for a lender or refinance.
Mike is a pro. Quick, efficient, and helpful.
Bobby A G
Always a pleasure.
Made first-time home buying less stressful, and as smooth
Overall had a great experience.. Jessica was great and always
answered our questions.. Marylou came in also and put our minds to ease and
helped us out a lot. Would definitely recommend..
Great job Mike !!!!
Katie was great to work with.
Great first-time home buyer experience
Cesar R P
Fast in their process, & they really helped.
Katie was very helpful and helped answer all of our questions at all times.
Great service! Jessica is very helpful and always answers
fast! I’m glad I’m able to refer clients to her!
My experience with InterLinc was amazing. Jessica assisted
us throughout the entire process by answering every question we had with
patience and kindness. Jessica guided us every step of the way in purchasing
our first home. She was knowledgeable & so helpful!
Justina L G
Jessica always does amazing with our clients. Has awesome
communication every step of the way and closes our loans in a very efficient
Great overall experience with knowledgeable and helpful
Very professional. Always replies promptly. Great home buying experience with Katie.
I would like to thank Katie and her team, I loved the experience of working with them, they were always on top of everything, they returned my calls every time I needed some help, and they kept me informed of the process the whole time. The experience that can be very stressful was extremely good thanks to Katie and her team.
Katie and the team are excellent!
Katie’s expertise with multiple loan programs designed for teachers helped me get into the home of my dreams. Thank you!
Jessica always answered our phone calls, msgs, and emails.
She was very patient and never gave up on us ?.
Mike was absolutely amazing I couldn’t have done it without him, he walked me step by step through the whole process till close.
Rafael R J
Went as smoothly as it could!
Brittani M B
Katie did a great job communicating with us and the portal was easy to navigate and complete the to do’s.
Everyone I worked with there was awesome. I really appreciated all the help with the process.
Melinda K P
Katie was a pleasure to work with. She made the process simple.
I'd like to thank Josh, Diana, Lindsey, Teresa & the rest of the Team for making owning our 1st home in Texas a reality. Words alone cannot express how we feel!! Truly Appreciated !!
Katie Andy is awesome! Not only is she knowledgeable, she is caring and truly passionate about helping people. Whether our clients buy with us or elsewhere we always have and always will continue to recommend Katie Andy and the InterLinc family.
You guys are my preferred lender already, and this transaction was especially challenging. I appreciate Katie getting my buyers through and keeping them happy and relaxed throughout.
Thank you for everything!
Joseph C A
Jessica was amazing, she was very informative and took her
time to explain the things that I didn't understand. Jessica made it a
Ana C A
Thanks! Smooth as always.
Katie is truly amazing! Her knowledge and dedication to our clients is above and beyond. My clients and I feel truly blessed to have her on our team.
I’d like to thank Jessica, Ana and Mary Lou for making the
process easy and fast. They were super attentive to any questions we had and
also had great communication!
Highly exceeded my expectations. I will use Mike for any and all future mortgage needs!
You provide excellent communication during the process. Katie did a superior job.
My refinance was a very streamlined and painless process with Katie and her team. Almost everything was completed electronically. And they were able to accommodate several scheduling issues for the final closing.
From filling out the application to signing title papers as new home owners, our experience was wonderful. A few mix ups and misunderstandings, but those were minimal and resolved within minutes. Communication is key and from the very beginning communication was at 100%.
Katie was fantastic. We were building new and it was a long frustrating experience, but she made the financial side a breeze.
Mike was really professional throughout the whole process, very responsive, very detailed, always seemed to have our best interests in mind. We would highly recommend Mike to anyone.
Katie is extremely patient and handles all issues expeditiously.
Katie and her team consistently go above and beyond in making a transaction work. There are very few "perfect" transactions. The real measure of good service is how professionals deal with the issues that come up along the way. Katie's team are always proactive and dedicated to getting a resolution and keep the file moving. That is one of the reasons she will always be my number one lender referral.
Mike was incredible to work with. We are first time home buyers and Mike was great at explaining every detail of the process. He also was very responsive and answered timely and transparently. We would 100% recommend him!
Monica G U
Great communication! Best I have had from a mortgage company.
Katie was great! She went above and beyond to answer our questions as first time homebuyers.
Everyone at InterLinc was professional, caring, and knowledgeable. Katie Andy and her team went above and beyond and make the process as easy as possible and made our first home purchase a great experience. We were very fortunate to have had a great realtor and great loan officer to help us on our journey.
Katie and her team were absolutely wonderful! There was nothing they could have done any better. Calls, texts and emails were responded to promptly and all my questions were answered in detail. Katie made me feel like I was her only client and took her valuable time. I can not say enough kind things about her company!
We were very satisfied in the process of purchasing our new home...very professional and amazing communication skills .
Katy and her crew helped me through what everybody knows to be a stressful and difficult experience. Thank you so much.
The loan processing was very smooth. Katie and her team was there to answer all the questions we had even outside of office hours. The closing was done in less than a month. We are very happy with the service.
I was kept informed throughout the process, I didn't need to ask questions.
Katie was AMAZING!!!!!!!!!!...I can even say that I made a new friend through all of this!...She was my rock and a listening ear through this whole thing…and guided me along the way!!
Katie and her team made the process smooth. We appreciated the clear communication at each step.
It was a stress free process knowing that professionals like Katie and Douglas will be able to guide and supporting me throughout this process.
Katie Andy was absolutely amazing from beginning to end. This was my first time buying a house. Katie held my hand and walked me through, patiently the whole way.
Katie Andy and her team has great passion for buyers to achieve home ownership.
As always it was a pleasure to work with you and your team. You've always treated me with your utmost professionalism and respect and I appreciate you and your team for that. Whatever happens in the future, I don't foresee myself going anywhere for such business. Trust is not a given rather it's earned. I believe we both have earned each other's trust. Thank you for all your assistance and patience working with me through it all.