Residential and Commercial Mortgage Solutions!
818 Rt. 202-206 North •
Bridgewater, N.J. 08807
Telephone (908) 722-9217 • Fax (908) 722-2827
Toll Free 800-327-0123 • Email:
info@goldmortgage.com
Rehabilitation Loans
Programs are available for the acquisition of properties (1-4 units). We have full income, stated income or personal financial statement programs for owner occupied or investment properties. Properties can be single family, apartments, mixed-use or condominiums. Down payment and final loan amount are based on credit and appraised value. We will loan up to a maximum of 80% of the future appraised value of the subject property.
How the program works
We can pre-approve you for a loan. Typically, we like to see established credit, with credit scores over 680 (FICO credit score). You will need to complete a mortgage application (1003) which reflects the property address, your name, address, social security number, income, employment, bank accounts & balances, properties owned, and current debt.
Down payment (based on purchase price) is determined on credit score and number of units in the subject property.
Full Income/Full Asset Stated Income/Stated Asset
Down payment* 20% 20%
No appraisal required. We will need to see an itemized budget of work to be completed on the property (to establish the future appraised value as basis for the final loan amount).
Example: stated income/stated asset program, perfect credit:
purchase/acquisition price $100,000
20% down payment: 20,200
base mortgage 80,000
Budget for rehab:$30,000
80% of Rehabilitation funds $24,000
Total loan amount will be $80,000 + 24,000= $104,000
Rehabilitation funds are released in phases, as the work is completed. In addition, the closing costs and points can be rolled into the loan amount.
We can close in two weeks. Contact us for additional information. In New Jersey & New York call us at 800-327-0123, email us at info@goldmortgage.com or apply on-line.
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