Funding Solutions for Your Fix-up Properties

You Found This…                                   But You want This…

Hideous 70s Kitchen in Chandler  DREAM KITCHEN 1

The FHA 203K Loan Program

We can fulfill your vision and renovate your new home!!! Transform that fix-up house to a new home, and select your new interior finishes. Allow our professional team to make any house…your new home.

With the FHA 203K Loan Program you can use the loan to fund the purchase and renovation costs of your new home with as little as 3.5% down. Key features of this funding program are:

  • Loan for improvements are figured into the original loan balance, resulting in one loan
  • Maximum purchase price $358,800 (Based upon 3.5% down)
  • Minimum repairs $5,000, and the maximum repairs that can be included in the loan are limited to $35,000
  • Borrowers must occupy the property
  • Eligible repairs and improvements such as painting, HVAC systems, electrical and plumbing repairs, minor kitchen and bath remodels, roof repairs, stucco and drywall repairs, floor coverings, appliances, fans and light fixtures, and pool repairs up to $1,500
  • Repairs not permitted include landscaping, major remodeling, repairing structural damage, or moving load bearing walls
  • If the streamline loan is used, then borrowers are not required to hire professional consultants, licensed engineers or architects

Another funding solution for larger projects, second homes, or investment properties is the Fannie Mae Homestyle Loan Program. Key Features of this funding program are:

  • Conventional rehabilitation loan program to finance the cost of renovation plus the purchase price all in one loan
  • Available on primary residences, second homes, and investment properties
  • Loan amounts up to $417,000
  • Primary residence requires 5% down, second homes require 10% down, and investment properties require 25% down.
  • You may finance up to 6 months of mortgage payments during the renovation phase.
  • Most improvements are eligible for funding including major remodeling, additions, structural repairs, swimming pools, spas, and landscaping
  • Contingency reserves are required. Any unused contingency funds will be applied to principal reduction or to additional costs
  • A HUD approved consultant must provide a specification of repairs to fully describe scope of work

Mark of Excellence Builders is a lender approved, experienced, licensed general contractor. We have been building quality since 1998. We will provide prompt initial quotes on base renovation packages within 12 hours of your initial contact to facilitate your purchase contract negotiations. Within 48 hours of your home purchase contract acceptance we will perform a site visit, and prepare a formal estimate and cost breakdown for loan appraisal, and application. Your personalized home renovation proposal will be based upon the scope of work you would like us to perform and your selection of finish materials. We can complete most renovation projects within 30 days after close of escrow.

Contact us today for more information and learn how we can perform an “extreme makeover” on your new home!!!

P.O. Box 1261, Higley, Az 85236 | Phone: (480) 634-4261 | Fax: (480) 699-0737 |