Purchase with Renovation
Helping to Make Your Home Ownership Dreams Come True.
Looking to buy a new home that needs repairs, or refinance your existing home to get the cash for much-needed repairs, but don’t want the upfront expense of an FHA 203(k)loan?
Metairie Bank’s Purchase Renovation Loan Program allows you to fund the purchase of your home and finance upgrades or repairs in one convenient transaction. The program is perfect for those interested in purchasing a fixer-upper that’s in need of upgrades, repairs or renovations, or to refinance your existing home with limited equity that could use some updating.
The program provides the following:
- Purchase a property and include the cost of repairs and improvements in the loan
- Buy a home that is listed at a lower price due to the older existing condition
- Create equity fast by bringing your home up to date
- Purchase a fixer-upper that most banks won’t approve financing on
- Finance up to 90% of cost
- Up to 6 months interest only available in most cases
- Look at properties you wouldn’t otherwise consider
- Start improvements right after closing
- One loan to purchase a home and make renovations or repairs
- Conventional Mortgage with no PMI
- Competitive fixed interest rates available
- Used for purchase and renovation of a single family residence, owner-occupied primary residences
- Hiring a licensed contractor(s) is required to perform all work using a fixed price building contract
- Maximum Loan to Cost – 90% (cost to include purchase price and all hard and soft construction cost)
- Maximum Loan to Value – 80% (based on appraisal of plans and specifications)
- A Metairie Bank checking account is required to obtain this loan program
The above content is for general information purposes only and is not professional advice for your specific situation. Please speak to a Loan Officer to discuss all loan options available.