Construction/Rehab
Construction and Rehabilitation Loan Programs
Mlend offers several loan programs that can help you build your dream home or renovate an investment property. These programs make the construction process more convenient by providing one loan to pay for both construction and long term home financing. Some of these programs also provide a predetermined construction period where the loan is interest only, after which the loan converts to a traditional fixed- or adjustable-rate mortgage.
While each program is different, these programs do share some characteristics:
- financing is based on the final appraised value of the home after construction is complete
- saves time and money by combining all financing into a single loan
- fixed and adjustable interest rates
- available in 15 to 30 year terms
Mlend offers construction and rehabilitation loan programs that are either government-insured or conventional. Government-insured loan programs, such as the FHA 203k, generally have more lenient eligibility requirements but can limit the types of renovations eligible for financing. Conventional programs do not have these stipulations.
New Construction to Permanent Home Loans
Are you looking to build your own home? A new construction to permanent home loan with Mlend can help you with construction and long term financing. Once you're done building you can spend your time in your home instead of at the closing table.
Rehabilitation Loans
Are you looking to purchase a new home in need of repairs or just need a little more space in your current home? A rehabilitation loan with Mlend provides a convenient way to combine the cost of a major rennovation with your long term home financing.
FHA 203k Rehabilitation Loans
Are you looking to purchase a fixer-upper? As an FHA approved lender, Mlend can help you secure a single loan to finance the purchase of a new home and cost of renovation.
