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.
I just liked a great job!
Raonel G B
Doing a great job
Alfred J D
Great guy!
Ernesto R
Being a Top Producer and providing great service for my clients is the ultimate goal. My clients have ALWAYS gloated over David and his team. But being on the other side of the transaction, wow what a difference. The word EXCELLENCE doesn't even start describing how I feel! NOW I can relate to what my clients talk so much about! Absolutely the best! I can honestly say that my clients are in such great hands now ❤️ Thank you, Thank you, Thank you to ALL of you! -XOXO
Lisseth D F D
He is great to work with and he went above and beyond to get us what we needed. We are so grateful and happy to work with him as an individual and investor.
Mohamad A
We have done multiple deals with David and his team. Each time he goes above and beyond to ensure that every buyer feels they are receiving not just the best loan product to fit their needs, but also their best interest is the most valuable asset.
Jenifer D
Best Lenders ever. Effective, organized, and helpful with resources.Thank you for making my house buying so easy!
Christine N E
Very attentive and helpful throughout the entire process. Thank you for your patience with all our questions!
Raul M
All requests for information/ documents such as bank statements, tax records, CPA background, etc. should be communicated to the buyer at one time.
Genevieve C O
Responds almost immediately and stays on top of everything going on.
Esther C
Interlinc is reliable!
Sebastine A V
Great communication and an easy process.
Mary M
David Rodriguez and his team were very helpful.
Sandra C C
From the initial phone call the process with David and the InterLinc Family was over the moon! Smooth, the communication and information being delivered was put into simplistic form, David and the Team have a great sense for customer service…
Shylo J L
David is amazing!
Renee M
The home-buying process is stressful if it's your first time or 5th time. David and his team, Elizabeth and Ana, walked through every question and every answer with such patience. Even if the questions were asked multiple times. They are an amazing team!
Christine M M
The communication with me was great, but the buyers had miscommunication in talking with too many people at one time. They did not know who to listen to and at times got frustrated. Overall, it was a great experience as usual. Thank you to everyone!!
Lucy G
David and his staff are the best. They return calls quickly and David is always available to me and my staff.
Esther F C
Very supportive, easy to reach, and responsive, and explained all questions that came up.
Joerg P
Keep striving for better. I have no complaints at all but I do think there is room for improvement. I should not have to always remind you guys not to push my buyers about paying the appraisal. - It is NEVER ordered before inspections. Kudos for always taking my phone calls. You do that exceedingly well. THANKS AGAIN!
Miriam R
Thanks for the follow-up to getting me and my wife to closing. Great Job David and Team.
Kwesi L
David and his team are AMAZING! They made themselves readily available for any questions or concerns. They truly made the experience hassle-free and easy. I am INCREDIBLY grateful for them and their knowledge!
Marissa D O
Ana and David were great!
Lorena S B
David is always courteous, great work !!!
Orpha R P
My only complaint was that we waited over 2 hours at the title company for closing documents to be sent to the title company!!
Mary V A
I am very satisfied with the way I was guided through my loan experience. The whole team was very helpful. They went the extra mile to help me with every problem that came up, Thank You.
Concepcion R
Fees are a little high, but I was under a tight deadline and wanted to just get it done.
Wendy S J
Thank you for all we are happy!
Santa M G
Great at returning calls right away. Answers are always thorough.
Esther C
My son Emmanuel Dominguez and his wife Vianney Dominguez have applied for a mortgage loan through Interlinc.
Susana V
David has never failed me. He has saved many deals for me as a listing manager with a bad lender on the Buyer side. If he says he can close it, it's a done deal. I rest well when David is the lender on my deals!
Matthew G
This process was done professionally. David and his team will communicate with you to ensure you'll close in the time expected.
Emily S
Very professional.
Eric J N
Thank you for your good service!
Tram T T B
David Rodriquez did his best to get my client a loan program that meets their need despite the hurdles along the way. Thanks, David.
Rebecca B
Loved the communication offered!
Jorge A F
The Flores family couldn’t have been happier with our service throughout the entire transaction. Always a pleasure working with you.
Victor M O
Was very easy and the process moved along quickly.
Justin A O
Liked the regular emails updating where the loan was at in the process!
Lena M
The experience was great!
Katherine C M
Excellent job, thank you for the help or looking for a way to get my new house, excellent everything.
Lorenzo S B
Excellent job, thank you for the help or looking for a way to get my new house, excellent everything!
Lorenzo S B
On my experience I’m very grateful and thanks to all of your team!
Abraham A
You’re on point, everyone understands his/her assignment and the best lender for medical practitioners.
Christine N E
David and his team kept us informed and on track. He closed our loan in 10 business days. That is exceptional !!! He talked the mystery out of the home-buying process.
Kevin C
David's follow up is impeccable! Love working with him.
Eadie S.
Overall great experience.
Juan S.
David is an excellent professional.
Sylvia R.
Very professional buyers are always happy ??
Teresa M.
Thanks to the team my home purchase experience was stress free and quick especially through the holiday weekends. The expertise and willingness to help is unparalleled, thanks again.
David M.
Thank you for all your hard work during this transaction.
Deborah G.
Very easy to work with!
Sarah G.
Quick response rate. Helped meet an aggressive closing deadline with minimal fuss. Would work with them again.
Franklin C.
Great experience due to great communication!
Mary M.
We really appreciate all the hard work that everyone put into helping us to get our home refinance.
Juan R.
They did a great job!
Jason G.
An awesome group of professionals to work with. You guys got us to where we needed to be, and we have our home now because of you!
Esteban D.
David and his team were outstanding from the first contact through closing. We had a great experience!
Pedro G.
Great service!
Azalea M.
David was very professional. Clear lines of communication and provided a smooth process for my client.
Datechia S.
Los mejores!
Washington JRM.
David kept me informed of the status of his process weekly. That was great.
Patricia R.
Great job on getting a CTC super quickly!! It was a pleasure working with you.
Sandra C.
David and his team did an amazing job, you guys made this experience so much easier. As a first-time home buyer, I was very nervous and didn’t know what to expect, but they help and explained everything. Thank you so much guys.
Elizabeth D.
David is a wonderful person to work with and give awesome excellent service and Very knowledgeable.
Teresa M.
Thank you so much for all you have done to get us in our home!
Ricky D.
We had a great experience!! It was our first new home purchase!!!
Lisa A.
I cannot say enough about how professional Interlinc was in assisting me in purchasing my home. David and his staff are very experienced and will navigate you through the loan process seamlessly. They explain and prepare you for each step so that your loan can be approved. I highly recommend selecting Interlinc for your next home purchase.
Eleanor B.
Fantastic experience from start to finish.
Laura K.
Enjoyed working with you again David!
Jodi W.
David and his associates were very communicative and kept everyone aware of how the transaction was progressing.
Troy B.
Great Service as always.
Sylvia T.
La verdad muy buena experiencia solo algunos detalles pero todo muy bien. ?
Roberto B.
Great job, very professional.
Cesar R.
They made the home buying process quick and easy! Very professional.
Tometria C.
Overall, the Interlinc team was great!
Benist S.
David's team was great. They kept me up to date on the progression of the loan.
James O.
Gracias por todo gracias a Elizabeth que me ayudó pasó asta el final y gracias.
Gabriel A.
Great people to work with!
Jose T.
Great communication with a passion to serve the customer and perform better than expected.
David L.
Very efficient.
Lisa A.
Pleasure working with everyone.
Nancy O.
The process was so easy, and David’s team made sure the experience was excellent! Ana was always super helpful and responsive! By far the best financing experience we have had. Thank you for making our new home possible!
Bobbie C.
You guys are the best!!
James E.
The Interlinc team was attentive and available even through weekends. Couldn't have asked for a better hard-working team. Thank you.
Gerardo B.
Mr. Rodriguez was extremely proactive thru out the loan process and very responsive to my questions.
Ruben C.
David, Thanks for a great job with my client. I have another client to refer. Thanks again!
Nancy S.
It makes the process to be easy, thanks.
Harys L.
I have good experience to David and crew members.
Albert S.
David and his team always provide great service.
Stephen G.
David's group was great to work with. Had a great experience.
Armando S.
The process was well organized...Thank you!!
Sherry T.
Looking forward to the next transaction with you guys.
Claudia V.
Excelente compañía de préstamos, fue súper fácil aplicar con ellos. La recomiendo por el buen servicio y el trato excelente hacia sus clientes.
Javier G.
The client David and his team were working with was extremely detail oriented and they helped her breeze through ever step all the way to closing!
Abigail B.
Excellent attention, very professional, very grateful for your help, especially for the attention of Miss Elizabeth.
Yamilet L.
I really appreciated how easy it was to sign documents through emails. For those that aren't technology savy, Interlinc made it very simple.
Kelley A.
I had used David to buy my home 5 years ago and just returned for refinance. No one could compare to David and InterLinc. They made home buying and refinancing worry free. Thank you.
Jennifer I.
David was fantastic all around. He was very flexible with his time in and out of work, which was very appreciated. David took his time to explain everything to me precisely and never seemed annoyed by my calls or messages.
David and his team answered all of our questions and explained everything thoroughly. Being a first time home buyer, that was very comforting! I would recommend them to anyone in need of a lender.
Was able to get our loan completed with ease when others couldn't. Quickly got us documentation for our loan in an afternoon so that we could make an offer on a property. Very responsive to all our questions.
Everything went very smoothly. Everything went very efficiently. David demonstrated from the very beginning that he was glad to have me as a customer and made me feel as if i was his only customer.
We were very happy with David. He is professional and knowledgeable and took his time in explaining the process for us. He answered all of our questions. We really enjoyed working with him.
