RENOVATION GENERAL CONTRACTORS

Purchase and remodel:
- Allows the home buyer to purchase a property and roll the costs of certain home improvements directly into the mortgage loan
- One loan purchases the home and renovates the house
- Borrower can buy a house with potential and turn it into their dream home to fit their style
Refinance to remodel
- Allows the home owner to roll the costs of certain home improvements directly into the mortgage loan
No requalification or refinancing required upon completion of renovation
One closing/one set of closing fees
Energy efficient improvements are eligible
General contractor is paid preset milestones are reached
Renovation Programs Available:
- FHA 203k (Streamline/Full) for primary residence only
- FNMA HomeStyle Renovation Loan® for primary, secondary and investment properties

Minimum of 5 years of relevant experience
Acceptable track record with trade references
660 minimum credit score
Commercial insurance policy or policies indicating an acceptable level of general liability coverage
Copy of any and all license in the state which business is being conducted
All contractor bids must be submitted as “Fixed Cost” to clearly identify all labor and material costs
“Contractor Allowances” are not permitted on bids
“Self-help” programs in which the borrower acts as the general contractor is not permitted
Borrowers may not act as a sub-contractor to the general contractor

Purchase and remodel:
- Allows the home buyer to purchase a property and roll the costs of certain home improvements directly into the mortgage loan
- One loan purchases the home and renovates the house
- Borrower can buy a house with potential and turn it into their dream home to fit their style
Refinance to remodel
- Allows the home owner to roll the costs of certain home improvements directly into the mortgage loan
No requalification or refinancing required upon completion of renovation
One closing/one set of closing fees
Energy efficient improvements are eligible
General contractor is paid preset milestones are reached
Renovation Programs Available:
- FHA 203k (Streamline/Full) for primary residence only
- FNMA HomeStyle Renovation Loan® for primary, secondary and investment properties

Minimum of 5 years of relevant experience
Acceptable track record with trade references
660 minimum credit score
Commercial insurance policy or policies indicating an acceptable level of general liability coverage
Copy of any and all license in the state which business is being conducted
All contractor bids must be submitted as “Fixed Cost” to clearly identify all labor and material costs
“Contractor Allowances” are not permitted on bids
“Self-help” programs in which the borrower acts as the general contractor is not permitted
Borrowers may not act as a sub-contractor to the general contractor