Construction / Renovation Loans
Sometimes the home of your dreams just isn’t available. With a renovation or new construction loan from BankSouth Mortgage, you can afford to turn a fixer-upper into your dream home or build it entirely from scratch. These loans are available as a stand-alone option or, in some cases, in conjunction with a new home purchase or refinance. BankSouth Mortgage offers a variety of programs to meet your needs. Check our products below, or contact a BankSouth Mortgage expert for more details.
Construction Loan Highlights
Construction Loan Highlights
- Down payments as low as 10%
- Purchase and Renovation Loans
- Conforming and Jumbo options
- Primary or second homes
- In-House Underwriting- Local Decision Making
- Interest Only Payments During Construction
- Lot Cost Can Be Included in the Construction Loan
- Available for Properties Throughout Georgia
Escrow Holdback Program Highlights
Escrow Holdback Program Highlights
BankSouth Mortgage offers you the flexibility to combine your home financing with renovation costs!Conventional, FHA, VA, and USDA:
- Maximum holdback of 10%, not to exceed $15,000
- Purchase transactions
- Non-structural repairs
- Repairs must be completed within 10 days of closing
- Maximum holdback of 10% of the appraised value, not to exceed $100,000
- Purchase Transactions
- Repairs must be completed within 30 days of closing
- Non-structural repairs only
- HVAC
- Refinishing hardwood floors
- Painting
- Landscaping
- Swimming pool repairs
- Waterproofing
- Fencing
FHA 203(k) Renovation Highlights
FHA 203(K) Renovation Highlights
- Through a single FHA mortgage, combine the financing of your home with the cost of non-structural renovations
- Purchases and refinances
- 3.5% down payment
- 640 minimum credit scores
- Non-structural repairs and alterations, improvements/modernizations, elimination of health/safety hazards, changes for aesthetic appeal, interior and exterior painting, installation of well and/or septic, reconditioning or replacement of heating/air conditioning, and replacement of roofing, guttering, and downspouts (no footings, foundations or load-bearing walls)
- Potential to build equity immediately once renovations are complete
