Get your next home improvement, addition, or new build properly financed. There are a few types of financing available in CA to help you achieve your goals.
Types of financing:
California Cash-out Refinance Loans
Homeowners in California can refinance their primary residence to fix or do a new build like an ADU to their existing property. The most popular types of Cash-out refinances are:
- Conventional – loan type meets current Fannie Mae/Freddie Mac (Government sponsored entities that buy loans) The new HomeReady program can go as low as 3% down but most conventional borrowers put 20% down. A much higher FICO score is required to qualify for a Conventional loan.
- FHA – Some key features of a FHA loan; They only require a 3.5% down payment and the borrowers FICO score can be as low as 620. FHA loans also allow down payment gifts from relatives. – Remember loans under an 80% loan to value will require mortgage insurance.
California Renovation Loans
Homeowners in California can repair or remodel a house using one of two types of FHA 203(k) rehab loans.
- The Standard 203k is for larger rehab projects, over $35,000. The Standard is used for things like structural repairs or adding another room to your house.
- The Limited 203k is for projects smaller in scope, less than $35,000. The Limited would be used for things like re-wiring, replacing an HVAC system, etc.
New Vision Commercial Builders is working with local Mortgage Broker – Grayson Realty and Management (GRM). You can apply securely online by clicking on the Loan Application and Online Credit Check below. For more information on financing call GRM directly at (310) 722-1694 or visit us online at GraysonRealtyMgmt.com
Step One: Secure Mortgage Loan Application
Step Two: Link to securely pull credit report for mortgage purposes only