CHOICEReno eXPress, on the other hand, is targeted toward borrowers who need to finance relatively minor renovations. In designated Duty to Serve high-needs areas, the total cost of the rehab can’t exceed 15% of the appraised home value. Otherwise, the limit is 10% of the home price.
Annaly packaged newer non-QMs, MFA's deal is stocked with loans that have seasoned for about a year and Velocity focused on investment properties/small balance commercial.