PUT YOUR HOME IMPROVEMENT PLAN INTO ACTION!
When shopping for a home, you may come across properties that aren’t quite what you’re looking for, but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money. Whether your home improvement projects are large or small, a home renovation loan can help you get the job done!
What are the benefits of a Renovation Loan?
Home improvements such as adding an extra room or replacing the roof not only makes a difference in how much you enjoy your home, but it can improve its overall value as well. If you aren’t happy with some features of your house, or want to purchase a home that needs work, consider using a home renovation loan to transform a house into your very own dream home.
Although you may be able to pay for home improvements with a personal loan or other types of financing, these methods have higher interest rates and monthly payments.
Instead, you can combine the purchase price plus the renovation costs into one mortgage payment or refinance your existing mortgage plus construction costs into a new mortgage.Our renovation programs make it easy for you to improve your property by including the extra financing in a purchase or refinance loan.
OUR RENOVATION LOANS
FHA 203K Program
Enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. Available to both buyers and refinancing households, the 203k loan combines the traditional "home improvement" loan with a standard FHA mortgage, allowing mortgage borrowers to borrow their costs of construction. The 203K comes in 2 varieties.
Streamlined 203K: Great for less extensive projects and costs are limited to $35,000.
Standard 203K: Meant for projects requiring structural changes to the home including moving walls. Replacing plumbing or anything else which may prohibit you from living in a home while construction is underway.
You can use a HomeStyle renovation loan to cover costs of repairs, remodels, renovations or energy-efficient improvements on a primary residence, a second home or an investment property. There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. However, repairs or improvements must be permanently affixed to the real property, add value to the property, and be completed by a licensed contractor.