Rehab Loan
Ground Up, 660 - 699 FICO - LG98
Ground Up, 660 - 699 FICO - LG98
Summary of all Guidelines | |
| Loan Types | Rehab Loan |
| Property Types | 2-4 Units, SFR |
| Lendding Area | alabama, california, colorado, connecticut, delaware, florida, georgia, illinois, indiana, iowa, kansas, kentucky, louisiana, maine, maryland, massachusetts, michigan, minnesota, mississippi, missouri, montana, new-hampshire, new-jersey, new-mexico, new-york, north-carolina, ohio, oregon, pennsylvania, rhode-island, south-carolina, tennessee, texas, utah, virginia, washington, west-virginia, wisconsin |
| Loan amount Minimum | $50,000 |
| Loan amount Maximum | $1,000,000 |
| Terms | 6 month, 1 year, 18 month |
| Credit Score Min | 660 |
| Reserve Requirement | 7 months |
| General Pricing or Guideline info | HOW IT WORKS: 1. The approval for this loan is based on ground up construction experience, cash for closing + 6 months reserves, credit and income. a. At least 1 verifiably completed ground up within the most recent 12 months. 2. Land must be purchased in advance, have a foundation poured with permits approved for building. b. RFG may refund the cost of the foundation as part of the total loan subject to appropriate ARV limit. Experienced 1-4 family builders may qualify for refund of land purchase price. [] Closing times typically 10-14 business days [] Call for rate/program with FICO < 660 [] Loan size $50,000 – $1,000,000 [] Your choice on level of transaction involvement [] Interest as drawn for construction >$100,000 |
| Updated as of | 2023-01-30 |
| Program Code | LG98 |
HOW IT WORKS:
1. The approval for this loan is based on ground up construction experience, cash for closing + 6 months reserves, credit and income.
a. At least 1 verifiably completed ground up within the most recent 12 months.
2. Land must be purchased in advance, have a foundation poured with permits approved for building.
b. RFG may refund the cost of the foundation as part of the total loan subject to appropriate ARV limit. Experienced 1-4 family builders may qualify for refund of land purchase price.
[] Closing times typically 10-14 business days
[] Call for rate/program with FICO < 660
[] Loans size $50,000 – $1,000,000
[] Your choice on level of transaction involvement
[] Interest as drawn for construction >$100,000
