Midwest Loan Solutions is proud to offer a wide range of products. From Conventional, Government To Construction Lending we have a product to fit the needs of your client.
Conventional Construction-To-Perm Loan
• True one time close.
• Up to 90% financing.
• Rate locked at closing with a “Float Down” option.
• Interest only payments during construction.
• Available for primary residence and second home.
• No maximum DTI (determined by DU).
• Lending partner paid at time of closing.
Conventional Home Improvement Plus (CHIP)
• Finance a purchase or refinance and the funds to do repairs and/or improvements.
• Available for primary homes (1-4 units), second homes and investment(1 unit only) properties.
• Up to 95% financing (primary residence).
• No minimum amount on the repair/improvement cost.
• DTI up to 45% (43% 2-4 unit properties).
FHA 203(K) Loan
• 203(K) standard and limited program available.
• Available on purchase and refinance transactions.
• Financing up to 96.5% LTV, 100% CLTV.
• $100 down payment loan available for HUD homes.
• Primary residence only.
• Contingency reserve included in financing.
• Mortgage payment reserve allowed.
• Lending partner paid at time of closing.
VA Construction-To-Perm Loan
• True one time close.
• Up to 100% financing.
• Loan amounts up to $650,000 (with downpayment).
• Rate locked at closing with “Float Down” option.
• Interest only payments (must be paid by the builder).
• Available for primary residence only.
• No Maximum DTI (Need DU or LP Approval). On Non-Conforming Loan Amounts the Maximum DTI is 50%.
• Lending partner paid at time of closing.
Veteran Improvement Program (VIP)
• Allows a veteran to purchase or refinance a home and finance the cost of improvements and/or repairs.
• 100% financing available.
• Minimum amount of repairs/improvements $5,000.
• Maximum amount of repairs/improvements $50,000.
• Available for 1-4 unit properties.
• Underwritten by DU or LP.