Image Contracting is an experienced and HUD-approved FHA and Conventional Rehab/Renovation Loan Contractor. These mortgage products, such as the FHA 203K or Fannie Mae Homestyle, allow you to cover the cost of needed repairs or desired upgrades to a home you are buying or one you already own. In short, you can buy a fixer-upper or fix up the one you already have and include the costs of the project in your mortgage loan.
We have the experience required to complete the detailed proposals and manage the large amount of paperwork these programs demand. We also meet the necessary requirement many smaller firms aren't able to: the ability to fund larger-scale projects up-front until reimbursed by the bank.
Image Contracting has one more unique differentiator: our founder, John Harding, previously had 12 years in the mortgage industry, up to and including running the operations of a large regional lender. He had a further 2 years in the appraisal field. John manages all rehab projects personally and knows what the lender and underwriters need to make your project a success rather than a nightmare.
These projects demand a lot of time and effort from the contractor from the earliest stages. The process works best if we are able to evaluate your intended project and share some insights on the program(s) before you get too far along in the "processing" stage with your lender. In fact, if you are buying, we prefer to see the property before you even submit an offer to ensure the project is feasible. We can point out things you may not have taken into account (for example, FHA requires certain items meet their standards whether you had planned to address them or not) and try to give you a rough budget. If you're only able to finance a $50,000 project and the actual project budget is $75,000, there's no point in anybody going further.
Contact us today if you are considering funding a project with a rehab loan!
Below are a couple of examples of large projects we have completed for clients using rehab loan programs...
Conventional Renovation Loan
Here we added an addition and remodeled the whole house, inside and out, including installing our client's dream kitchen after doubling its size.
FHA 203K Rehab Purchase Loan
Here we renovated inside and out bringing back a dilapidated and vandalized bank-owned neighborhood eyesore to a young family's first -- and perhaps forever -- home.