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Renovation Loan — Jacquie Sullivan - Geneva Financial LLC
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Renovation Loan

Renovation loans are designed to help you finance a home renovation. There are several loan programs designed to help you with your home renovation

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

 

Get Started Today!

Feel free to contact me if you have any questions or would like a second opinion on your existing mortgage.