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Thursday, May 19, 2016

Add in up to $15,000 in Renovations on Resale Purchase Contracts! Simple Process!

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Add in up to $15,000 in Renovations on Resale Purchase Contracts

Here is an example:

Contract price with seller $400,000
Plus renovation items $14,500 (total of kitchen/bathroom upgrades and pool rehab)

Total financed package $414,500

Up to a 95% loan (standard Fannie Mae loan and rates) is based on the $414,500 total price

Escrow Holdback account is created for $14,500 and the purchase closes

All work is completed and the appraiser completes the final inspection

The escrow account is released to the contractor

Very Simple Process (No HUD Counselors involved at all)




Bob McCormick, President

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 Lending in Arizona, California and Colorado

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