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PLAZA HOME
MORTGAGE
ANNOUNCES NEW
USDA RENOVATION
OFFERING
Plaza Home Mortgage has announced
a new USDA renovation loan program that
will enable qualified low- to moderate-income
borrowers to purchase and renovate with no
down payment and with loan amounts up to
the "as improved" value.
"Buy and repair has become an
important strategy in today's inventory-
challenged housing market, as other GSE
and government mortgage programs
have recognized" said Michael Fontaine,
Co-President and COO at Plaza Home
Mortgage. "Now, thanks to Plaza offering its
USDA renovation program, more brokers
and correspondent lenders will be able to
offer these same opportunities to eligible rural
homebuyers."
e program, which will be made available
through Plaza's Wholesale and National
Correspondent Divisions, offers fixed rates
and 100% financing on owner-occupied,
single-family properties in eligible USDA
rural areas. Borrowers must meet USDA
income requirements and Plaza's minimum
credit score of 620. e loans can be used to
purchase a home and complete upgrades, like
modernizing kitchens and bathrooms, building
additions, adding amenities to accommodate
disabilities, installing energy conservation
improvements, and repairing Accessory
Dwelling Units (ADUs).
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