• Financing

Financing Options

Financing Through Fidelity Bank

Parker Young Construction has partnered with Fidelity Bank to provide our homeowners with the opportunity to quickly and affordably finance home repairs, renovations and improvements.  Fidelity Bank (Member FDIC) offers four loan programs designed specifically to meet your financing needs for varying renovation goals:  Fannie Mae Homestyle, FHA 203(k) Limited, Renovation Loan Program, and Streamlined Escrow for Repairs.

 

 

Loan Options

Fannie Mae Homestyle

- Conventional Loan
- Repairs can be up to 50% of After Repaired Value
- Primary residences, second homes, or investment properties
- Can include structural improvements

FHA 203(k) Limited

- Improvements up to $35,000
- Allowed 6 months to complete improvements post-closing
- Primary residence only
- Can not be used for structural charges

Renovation Loan Program

- Loan amount up to $2,000,000
- 90% LTV on primary homes
- A great option for a jumbo renovation such as footprint renovations, complete teardowns and modernizing without square footage addition
- Current mortgage is combined with renovation costs
- Pay closing costs once with our One-Time Closing
- 9 and 12 month construction phase with interest only payments
- Fixed, 5/1 and 7/1 ARM loans available

Streamlined Escrow for Repairs

- For repairs and improvements up to $10,000
- Allowed 2 weeks to complete improvements post-closing
- Great for appliances, painting, carpet, minor repairs, plumbing, etc.