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Freddie Mac does not offer high-balance mortgages in the Inland Empire. In some cases, Freddie Mac allows down payments as low as 3% conforming loans (capped at $548,250). Even with 5% down you can still pump those improvements to 10% of the property value. Your primary residence can be purchased with as little as 5% down payment or 5% equity (for refinance transactions) with loan amounts up to $822,375 in Los Angeles and Orange counties. This financing instrument is the best I’ve ever seen for first-time buyers, avoiding the need to come up with the big bucks normally needed to transform your new house into a personalized palace. If there is an unforeseen delay, you must contact your servicing lender. An inspector will come out to confirm completion. The work must be completed within 180 days after closing.
#Freddie mac home loan program plus
Your lenders’ appraiser must be for a completed value of $990,000, which equals your purchase price of $900,000 plus the $90,000 of improvements.
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You do not have to occupy the property as renovations are taking place. Owner-occupied mortgage rules normally obligate borrowers to occupy within 60 days of funding, but not for this loan program. Unlike construction financing, you are allowed to advance 100% of the materials costs to the store or your contractor upon mortgage funding. If you are licensed contractor, you can do the work yourself. It does not have to be as granular and detailed as a construction loan. You need a good written estimate from a licensed contractor or a home improvement store (Lowe’s or Home Depot, for example) for the material and labor costs. If your real estate agent says we don’t have time to get this approved during a 30- or 45-day escrow, well that’s nonsense.
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