The REALTOR you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS have taken additional steps to become members of the local board of REALTORS and have agreed to act under and adhere to a strict Code of Ethics. Plus...
A renovation loan is a first lien mortgage that allows you to purchase or refinance a home and finance repairs. One loan, one monthly payment.Learn more
Don’t let non-traditional income prevent you from owning a home. Diamond Residential Mortgage Corporation is your trusted lender when it comes to alternative methods for income qualification. We can work with borrowers who often times have multiple streams of income, paid in lump sums, or are self-employed and absorb business expenses onto their personal tax returns.
With a fixed-rate mortgage, the interest rate stays the same throughout the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan are likely to change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
FHA requires a minimum of 3.5% down. On an FHA 203(k) loan, the minimum down payment required would be 3.5% of the purchase price plus total renovation costs.
Fannie Mae requires a minimum of 5% down in most cases. If you are a first-time homebuyer, you may be able to put down as little as 3%. For more information, contact a Diamond Residential Mortgage Corporation licensed Mortgage Loan Officer. The minimum required down payment would be 3-5% of the purchase price plus total renovation costs.
USDA offers 0% down financing options for home buyers of properties located within a USDA Eligible Area. In cases where the appraised value of the property exceeds the purchase price, USDA offer the unique ability to roll closing costs and pre-paids into the loan
Did you know that experiencing a short sale or foreclosure on your property could prevent you from purchasing a new home for up to 7 years? Diamond understands that being a homeowner today rather than years from now is important to you, your family, and your future. We can offer financing much sooner than you think. Speak with one of our experienced loan specialists and see how we can help you achieve homeownership today.
An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
Yes, as long as they are eligible repairs allowed by HUD on FHA 203(k) loans, Fannie Mae on conventional renovation loans, or USDA on USDA renovation loans.
ITIN mortgages are home loans available for individuals who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN), allowing them to purchase a home and build equity in the United States.
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Diamond Residential Mortgage Corporation can help you evaluate your choices and assist you in making the most appropriate decision.
Foreign National loans are a type of mortgage designed for non-US citizens who want to purchase or refinance a property in the United States.
For most homeowners, a monthly mortgage payment consists of three parts:
Most 1-4 unit properties are eligible for renovation financing, as long as the owner intends to reside in one of the units. Historical homes, modular homes, homes in a Planned Unit Development (PUD), townhomes are all eligible. Some condos may be eligible. For more information, contact a Diamond Residential Mortgage Corporation licensed Mortgage Loan Officer.
On conventional renovation loans, unfinished new construction homes may be allowed as long as they are at least 90% completed.
Second homes are allowed on conventional renovation loans.
Multi-unit homes are not allowed on USDA renovation loans
Manufactured homes are not allowed.
We can help when a not-so-perfect credit history prevents you from getting a mortgage. If you’ve been turned away by others for reasons such as lack of credit, low credit score, or history of late payments, speak with our experienced loan specialists and see if our alternative loan programs are right for you.
The amount of cash that is necessary depends on a number of items. Generally speaking, you will need to supply:
It generally takes about 60 days to close a renovation loan. Oftentimes, the most lengthy task centers around your ability to find a contractor and obtain a bid.
Diamond believes in the power of real estate as part of a diverse investment strategy. We have loan programs that can make it easier to buy and sell investment properties so that you can focus on building your portfolios. That’s why real estate investors love working with us. Contact one of our knowledgeable loan specialists who can help guide you through our suite of investment solutions.
You are responsible for selecting the contractor you wish to hire, but the contractor must meet all local and state requirements to perform the work. We will confirm they carry the proper liability insurance coverage and Worker’s Compensation coverage (if applicable). We will also confirm they hold any licenses or certifications required. We will check your contractor’s past customer, supplier, and trade references.
On FHA 203(k) loans, you may not be related to the contractor and the contractor may not be related to any other party to the transaction.
If you have a high debt-to-income ratio that does not qualify for a standard loan, if you want special loan features such as interest-only payments, or if you are looking to borrow above the conforming limit of $726,000 ($1,089,300 for one unit in High-Cost Areas) with limited down-payment funds, Diamond Residential Mortgage Corporation is here to help. Speak with one of our trusted loan specialists about our specialty products, and we will help guide you through the loan process.
Some self-help is allowed such as minor demo work, interior painting, installation of appliances, and clean-up. Speak with your Diamond Residential Mortgage Corporation licensed Mortgage Loan Officer for confirmation you can do some of the work.
Self-help or Do-It-Yourself (DIY) repair work is not allowed on USDA renovation loans.
On FHA 203(k) or USDA renovation loans, this is generally not allowed. The work as outlined in the bid needs to be performed after closing by the contractor who provided the bid during the loan process. If a health or safety issue arises during renovation, discuss the situation with Diamond Residential Mortgage Corporation.
On HomeStyle® Renovation loans, you may be able to make minor changes to the scope of work. Clear any changes to the scope of work with Diamond Residential Mortgage Corporation first, otherwise, you may not be reimbursed for the extra costs.
You may terminate your contract with the contractor under certain circumstances. Before you do so, discuss the situation with Diamond Residential Mortgage Corporation. We will walk you through any steps you are required to take which may include giving the contractor advance notice and time to remedy any deficiencies.