We think every home should be purchased with a renovation mortgage.

The first thing most people want to do when they buy their home is - “make it theirs” new carpet, paint, update the kitchen, and bathrooms. But most cases the new home owner often lacks the money to do all that they want to do. The only way they have to get what they want is to run up high interest credit cards.

InterLinc Renovation Lending has a better way!

Add the amount of money you need to renovate your new home to your low interest 30 year fixed rate mortgage.

Here is how it works:

At InterLinc Renovation Lending, you have specialists to help you through the entire process.

The InterLinc Mortgage Loan Officer gathers the information needed to submit your mortgage loan application, and works with you, hand in hand through the process from loan approval to closing your loan “On Time and As Agreed.”

The InterLinc Renovation Specialist works with the loan officer and you to make sure that there are ample funds to complete your renovation project. The Renovation Specialist continues to assist you after closing, overseeing draw payments, inspections and final close out of the renovation account.

The InterLinc Designer assists you in designing a renovation project that will create the home of your dreams and lasting value.

The HUD Consultant is an independent inspector who works with you to ensure all of the work completed on the property meets the requirements of the Federal Housing Administration insuring your mortgage loan. The HUD Consultant also prepares a work write up for the contractors to bid on. After closing they conduct the draw inspections and prepare the draw request.

How the renovation process works:

  • Get pre-qualified for a mortgage loan with an InterLinc Mortgage Loan Officer.
  • Find the neighborhood you want to live in.
  • Choose a home listed for sale that has the most potential to be what you want. It may be the house in the worse condition and most likely the lowest price in the neighborhood. This is perfect!
  • Call the InterLinc Renovation Lending in-house designer to help you decide what you want done and the estimated cost.
  • Sign a purchase contract (allowing 45-60 days for closing).
  • Submission of income, asset and other documentation needed to complete the submission and approval of you mortgage loan.
  • Request and receive bids from contractors for the renovation work needed and submit to the renovation specialist. If an HUD Consultant is needed, the renovation specialist will coordinate a meeting at the property with you to review what needs to be done and help with the contractor bid process.
  • The renovation specialist will validate the credentials of contractors you select, and the bids submitted.
  • The mortgage loan is closed according to the schedule on the purchase contract.
  • An interest bearing, renovation escrow account is set up for your renovation.
  • Renovation work can begin immediately after closing.

The Renovation:

  • After closing the work must begin within 30 days of closing and be completed on the pre-determined schedule established prior to closing. The sooner the project is complete the better for everyone involved.
  • As the contractor completes each phase of work, a draw payment can be paid for the completed work. The HUD Consultant prepares a draw request based on the contractors billing. You approve the draw by signing it and submit it to our renovation specialist. Within 10 days the contractor receives payment. Ten percent (10%) of each payment is held back to protect you in the event the contractor does not fulfill the contracted obligation.
  • Upon completion of the project, the HUD Consultant conducts a final inspection and draw request.
  • You confirm the project is complete and that you are satisfied with the work performed.
  • Our renovation specialist close out the renovation escrow account and if there are any funds remaining in the account, applies the remainder to the principal mortgage balance.
  • A final appraisal inspection is ordered to document that all work was completed as specified.
  • You are paid the interest earned on the renovation escrow account while it was open.
  • The contractor is paid the 10% retained and obtain a final lien release.
  • A final title search is also order to confirm that the property is free and clear of mechanics or material liens.
  • The process is complete.

If you have any questions, please email to This email address is being protected from spambots. You need JavaScript enabled to view it.
Or call us toll free at 888-516-4869

 

* This is not a commitment to lend; credit and collateral subject to approval; other restrictions may apply.