Programs

The Home Improvement Loan 

This mortgage program is designed for the borrower who wants to finance a home improvement project at a competitive rate with minimal closing costs. No equity? No problem. Bremen Financial will increase the "as-is" value of the property by a percentage of all approved* home improvement contracts in order to improve the borrower's equity position. 

Guidelines:

Purpose: Home Improvements
Minimum loan: $25,000 (1st mortgages), 
$10,000 (2nd mortgages)
Property: Single-family, owner-occupied
Terms: Up to 240 months (fixed rate)
Requirements: Verification of income, homeowner's insurance, home improvement contract, mortgage verification, drive-by appraisal (full appraisal on loans>= $50,000), title search and flood letter

Additional Guidelines: 

Subject to Credit Approval
No prepayment penalty
No Previous bankruptcy
Max debt ratio is 45% (50+% at underwriter's discretion) 
Collections, judgments or derogatory credit are considered on a case by case
Minimum Fees: 1% loan origination fee, appraisal, title & recording, 175 processing fee, credit bureau and flood letter

* Approved Contracts
In ground pool, room addition, sunroom, garage addition, major remodel (underwriter's discretion)
Deck, windows, siding, doors, other remodel (underwriter's discretion)

 

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