OTHER LOAN TYPES
The renovation mortgage enables you to obtain a purchase or limited cash-out refinance mortgage and receive funds to cover the cost of repairs, remodeling, or renovations to the property. Repairs or improvements must be permanently affixed to the real property and add value to the property.
The cost of renovation is limited to 50% of the “as completed” appraised value of the property.
Eligible properties are principal residence, one unit second home or one unit investment property. Eligible PUD and condo units may be renovated. Manufactured homes are not permitted.
Mortgages may be either a fixed rate mortgage or an adjustable rate mortgage that has a term from 10 to 30 years.
All renovation work must be performed by a licensed contractor.
For more information about this product or to see if you would quality for our Renovation Mortgage, please contact a Michigan United Mortgage professional today.
A construction loan provides a “one close” solution for your new home construction project. A construction loan is “one loanl” that consists of 2 phases an interest only, construction draw loan and the pennanent phase mortgage. Even though there are 2 phases to this loan program there is only one closing, one set of closing fees and one rate (locked upfront). You may purchase a lot (or payoff your lot if previously purchased), finance construction costs and your mortgage with this program. If you are searching for a simple, cost effective loan program with the security of knowing your interest rate upfront before your building project begins this program may be the best solution for you.
FINANCING PRIMARY RESIDENCE AND SECOND HOMES
Our Construction-to-Pennanent Loan is a Construction I Close mortgage for financing primary residences and second homes. A construction-to-permanent mortgage is a 6, 9 or 12-month interest only construction loan followed by a permanent end mortgage. Once the home is complete, we automatically convert your loan to the pennanent mortgage. There is only one closing, one set of closing fees, and no re-qualification is necessary upon the home. You have a peace of mind because your permanent mortgage rate is locked upfront at the construction closing. You may select from a 15 year, 30 year or 40 year fixed rate loan.
We offer programs for individuals hiring a professional builder to construct the entire home or for owner-contractors (do-it-yourself contracting). No building license is required on our owner-contractor programs.