You Want to Fix Up a New Purchase

Home remodeling image

button-free-consultationNow You Can Purchase a Property and Improve it All in One Loan

You can purchase a home or an investment property and have the money to make major or minor fixes, updates, or do remodeling of any kind. Qualified properties include:

  • Single- or two-unit (duplex) residences
  • Single-unit investment properties
  • Second homes
  • Opportunity to purchase a fixer-upper, foreclosure, or REO (bank owned) property, even if sold as is. Frequently, the cost of the property plus cost of improvements is less than the value of the property once improved, and if it’s a rental, there’s the possibility you can increase the rent.

At Command Home Mortgage we make sure your mortgage experience is simple, understandable and personalized. You will benefit from our experience, expertise, and trust we’ve gained since 2002. This is an easy, low-cost, low-interest, safe way of buying and improving any type of residential property.

Protections you’ll receive from us when you purchase and improve your property:

We ensure your renovation/remodeling work is done properly and within your contractor’s agreed upon budget and timeline because you will have a Government Certified Consultant overseeing your project, including inspections prior to each money disbursement made to your contractor.

You will be protected from spending more on your project than it’s worth. Before any work is begun, an appraisal will be done showing the after improved value of your property, that is, what the value of your property is after your improvements are completed. This ensures against over improving your property. However, if your after improved value is too low and you want to continue, you can add cash to your project equal to the difference between the after improved value and the extra cost of the project you want to do, or you can alter your project to fit within the after improved value.

You will be assured your contractor is sufficiently licensed and insured to do the work. You choose your general contractor—your general contractor cannot be the property owner.

Your loan will include the following when improving your newly purchased property:

  • The money to purchase your property and the money to make the improvements.
  • You can spend up to 50% of the after improved value for the improvements on your property.

You can apply for a conventional, government, or jumbo* loan (up to an over $1 million), whichever suits your situation best. All loans are fixed rate, low interest, and long term (15 to 30 years), with no pre-payment penalties.

Your down payment can be as low as 3.5%—in other words your loan can be 96.5% of the after improved value of your home—and townhomes and approved condos are acceptable. The down payment can be as low as 3.5% to 15% for one-unit investment properties, two-unit primary residences, and second homes.

Depending on the type of loan, improvements may include, but are not limited to:

  • Structural fixes and upgrades
  • Exterior fixes/replacements
  • Any type of remodeling
  • Updating kitchens, bathrooms, basements or any other room
  • Additions and expansions
  • Upgrade or modernization of central heat/air, plumbing and electrical systems
  • Energy conservation improvements
  • Add/replace exterior decks, patios or porches
  • Major landscaping and hardscape such as driveways, walkways, fences and retaining walls
  • New kitchen appliances
  • Luxury items such as gazebos, patio fireplaces, saunas, and so on
  • Install/repair/replace well and septic systems
  • Repair termite and moisture damage

*Coming soon.