Turn that "fixer-upper" find into the Home of Your Dreams

 

CALL TOLL FREE |  877-503-203K

WE ARE THE RENOVATION LOAN EXPERTS

Buying or refinancing a home that’s needs renovation doesn’t have to be a complicated process.

We are here to help.

 

What is a Renovation Mortgage?

A renovation mortgage allows a home buyer to purchase a property and roll the cost of certain home improvements directly into the mortgage loan. This is not a second mortgage or separate line of credit.

 

One mortgage

One interest rate

One closing

One monthly payment.

 

Ray Trolan has over 20 years experience specializing in renovation loans.  No matter what your renovation mortgage needs he can help you find the best mortgage solution. We at Team Ray203K pride ourselves on providing the expert and professional service our customers deserve.

 

A Renovation Loan May Be Your Solution

Traditionally, when a you want to purchase a house in need of repair or modernization, you usually have to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. Now as the borrower, you can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed.

There are two Different 203(k) Loans Available

As little as
3.5%
Down

203K Full (Standard)

  • Refinancing or buying older properties
  • Refinancing or buying a home requiring structural repairs or major renovation

Take Advantage of:

  • Low down payment requirement on new home purchase
  • Low refinancing interest rates
  • Fewer costs by rolling repair and purchase/refinancing expenses into a single loan

LEARN MORE

As little as
3.5%
Down

203K Streamline

  • Refinancing or buying a home that needs updating or repairs
  • Cosmetic repairs, remodeling up to $35,000

Take Advantage of:

  • Low down payment on new home purchase
  • Low refinancing interest rates
  • Fewer costs by rolling repair and purchase/refinancing expenses into a single loan

LEARN MORE

See other renovation loan options below

As little as
3%
Down

HomeStyle®

  • Older homes in established neighborhoods
  • Appraiser-required or borrower requested repairs that add value to the home
  • Appraiser-required or borrower requested repairs that add value to the home

Take Advantage of:

  • Fewer costs by rolling repairs purchase/refinancing expenses into a single loan

LEARN MORE

As little as
0%
Down

VA Renovation Loans

What is a VA renovation loan?

Qualified Veterans or Active Duty Military personnel

  • can purchase a home and add the cost of improvements with no money down
  • Finance up to 100% of the “As Completed” value (value after improvements)
  • Cash Out allowed on a refinance up to 100% of the “As Completed” value
  • No monthly MI, just VA Funding Fee
    (unless VA exempt)

LEARN MORE

Resources

For Home Buyers

For Realtors

Contractors

HUD HOMES

The Section 203(k) program is FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization, as well as to expand homeownership opportunities.

HUD
Makes Home Ownership More Affordable

FAQ

What is a HUD consultant?

The role of the 203k Consultant is vital to the success of a FHA full 203k loan. The consultant is responsible for the on-site visit and the HUD work write up and is responsible for staying on during the project to facilitate draws and inspections.

 

More FAQs

In today’s complex and ever-changing mortgage industry, it is more important than ever to align yourself with an experienced loan officer. To an even greater extent, that holds true in the case of Renovation Lending. While Renovation Lending products offers a huge opportunity for REALTORS® and their buyers, there is also a high level of complexity within the guidelines and the process.

 That’s why it is critical for you to engage a Loan Officer who SPECIALIZES exclusively in Renovation Lending programs and can guide you, the home buyer and the contractor through the process. Just as you would not go to an eye doctor to take care of dental work, the same concept applies to Renovation Lending…. It requires a loan officer who ONLY does these types of loans and has the experience necessary to understand ALL the guidelines, know the products and most importantly, walk you, your buyer and the contractor through the process. Ray Trolan has 20 years of experience doing ONLY Renovation loans including FHA 203K, 203K Streamline and Conventional HomeStyle® loans. Don’t entrust your buyers who need this specialized product to just any Loan Officer.

Call Ray Trolan today to learn how you can leverage his experience and knowledge to handle your next Renovation deal.

Lenders do not approve or certify contractors. There is no "special" licensing or certification required for contractors to work on 203K or any renovation loan project.

Any contractor that is legally licensed and insured in the state where the property is located may bid and work on the project.

Lenders, however,  will validate to ensure the contractor has a valid license, credentials and insurance for the project.

RAY TROLAN

Branch Manager
Renovation Loan Specialist

NMLS 459769

CALL TOLL FREE |  877-503-203K

OFFICE | 302-945-0561  or  302-945-1109

26505 Victorias Landing Rd Unit 3,

Millsboro, DE 19966

JGW HL NMLS #2925


© 2018  J.G. Wentworth Home Lending, LLC, 3350 Commission Court, Woodbridge, VA 22192, NMLS ID #2925 (www.nmlsconsumeraccess.org.) J.G. Wentworth Home Lending, LLC is an approved lender, not an agency of the Federal Government, nor acting on behalf of or at the direction of the Federal Government. This is not a commitment to lend.  All loans are subject to credit approval and appraisal requirements.  We do not provide legal, tax or investment advice.  J.G. Wentworth Home Lending, LLC does not offer mortgage products in all states. For a complete list of J.G. Wentworth Home Lending Licenses and Disclosures go to: https://www.jgwentworth.com/licensing-information. J.G. Wentworth Home Lending, LLC is a subsidiary of The J.G. Wentworth Company®. Equal housing lender. All mortgage loans are offered through J.G. Wentworth Home Lending, LLC.

 

Mortgage loans are offered through our affiliated lender J.G. Wentworth Home Lending, LLC, 3350 Commission Court, Woodbridge, VA 22192,
NMLS ID #2925 (www.nmlsconsumeraccess.org.)

 

The examples and pictures shown above are for illustration purposes of the loan types featured.