PURCHASE

PURCHASE
The process of acquiring a property for the purpose of primary residence, second home or investment property.
Advantages:

  • Establishes credit history

  • Secured investment

  • Builds equity

  • Can be used to borrow against

*Merit Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.


CASH OUT REFINANCE
In simple terms, a cash-out refinance replaces your current mortgage with another loan that:

INVESTMENT PROPERTY
A real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).
Advantages:

  • Capital growth

  • Rental income and yield

  • May be tax shelter deductible*

*Merit Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

HOMESTYLE® RENOVATION
The process of acquiring a property for the purpose of primary residence, second home or investment property.

  • Cosmetic Improvements – Interiors, Kitchens, Baths, Flooring, and Remodeling

  • Energy Conservation Improvements

  • Structural Alterations such as Repair or Replacement of Structural Damage, Additions to Structure and Finished Attics and/or Basements

  • Eliminating Health and Safety Hazards

  • Changes for Improved Functions and Modernization

  • Repairing or Adding Roofing, Gutters and Downspouts

  • Landscaping, Grading, Repairing Patios and Terraces that Improve the Property

  • Decks / Fences

  • Rehabilitation or Improvements to a Detached Garage, a New Detached Garage, or the Addition of an Attached Unit(s) (if allowed by the local zoning ordinances)

  • Swimming Pools

Program Highlights:

  • Loan is based on after improved value

  • Owner occupied- second homes and Investment properties

  • One loan, one closing and one monthly payment

  • Project completion times up to 6 months

  • Purchase

  • Available on Refinance

  • Minimum Credit Score 620

  • Consultant required if repairs exceed $15,000


FHA 203(K) REHAB LOANS
Create the home of your dreams with the FHA 30 Year Fixed Rate 203(k) Rehabilitation Loan Program. Rehab loans help homeowners improve their existing home or even buy a home that in need of updates or repairs. With this program, you can finance both the purchase or refinance along with the renovation of your home through a single mortgage, instead of applying for multiple loans.
Program Highlights:

  • Minimum Credit Score is 620 for all Borrowers

  • Maximum 55% DTI for credit scores > 640

  • Maximum 50% DTI for credit scores 620-639

  • Funds are Disbursed to the Contractor as work is completed and inspected

  • An FHA 203(k) Consultant is Required

  • No Funds are Disbursed in Advance

  • Up to 5 Disbursements can be made

  • No Maximum Rehabilitation Escrow Amount


RATE TERM REFINANCE
The process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.


Advantages:

  • Reduction of the interest rate, payment, and/or overall term of the mortgage

  • Limit of $2,000 cash (varies depending upon State Law)

QUICK QUOTE

LICENSING

NMLS #557025

CONTACT US

Joshua Nieves Lending Team - Merit Lending

9960 W Cheyenne Avenue #240

Las Vegas, NV 89129

(702) 580-5069

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