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The Secret Loan That Lets You Buy a Fixer-Upper With 3.5% Down — And Skip the Renovation Bill | Sal Rizzolo

5/5/202636 min

In this episode, I sat down with 10-year mortgage industry veteran Sal Rizzolo, Branch Manager at New American Funding, to unpack what's really happening on the front lines of lending right now. We talked about how AI is rapidly automating cookie-cutter loans — and how companies like Freedom Mortgage and Better Mortgage are already racing to cut human loan officers out of the equation. But instead of treating that as a death sentence, Sal breaks down exactly how he and his team are future-proofing themselves by mastering the 203K renovation loan — an FHA product that lets buyers purchase and renovate a home simultaneously with as little as 3.5% down. We dove deep into how this product creates supply in markets starved for inventory, how realtors can use it to close deals they would have otherwise lost, how homeowners can renovate without selling their low-rate mortgage, and why the most complex, human-intensive deals will always need a skilled loan officer who knows what no AI ever will.

Sal Rizzolo

Sal Rizzolo is a Branch Manager and Senior Loan Officer at New American Funding, based in Long Island, New York, with a growing presence in Florida. With over 10 years in the mortgage industry, Sal got his start after leaving a career as a hairdresser and was mentored by industry veteran Frank, who introduced him to the business and shaped his client-first philosophy. Over the past decade, Sal has built a reputation as one of the go-to specialists in renovation lending — particularly FHA 203K loans — becoming a pioneer of what he calls "ending renovation discrimination" in real estate markets. He operates across nearly all 50 states and is known for working with complex borrower profiles that other lenders pass on: lower credit scores, higher debt-to-income ratios, and buyers with limited down payments. Sal has hosted seminars for real estate agents throughout Long Island, converting educational events into lasting referral partnerships. He is NMLS licensed (#1489171) and is part of the Capo DiBug Team Northeast at New American Funding.

 

Connect With Sal Rizzolo

Instagram: @salrizzolo

Instagram: instagram.com/salrizzolo

LinkedIn: linkedin.com/in/sal-rizzolo-6802a7181

New American Funding Profile: newamericanfunding.com/mortgage-loans/SalRizzolo

 

 

About Justin:

Justin Colby is the host of The Entrepreneur DNA and The M.O.R.E Show podcasts and a best-selling author. He is a serial entrepreneur and a seasoned real estate investor with over 20 years of experience.

Driven by a passion to help entrepreneurs thrive, Justin created the Entrepreneur DNA community to support business owners in building wealth, systems, and long-term freedom. Through his podcasts, books, education platforms, and hands-on mentorship, he continues to help entrepreneurs scale with clarity and confidence.

Connect with Justin:

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Clips

AI Aiming To Cut Humans
How Do LOs Survive?
Financing 110% After-Repair
Cutting Out The Flipper
Refi To Renovate Smartly
Be First And Last Call
Two Futures Of Lending

Transcript preview

First 90 seconds

  1. Sal Rizzolo· Guest0:00

    Freedom Mortgage has collaborated with Claude, and they're basically working to see how quick they can completely cut out any human element to a file.

  2. Justin Colby· Host0:07

    For these pretty standard type loans, W-2s, 20% downs.

  3. Sal Rizzolo· Guest0:11

    Well, they wanna do it for everyone. They would love a world where they don't have to pay anyone.

  4. Justin Colby· Host0:13

    You're telling me they're already trying to find ways, and I'm gonna say it bluntly, to kinda remove the loan officer.

  5. Sal Rizzolo· Guest0:20

    I think any big company is looking for ways to cut costs, because if they don't do it, someone else is going to.

  6. Justin Colby· Host0:24

    Mm-hmm. [upbeat music] What is up, the Moore Show family? We are back with another episode and another incredible guest. This guest also will be in the Moore Club. If you are not yet a part of the Moore Club, as you are listening and watching this, we are gonna give you lifetime value for free. When we launch it, it'll be $3,600 a year, but right now, if you go to timeformoore.com/prelaunch and you register, you will join for free for life before we officially launch, and then it'll be $3,600 a year. So make sure you get there. This guest will be a part of this club. Sal Rizzolo has been doing loans for 10 years, and he has something to say about what's the state of the loan world these days. How are you, dude?

  7. Sal Rizzolo· Guest1:14

    I'm good. Thank you for having me.

  8. Justin Colby· Host1:16

    Yeah.

  9. Sal Rizzolo· Guest1:16

    Giving me a reason to come to Miami. Love it here.

  10. Justin Colby· Host1:17

    It's gonna be great. So let's talk about how you see the industry changing real time right now in front of your face.

  11. Sal Rizzolo· Guest1:24

    So basically, I mean, AI is something that I think everybody's been worried about as far as desk jobs

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