CONSTRUCTION & RENOVATION

NFM Lending now offers an entire department whose sole focus is handling Construction and Renovation loans.

Programs Include:

FNMA HOMESTYLE

  • 3% down for First Time Home Buyers
  • Allows the borrower to finance in mortgage payment if house is not habitable
  • Allows structural work - new additions, adding square footage, moving walls to change floor plan, adding garage
  • PR, SH, & Investment Properties
  • ​Work must be completed within 6 months
  • Follows normal PMI requirements
203K FULL/STANDARD

  • 3.5% minimum down payment
  • Primary residence (1-4 units)
  • Allows the borrower to finance in mortgage payment if house is not habitable
  • Allows structural work - new additions, adding square footage, moving walls to change floor plan, adding garage
  • ​Work must be completed within 6 months
FNMA HOMESTYLE LIMITED

  •  Minor & non-structural repairs
  • Great for cosmetic work (flooring, painting)
  • PR, SH, & Investment Properties​​
  • Follow normal PMI requirements
  • Total renovation cannot exceed $35,000
203K LIMITED

  • Minor & non-structural work
  • Great for cosmetic work (flooring, painting)
  • Total renovation cannot exceed $35,000​

*FHA 203K - Standard/Full & Limited.
Ability to use with Good Neighbor Next Door (GNND) Program.
CONSTRUCTION PERM

  •  10% down
  • One Time Close
  • 9-12 month locks available
  • Rate cap with float down
  • FNMA guidelines apply
  • 5% contingency required
  • Interest reserve required
  • 3 months reserves required 
VA RENOVATION

  • 100% financing
  • No rate adjuster
  • Minor & non-structural work
  • Work must be completed within 45 days
  • Total renovation cannot exceed $35,000

NFM's Builder Portal

  • Set up accounts for one or more builder contacts to access the entire (or subset) of the builder's loan pipeline
  • Real-time data access from any browser
  • Access to dashboards of different home statuses/buyer statuses 
  • Specific transaction details and built-in amortization calculator with real loan details
GROW YOUR BUILDER BUSINESS