Renovation loans are designed to help you finance a home renovation. There are several loan programs designed to help you with your home 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
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Feel free to contact me if you have any questions or would like a second opinion on your existing mortgage.