Loan Programs
Check our Options for Loan
- 3 points origination
- 12.99% APR
- $999 Loan Application fees
- 5-10 Days to Close
- 3 points origination
- 9.5% for the first 2 months
- 15.50% for the next 4 months
- $999 Loan Application fees
- 5-10 days to close
Let’s think outside the box and make it a win-win!
- Credit score will be evaluated
- Minimum of $15,000 or more in a Checking, Savings, IRA and/or 401(k) account
- No Recent Bankruptcy or Foreclosures
- First Liens Only
- Single-family, 2-4 unit, townhomes (no condominiums or manufactured homes).
- Our loans are made on the After-Repair Value (ARV)
- Hometown Capital Funding LLC reserves the right to adjust advance rate requirements as deemed necessary.
- All appraisals will be based on After-Repair Value (ARV)
- Hometown Capital Management LLC will only order appraisals
- Appraisals must be ordered by the Lender and performed by a third-party appraiser.
- Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing
- Borrower’s insurance agent should provide a certificate of insurance or evidence of insurance, including invoice, to our processing department before closing
- Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.
- Dwelling only coverage must include vacancy and vandalism riders. A builder’s risk policy is preferred for rehabs over $20,000.
- If a borrower has a blanket policy, the insurance agent must provide proof of insurance showing the new property’s addition and showing proof of in-force blanket policy.
- Replacement cost coverage is required.
- The lender must be named as a loss payee and additional insured
- Filled out and signed Credit Application
- Filled out and signed Loan Request Form
- Filled out and signed simplified Financial statement
- 2 months Bank Statements/Proof of Funds– must have adequate funds to support property rehab and interest payments for six months
- Recent credit report (Recommendation: Run your own for $1 at www.creditchecktotal.com (“It will also avoid hard inquiry on your credit report”)
- Government-issued ID
- Application Fees
- Government issued ID
- SSN copy
- Filled out and signed Credit Application
- Filled out and signed Loan Request form
- Filled out and signed simplified Financial statement
- 2 months LATEST Bank Statements/Proof of Funds- must have adequate funds to support property rehab and interest payments for six months
- Recent credit report (Recommendation: Run your own for $1 @ www.creditchecktotal.com
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“It will also avoid hard inquiry on your credit report”) - List of all real estate holdings
- LLC, LP or Corporation documents (if applicable)
- WHEN YOU HAVE A DEAL READY TO GO (OR IF YOU HAVE ONE NOW) YOU WILL ALSO NEED:
- List of all real estate holdings
- LLC, LP or Corporation documents (if applicable)
- Property purchase agreement
- Assignment contract- if property is assigned to the borrower
- Property rehab scope of work
- Appraisal (ordered by Hometown Capital Management- Lender)
- Property insurance (to be obtained prior to closing)
- Flood Insurance (If required)
- Property Survey