Renovation Loan

HomeStyle Renovation

What is a Home Style Renovation Loan?

Homestyle Renovation loan is a single loan that enables borrowers to purchase a home that needs repairs or refinance their existing home and includes the necessary funds in the loan balance.

Who is a Homestyle Renovation Loan For?

A homestyle renovation loan is perfect for those looking to buy a home that needs a little more work in order to move in or looking to update their existing home.

What are the qualifications for a Homestyle Renovation Loan?

• 620 minimum credit score
• Maximum LTV 87%
• Program allows maximum repair amounts on purchases, refinances, and manufactured homes
• Finance improvements up to 75% of the as-completed appraised value of the property

What is a 203K Loan?

 An FHA 203(k) loan allows you to buy or refinance a home that needs work and roll the renovation costs into the mortgage. You’ll get a loan that covers both the purchase or refinance price and the cost of upgrades, letting you pay for the renovations over time as you pay down the mortgage.

Who is a 203K Loan for?

Anyone who is shopping for a home, that may have trouble finding the perfect home, but instead finds a home with the potential to be perfect with only a few repairs or renovations.

What are the benefits of a 203k loan?

In addition to funding your new home, a FHA Streamline 203(k) can provide additional funds* to help with improvements such as:

• Updating a kitchen or bathroom
• Adding new flooring or painting
• Purchasing new appliances
• Roof Repair
• Efficient HVAC systems and other energy efficient upgrades

What are the guidelines for a 203k loan?

• Low down payment options
• Both fixed – and adjustable rate loans are available
• Loans for 1 – 4 unit properties and condos may be available
• Your down payment funds can be a gift from a relative or employer

Contact your loan professional today to see if a renovation loan is right for you