Construction, Renovation, Condos Rehab, Lot/Land, & General Mortgage Loans
My Services are to help you get the best loan possible to achieve your goals. Let’s work together to make your dream home a reality. No broker, No third party. You deal directly with a Loans Originator of a national bank.
Types Of Loans I Can Get For You
I want to help you get a Construction Loan in the shortest time possible to build the home of your dreams. More importantly, I want to help you do it in a way that is effective, expedient, and affordable with the best rates. This desire dates back to my time in construction work when I physically built hundreds of homes.
When I became a loan officer, I sought out a specialization in Construction Loans. In fact, I studied and trained to become a Certified Construction Loan Specialist. I was first certified in 1993 and remain certified today, more than 20 years and hundreds of millions of dollars’ worth of Construction Loans later.
WHAT IS A CONSTRUCTION LOAN?
If you’ve never had one, you may be wondering: What exactly is a Construction Loan? Do you need one to construct an addition to a home? What about to build a second structure on the same lot?
A Construction Loan is not required for additions or second structures — for those projects, you should look into a renovation loan. Construction Loans are for the complete construction of a primary household structure. They come in two varieties, colloquially called “Empty Lot” loans and “Tear Down” loans.
“Empty Lot” Loans
Empty Lot Loans are Construction Loans designed for empty lot purchases. These Construction Loans include monies to purchase an empty lot, dig and lay a foundation, and then build a new home on that foundation, including all of the plumbing, electrical, and other specialty work that goes into a new home.
“Tear Down” Loans
Tear down Construction Loans are nearly identical to Empty Lot Loans. The primary difference is that they include monies for demolition and foundation removal, in addition to purchase, foundation laying, and construction costs. This is because tear down loans are meant for applications where a lot has a structure, but it is dilapidated beyond saving and must be torn down.
Though they involve different sums of money for different purposes, both empty lot and tear down loans qualify as construction loans.
HANDS-ON APPROACH
With all of my clients, I put the benefit of my experience to work for you. If you have trouble qualifying for a loan, I’ll explain why and give you tips on how to improve your credit. After receiving a loan, I make myself available to you during the entire project, from closing the sale to the last contractor’s draw against your loan.
To learn more about the ways I go above and beyond for you during the Construction Loans process, contact me today.
You’ve bought your home — congratulations! If you’ve been living there for a while, you might be noticing that it isn’t quite the dream home that it seemed when you first moved in.
Maybe a bathroom or closet is just a little too small. Maybe there is a new leak in the roof. Maybe your family has grown beyond the space of the house, but your neighborhood is too perfect to move away from.
For any of these reasons, and for others as well, you may want to think about getting a Renovation Loan.
WHAT IS A RENOVATION LOAN?
It can be confusing to sort out what activities are covered under a Renovation Loan. I would know — a Certified Renovations Loan Lender for more than 20 years, I have been asked every possible question about them.
To put it as simply as possible, a Renovation Loan can be used for any major home-related work. One of the most powerful uses of a Renovation Loan is for the purchase of a property that cannot be financed with a standard Mortgage Loan alone because it needs an extensive amount work, is in violation of building codes, or has open permits.
Properties like these usually have highly motivated sellers. This gives buyers the ability to negotiate a very low price with the promise of purchasing the property “as is.”
The beauty of Renovation Loans — they are incredibly versatile. You can take a renovation loan to demolish and rebuild a whole new structure (on the original foundation), you can take one for an interior or exterior painting project, and you can take one for anything in between, including:
- Eliminate violations, by building Cost to Cure into builder’s contract
- Eliminate open permits, by building Cost to Cure into builder’s contract
- Electrical upgrades
- Plumbing upgrades
- HVAC upgrades
- Room expansions or additions
- Kitchen overhauls
- New windows and installation
- Leak fixes and roofing
- Additions, from as small as a sunroom to as large as an additional floor
- And so much more
With a Renovation Loan, the sky truly is the limit.
WORKING WITH CARMELO
I have been a loan officer since 1988 and a Certified Renovation Loan Lender since 1993. Over the years, I had developed considerable experience in the field. This includes in New York City’s condominium and co-op markets, which are notoriously complex to work with thanks to their extensive rules and regulations.
When you come to me for a Renovation Loan, you get more than just a loan officer — you get the guidance and advice of a former homebuilder and 23 years of Renovation Loan specialization. Contact me to learn more today.
Condos Rehabilitation Loan
Home rehab mortgages which has loan limits up to $3M, can be used for individual or family units.
If you’re thinking of Purchasing a Condo and would like to update kitchen, bath and flooring? … How about new appliances?
A Purchase/Rehab loan is the way to go to accomplish all that.
Here is an example of how the loan works:
Condo purchase for $500K plus $100K for the renovation work, which means a total cost of $600K.
Say you want to put 10% down – so you would bring to the closing table $60K + closing costs – and the bank would finance $540K.
Bank would normally finance 90% of the total cost up to a loan amount of $1.0M, 85% up to $1.5M, 80% up to $2.0M and 70% up to $3.0M.
All of this is based on you being qualified by me and it is possible to increase these loan amounts on a case by case bases for:
- Any Condo Rehab
- Condo purchase with Rehab
- Condo Refinance with Rehab
- Manhattan Condo rehab
For more details, please feel free to call me or contact me today.
You found a home you like to buy? Got for it! I can help you get the Mortgage loan and streamline direct bank application as quickly as possible.
Whether you’re an experienced or a first-time home buyer, I’ll secure you a loan and give you support at every step.
Let’s get you into the home of your dreams quickly, painlessly, and affordably, with a loan that works for you and your situation. Home mortgage refinancing is also available. Feel free to call me today.
HOA Rehab Loans are hard to find. Please contact me with your HOA projects that need financing!
CONSTRUCTION-TO-PERMANENT FINANCING
A single-close loan that combines construction and permanent financing. Also available for renovations and teardowns.
– Permanent interest rate locked before construction begins
– One loan qualification and one set of closing costs
– During construction, borrowers only required to make interest-only payments calculated on disbursed funds
– Jumbo and super jumbo loan amounts up to $10,000,000._
– Up to 90% financing with lender paid mortgage insurance for loan amounts up to $750,000.
– Fixed- and adjustable-rate mortgages; interest-only option available on select ARMs
– Second & Vacation homes eligible
– Lot loans available
DOCTOR LOAN
A mortgage available to licensed Doctors of Medicine (MD). Doctors of Osteopathic Medicine (DO), Doctors of Dental Surgery (DDS), and Doctors of Dental Medicine (DMD).
– Borrowers must have completed residency within the last ten years, be a newly licensed medical resident.
– currently in residency, or begin residency within sixty (60) days of mortgage closing.
– May also be self-employed or a medical researcher employed by a major hospital.
– Up to 90% financing with no mortgage insurance for loan amounts up to $1,000,000
– Up to 85% financing with no mortgage insurance for loans amounts up to $1,500,000
– Student loan debt deferred for greater than 12 months from the date of closing can be excluded from the
– DTI (45% max. DTI)
– Fixed- and adjustable-rate mortgages; interest-only option available on select ARMS
– Purchase transactions of primary residences only
PORTFOLIO*
PORTFOLIO JUMBO LOANS
Mortgage financing at extremely competitive interest rates for loan amounts over $422,000.
– Jumbo and super jumbo loan amounts
– For primary residences only:
– 90% financing with mortgage insurance on loan amounts up to $900,000
– Fixed— and adjustable-rate mortgages; interest-only option available on select ARMs
– Second homes and investment properties eligible
GOVERNMENT
FHA AND FHA JUMBO
Mortgages with flexible qualifying guidelines insured by the Federal Housing Administration.
– Up to 96.5% financing
– Gift funds from acceptable sources allowed toward minimum borrower contribution
– Fixed-rate mortgages for primary residences only
– Seller contributions allowed
DEPARTMENT OF VETERANS AFFAIRS (VA)
VA-guaranteed home loans available to eligible veterans, reservists, and National Guard members.
– Up to 100% financing
– Gift funds from acceptable sources allowed toward closing costs, down payment, and/or cash reserves
– Fixed-rate mortgages for primary residences only
– Seller concessions permitted
RURAL DEVELOPMENT GUARANTEED RURAL HOUSING
Administered through the U.S. Department of Agriculture (USDA) Rural Development office, this program provides financing for qualified borrowers purchasing homes located in rural areas as designated by USDA.
NOTE: We do not currently, offer this program in all areas. So check for availability.
– Up to 100% financing
– Competitive interest rates
– Fixed-rate mortgages for primary residences only
– Seller contributions allowed
AGENCY
CONVENTIONAL
– Up to 97% financing for purchases of primary residences for loan amounts up to $422,000
– Second homes and investment properties eligible
– A Fixed- and adjustable-rate mortgages
– Seller contributions allowed
OTHER PROGRAMS
CO-OP FINANCING
Loans for the purchase of individual co-operative share units in the five boroughs of the City of New York.
– Fixed- and adjustable-rate mortgages
– Second homes eligible
NON-WARRANTABLE CONDO FINANCING
Mortgage financing for condos that don’t meet the minimum eligibility requirements for a conforming loan
as set forth by Fannie Mae and Freddie Mac.
Borrowers must apply and be credit approved.
RATE PROTECTOR PROGRAM
Available on secondary market fixed- and adjustable-rate programs as well as portfolio adjustable-rate programs,
lock up to 360 days for an upfront fee that is applicable at closing.
EXTENDED RATE LOCK WITHOUT FLOAT DOWN
– Borrowers can lock in a rate for up to 24 months on secondary market fixed-rate and adjustable-rate
– programs for an upfront fee.
Home Lending Solutions
Product Overview
TANDEM HOME EQUITY LOAN/LINE OF CREDIT 80-10-10 Program
Subordinate financing for purchase and refinance transactions in which our Bank is providing the first mortgage.
– Closed simultaneously with the first mortgage
– Helps borrowers avoid mortgage insurance on jumbo loan amounts
– Second homes eligible
Ok, you’ve got a great Lot or Land to build your dream or vacation home? A one-time Loan can finance the lot/land (and new home) all in one easy loan.
I’ll help you secure a loan to build your custom home on a lot of your choice. Loans are available to finance new land or lot projects and funding for projects to completion with reports detailing loan disbursements for your records.
To get a loan, call me today.
