1 minute read
Mortgage
If you ' re looking to upgrade your home via repairs or cosmetic updates, a rehab loan from Bell lets you roll the cost of these modifications directly into your home financing. Take that fixer-upper one step closer to an ideal home with our simple and straightforward Rehab Program - available for upgrades to your current home, or to a home you ' re looking to buy.
Program Details
Advertisement
Eligibility of contractor must be confirmed by Bell Bank Mortgage
All repairs must be completed by a single contractor*
The borrower is not permitted to complete any repairs themselves Allowable improvements limited to 75% of future value appraisal or acquisition cost, whichever is less
Eligibility
Primary resident or 2nd home owneroccupied properties only
A contingency reserve of 10% of the bid amount, or a minimum of $1,000, is required; this can either be financed or paid by the borrower at closing 1520% if utilities are inoperable.
Call
Simultaneous work outside the scope of the approved rehab is not allowed
$5,000 project minimum
The home appraisal will be conducted based on the rehab project plans, and an " ascompleted" value will be determined
After a standard loan application process and successful closing, a 365-day period is allotted for the rehab work to be completed
Minimum 700 credit score required Available on conventional, fixed rate loans; maximum loan amount restrictions apply**
Maximum LTV is 95%
Seller Concessions Cheat Sheet:
Seller concessions are closing costs that the seller agreed to pay.
Closing Costs, Prepaid Items, & Discount Points
Closing Costs, Prepaid Items, & Discount Points
Closing Costs, Prepaid Items, & Discount Points
Can Include Debt Payoff
Closing Costs, Prepaid Items, & Discount Points
*Some state and county maximum loan amount restrictions may apply
**When the Veteran has full entitlement
Highlights & Details
CO-BRANDED OPTIONS
