All Things Renovation Loans: Pt 2

KEEPING UP WITH CASEY: ALL THINGS RENOVTATION PART 2

Products Available:

• EZ “C”onventional
• Homestyle/ CHOICE
• FHA 203K
• VA Renovation
• Repair Escrow
• Weather-related
• Pool Escrow
• Jumbo Renovation
• USDA Renovation
  
  

YOUR RENOVATION LOAN PROCESS

Step 1 :  Application

Our quick and simple online application gathers all the information we need to get you qualified and compare renovation loan options.

Step 2:  Bids & Repairs

Once you find a home, you can decide on the type of repairs (required/optional) that will need to be completed so that you can start collecting contractor bids.

Step 3:  Appraisal

The property will need to be appraised with all contractor bids submitted to the appraiser to ensure the property is valued appropriately.  

Step 4:  Closing

After all documents and bids are submitted, we’ll process your loan and prepare for the closing. 

Step 5:  Renovation Begins

Work can begin immediately after closing when the loan has funded.  We will process all draws to the contractor as renovation work is completed. 

COMPLETEING YOUR RENOVATION

Our goal is to streamline the process and keep everything on track, which is why we work hand-in-hand with your contractor every step along the way. 

From closing day to day 1

A welcome email will besent to both the homebuyer and the contractor within 48 hours of closing. The email will detail the draw process and include the Disbursement Analyst's contact information.

First steps of funding

Renovation work can begin immediately after closing. Our Disbursement Analyst ensures all documents (proof of permits, city requirements, etc.) are prepared and draws can be processed and released.

Communication is key

Your Disbursement Analyst will remain in contact with the contractor, following up 10 days prior to the estimated completion date of each phase. The contractor will provide the draw documents when their team is ready to proceed with the next step of work.

Inspection of work

All inspections are handled through a third-party company. The inspector will be assigned with the first order and will complete all progress inspections.

Primelending will then receive and review the inspection report before processing disbursement.

Home

Both the borrower and contractor will complete and submit final draw documents, including a Letter of Completion to the Disbursement Analyst for the final inspection and title.

CONTACT ME TODAY TO LEARN MORE ABOUT RENOVATION FUNDING!  

CASEY BOWMAN