Construction Loans

New York construction loans, and New Jersey construction loans, are one of SunQuest’s specialties. You can use construction loans for partial home renovations, complete home renovations, home additions or new home construction. Our depth of experience enables us to guide you through the entire process with skill, speed and confidence. Our staff has over 30 years of hands-on construction and construction loan experience that you can can benefit from. We’ll make your home construction experience less stressful… and help you turn your dream into a dream-house.

Home Improvement And Renovation Loans

 
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Your neighborhood is perfect for you and you want to stay for so many reasons… but you need more living space with a more modern design… Or maybe you’ve found the perfect home in the perfect neighborhood… but it needs some love and attention and you’re ready for the challenge.
FHA 203K

An FHA 203k loan, in New York or New Jersey, may be the perfect loan for you; it’s a home improvement loan available through the FHA. The 203k loan allows a borrower to take a 30 year fixed NJ mortgage, or NY mortgage, and improve their current residence, or renovate a home to purchase. With a 203k loan, you can finance up to 110% of the After-Improved Value.

 

 

 

Improvements Allowable Through The FHA 203k Program Include:

  • Room Additions
  • New Bathrooms
  • New Kitchens
  • New Windows
  • New Roofing and Siding
  • New Furnace or Central Air Conditioning

NOTE: For ground-up construction projects, or funding for the completion of a home construction project on a home that’s never had a certificate of occupancy, see the “New Home Construction Loans” section below.


HomeStyle Renovation (Fanny Mae Program)

HomeStyle Renovation mortgage (HSR), a Fanny Mae Program, permits borrowers to include financing for home improvements in a purchaseor re-finance transaction of an existing home. It’s a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.

 

Benefits To Borrowers Include:

  • Cost-effective way to renovate or improve a home
  • Single mortgage means lower closing costs and typically a lower interest rate on a first mortgage
  • Borrowers can qualify for CLTV of up to 105% with eligible Community Seconds® subordinate financing
  • Loan amount based on “as-completed” value of the home or the cost basis (purchase money loans), whichever is less

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New Home Construction Loans

 
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SunQuest Funding offers New York construction mortgages, and New Jersey construction mortgages, for land acquisitions, and new home construction.

If you’re planning on having a house built in New York or New Jersey, a Construction Loan may be the right loan for you. Unless you already own land, SunQuest Funding will provide financing for the land acquisition and the building construction. A construction loan is usually a variable-rate loan with a maximum term of 12 months.

During the Construction loan qualification process, SunQuest Funding will need to see detailed plans, a realistic budget, and a construction timetable; this information is sometimes called the “Story” behind the loan.

Once the approval process is completed, you’ll be put on a draw schedule, sometimes called a bank draft schedule, that will follow the construction timetable. Many Construction Loans require interest-only payments during the building stage. Prior to each draw, someone will usually come out to the construction site and verify the construction progress.

Once the construction is finished, the contractors have been paid and all liens have been satisfied, and you’ve received a certificate-of-occupancy, it’s time to convert the Construction Loan liabilities into a standard mortgage. SunQuest will do that too.



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