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203(k) Loan Program
 
This program is great for homebuyers looking to purchase a home that is in need of repair or updating.  Although there is a vast inventory of houses on the market, most of these homes are outdated.  But, this is no reason to pass up these potential "diamonds in the rough".  The fact is, it is almost impossible to find the perfect house unless you are building a custom home from the ground up.  However, if you find a great home in the perfect location, you can utilize this program to customize the home to make it fit perfectly for you!

 


 

Our 203(k) Program

We know that renovating a home can seem like a scary endeavor.  So, we have taken the work and fear out of home renovation by providing our clients with a simple, streamlined process.  From financing the loan, to design and architecture, all the way to providing a qualified contractor, we bring these componants together in one, easy program.  Here's how it works:
 
Not only are we an established construction company, but we also have an in-house architect, Matthew Jenne, with years of experience in both architecture and construction.  We will first meet you in your potential new home to go over your plans for renovation and even make a few suggestions.  Next, our mortgage partner will promptly contact you to get you approved quickly for the 203(k) loan program.  This loan will cover not only the acquisition of the house, but will pay for all the renovations as well.  Plus, the 203(k) loan allows you to borrow up to 110% of the house's future value!  Once the house is under contract, Matthew will sit down with you to go over all the details of the project and draw up a design that meets your specifications.  Then, after closing, we immediately start construction so you can move in to your new, custom home as quickly as possible.  It's really that easy.  And, since you will be renovating the house, it will have increased in value giving you instant equity!

 

 


 

The 203(k) Loan in Detail

If a homebuyer wants to purchase a home in need of repair, typically they will first need to obtain financing to purchase the home.  Next, they would need to take out an additional loan to do the repairs and then take out a permanent mortgage after the work is complete to pay off the other loans.  Often these other loans, or interim loans, have high interest rates and short amortization periods.  The 203(k) loan is designed to provide a better solution to the homebuyer.  With this program, the borrower takes out only one mortgage loan that covers the cost of both the acquisition and repairs of the home.  The mortgage amount is then based on the projected value of the property after repairs are complete.
 
 
 
 
 
 
Why Use Jenne Construction?

Renovating a new home can be a daunting experience.  From searching for the right mortgage broker who can provide the best loan, to finding a good architect who can design what you're really looking for, and to working with a contractor you can trust, the process can be long, laborious, and downright scary.  However, Jenne Construction provides it all in a straightforward, streamlined approach that takes all the fear and headaches out of the process.  We have an established relationship with a mortgage broker who will provide the right loan at a great rate.  Next, with a certified architect possessing top notch credentials and years of construction experience on the team, you can be sure your design will be feasible and accurate while encompassing exactly what you are looking for.  Finally, Jenne Construction has years of experience and a long, successful track record of providing expert work that has strived to exceed our client's expectations.