Key Features

Purchase transactions

Cash-out and no cash-out refinance transactions.

Loan Prospector® or non-Loan Prospector Mortgages

Borrower Benefits

A co-borrower may be removed or a related person may be added to the permanent financing under specific circumstances.
Meets a variety of borrowers’ needs when combined with other Freddie Mac products, including many low down payment mortgages.

Obtain permanent financing from the same lender used to secure Interim Construction Financing.

Eligible Mortgages

  • 15-, 20-, and 30-year fixed-rate mortgages
  • Most ARMs eligible for sale to Freddie Mac
  • 5- and 7-year balloon/reset mortgages
  • Super conforming mortgages
  • Purchase, no cash-out refinances and cash-out refinances
  • Values used to determine LTV, TLTV, and HTLTV for Renovation Mortgages are calculated according to the requirements in Guide Section K33.12.

Non-Eligible Mortgages

  • All Streamlined Refinance Mortgages
  • Special purpose cash-out refinance mortgages
  • FHA and VA Mortgages
  • Section 502 Guaranteed Rural Housing Mortgages
  • Section 184 Native American Mortgages
  • Home Possible® Mortgages
  • Cash-out refinance mortgages for manufactured homes

Why United Bank?

Our in-house renovation specialist’s knowledge and experience ensures a streamlined and efficient process. Since we’re local, we’re easily accessible and able to be flexible in finding solutions. You and your builder will enjoy:
  • Quick turnaround
  • On-time closings
  • Efficient process
  • Local underwriting
  • Dedicated construction specialist to handle draws
  • Ability to direct deposit draws to any United Bank account typically within 24-48 hours of request
  • Ability to pick up check at any of our branch locations
  • Timely detailed communication throughout the process