ValueBuilder

About Us

Home123Mortgage is a management and sales driven group for residential mortgage lending. Home123Mortgage management group has over 100 years of experience within the real estate and real estate finance industry. Our main goal is to give our customers the best experience possible within this very complex process of residential real estate lending.

Valuebuilder Program

Valuebuilder specialty financing loans are a way for homeowners to finance permanent property improvements and renovations to their home. This loan does not affect the first mortgage on the property and does not have a combined loan to value, which means equity is not needed to improve the home. They are a fixed rate loan based on the common market rate in the area that can even be used to buy new appliances. Valuebuilder loans can be used for single-family, multifamily properties, as well as manufactured homes. These loans have a few requirements to get but have a large spectrum of uses and items that can be upgraded/improved on the property.

  • The house must have been built and occupied for at least 90 days (if purchasing a home that was already occupied previously for 90 days does count)
  • Must be the current owner of the property
  • Contractors bids at the start and an inspector at the end must be used to verify the use of the funds
  • Mortgage insurance will be added to this loan
  • The borrowers’ debt-to-income ratio must be 45% or less
  • Work must be completed in 6 months
  • Must be an Owner Occupied property (primary residence only)

Information Needed to be an Approved Contractor

Resume

  • Full Legal Name
  • Address
  • Phone Number
  • Email
  • Website
  • Education
  • Additional Training
  • Years in Contracting Business
  • Financial Stability of Business
  • Credit standing with suppliers and terms of payment
  • References from 3 previous customers in the past 12 months

Documentation

  • Contractor license number
  • Proof of Liability insurance covering damage and personal claim
  • Proof of Worker’s Compensation policy
  • Proof of bond coverage for total replacement cost of project

Valuebuilder Program

Valuebuilder specialty financing loans are a way for homeowners to finance permanent property improvements and renovations to their home. This loan does not affect the first mortgage on the property and does not have a combined loan to value, which means equity is not needed to improve the home. They are a fixed rate loan based on the common market rate in the area that can even be used to buy new appliances. Valuebuilder loans can be used for single-family, multifamily properties, as well as manufactured homes. These loans have a few requirements to get but have a large spectrum of uses and items that can be upgraded/improved on the property.

  • The house must have been built and occupied for at least 90 days (if purchasing a home that was already occupied previously for 90 days does count)
  • Must be the current owner of the property
  • Contractors bids at the start and an inspector at the end must be used to verify the use of the funds
  • Mortgage insurance will be added to this loan
  • The borrowers’ debt-to-income ratio must be 45% or less
  • Work must be completed in 6 months
  • Must be an Owner Occupied property (primary residence only)

Q: What are the interest rates compared to other interest rates for mortgages?

This is a 2nd mortgage and these rates are higher than the 1st mortgage due to higher risk and no CLTV restrictions.

Q: How long after closing would the borrower receive the money for the improvements?

The borrower will get the funds closing.

Q: Does the borrower have to occupy the home at the time of the home improvements?

No, but the borrower will need to occupy it within 90 days if it is a purchase.

Q: What is the term of this loan?

It is a 20-year loan term.

Q: How do I sign up a contractor?

The contractor goes to our website and completes the questionnaire and is reviewed by our staff and takes 3-5 days to get approved along with $250 cost.

Q: Does the realtor or contractor make any commission on this loan?

No, neither party makes any commission on this loan.

Q: Are there any limitations to what improvements can be done?

Yes, ineligible home improvements fall into two categories. Products or improvements that do not become a permanent part of the real property or products or improvements that are considered luxury items. Ineligible home improvements; Air conditioner (placed in a window, and not permanently affixed to the property), asbestos siding, barbecue pits, barn cleaners, bath houses, cabana room, clothes lines and poles, debt consolidation, deck around swimming pool, demolition (structure must be replaced at the same time), dishwashers (portable)(must be part of the sink), docks (floating), drills (equipment type), dumbwaiters, equipment (used commercially or industrially; farm or dairy), exterior hot tubs, saunas, spas, or whirlpools baths, fire extinguishers, flower boxes food, mixers, freezer (only built-in freezers are eligible), kitchen appliances (designed or manufactured not to be built into or permanently affixed to the structure), grandstands, greenhouses, hangers- airplane, hay dryers irrigations, systems kennels, landscaping, lathes, moving structures (eligible if move is on the same lot), orchards, outdoor fireplaces, ovens (must be built in), penthouses (must be an existing penthouse for improvements to be eligible), photomurals, satellite dishes, swimming pools, swimming pool enclosures, tree surgery/removal (eligible if the tree is diseased and hazard to structure), television antennae, valance boards, waterproofing (pumping or injecting any substance in the earth adjacent to or beneath the foundation or basement floor).

Valuebuilder Program

Valuebuilder specialty financing loans are a way for homeowners to finance permanent property improvements and renovations to their home. This loan does not affect the first mortgage on the property and does not have a combined loan to value, which means equity is not needed to improve the home. They are a fixed rate loan based on the common market rate in the area that can even be used to buy new appliances. Valuebuilder loans can be used for single-family, multifamily properties, as well as manufactured homes. These loans have a few requirements to get but have a large spectrum of uses and items that can be upgraded/improved on the property.

  • The house must have been built and occupied for at least 90 days (if purchasing a home that was already occupied previously for 90 days does count)
  • Must be the current owner of the property
  • Contractors bids at the start and an inspector at the end must be used to verify the use of the funds
  • Mortgage insurance will be added to this loan
  • The borrowers’ debt-to-income ratio must be 45% or less
  • Work must be completed in 6 months
  • Must be an Owner Occupied property (primary residence only)

Q: How much money can I get with this loan?

$25,000 loan and $23,000 will be available for the home improvements.

Q: Do I need a minimum FICO?

Yes, minimum FICO of 640 is required.

Q: Does my spouse need to go on the loan?

No, there only must be one on the loan. Although, they must have at least 50% ownership in the property.

Q: Can I use my own contractor, or do I need to use one of Home123Mortgage’s contractors?

Yes, you can use your own. Although, they do need to go through the approval process with Home123 Mortgage.

Q: Are there any limitations on what I can use this money for on our property?

Yes, ineligible home improvements fall into two categories. Products or improvements that do not become a permanent part of the real property or products or improvements that are considered luxury items. Ineligible home improvements; Air conditioner (placed in a window, and not permanently affixed to the property), asbestos siding, barbecue pits, barn cleaners, bath houses, cabana room, clothes lines and poles, debt consolidation, deck around swimming pool, demolition (structure must be replaced at the same time), dishwashers (portable)(must be part of the sink), docks (floating), drills (equipment type), dumbwaiters, equipment (used commercially or industrially; farm or dairy), exterior hot tubs, saunas, spas, or whirlpools baths, fire extinguishers, flower boxes food, mixers, freezer (only built-in freezers are eligible), kitchen appliances (designed or manufactured not to be built into or permanently affixed to the structure), grandstands, greenhouses, hangers- airplane, hay dryers irrigations, systems kennels, landscaping, lathes, moving structures (eligible if move is on the same lot), orchards, outdoor fireplaces, ovens (must be built in), penthouses (must be an existing penthouse for improvements to be eligible), photomurals, satellite dishes, swimming pools, swimming pool enclosures, tree surgery/removal (eligible if the tree is diseased and hazard to structure), television antennae, valance boards, waterproofing (pumping or injecting any substance in the earth adjacent to or beneath the foundation or basement floor).

Valuebuilder Program

Valuebuilder specialty financing loans are a way for homeowners to finance permanent property improvements and renovations to their home. This loan does not affect the first mortgage on the property and does not have a combined loan to value, which means equity is not needed to improve the home. They are a fixed rate loan based on the common market rate in the area that can even be used to buy new appliances. Valuebuilder loans can be used for single-family, multifamily properties, as well as manufactured homes. These loans have a few requirements to get but have a large spectrum of uses and items that can be upgraded/improved on the property.

  • The house must have been built and occupied for at least 90 days (if purchasing a home that was already occupied previously for 90 days does count)
  • Must be the current owner of the property
  • Contractors bids at the start and an inspector at the end must be used to verify the use of the funds
  • Mortgage insurance will be added to this loan
  • The borrowers’ debt-to-income ratio must be 45% or less
  • Work must be completed in 6 months
  • Must be an Owner Occupied property (primary residence only)