Rehab Loans
Rehab loan programs offer a fresh opportunity — for home buyers, and for your portfolio. Leverage TMS’s extensive suite of rehab programs to expand your product offerings and tap into a whole new source of revenue.
There’s a lot to love about TMS’s rehab programs: We manage the administration of draws during the renovation phase; and we follow FHA, FNMA, and USDA guidelines with almost no overlays. Help borrowers create sustainable homeownership — and enjoy the boost to your bottom line.

FHA 203(k)
Rehabilitation Mortgage
- Purchases & Refinances of owner occupied primary residences only
- LGC must be provided prior to loan purchase
- Loans must be underwritten in accordance with the VA’s Handbook & meet all seasoning requirements
Eligible Property types
- Single family residences
- VA approved condos
- Manufactured homes
VIEW CONDITIONS

USDA Combination
Construction-to- Permanent
Loan Program
- Loans must conform to all the parameters set forth by the USDA SFH Guaranteed Loan Program in 7CFR 3555 & HB1-3555
USDA CTP/OTC:
- For loans using float rate or terms re-amortization refer to TMS Seller’s Manual for single or double closing construction to perm (the re-amortization along with the construction need to be completed prior to TMS purchasing the loan)
VIEW CONDITIONS

Fannie Mae HomeStyle
Renovation Mortgage
- Renovation-related costs that may be considered as part of the total renovation costs include:
- Property Inspection fees
- Cost and fees for the title update
- Architectural and engineering fees
- Independent consultant fees
- Costs for required permits
- Other documented charges
- Up to 6 months payments (PITIA) if principal property cannot be occupied during renovation
- HomeReady Loans are eligible in combination with HomeStyle renovation; however the more restrictive requirements of HomeStyle or HomeReady renovation apply when these two products are combined on a loan.
- A HomeStyle Renovation mortgage may be either a fixed rate mortgage or an ARM loan. Original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.
- The “Do It Yourself” Option is available for renovations made to one-unit properties by the borrower.
- Borrowers must meet the requirements of the B2-2-01, General Borrower Eligibility Requirements (07/28/2015)
Eligible Property types
- One-to-Four-Unit Principal Residence
- One-Unit Second home
- One-Unit investment property
- Manufactured homes
- Eligible PUD, Condo or Co-Op Project
VIEW CONDITIONS