GUIDE TO RENOVATION LOAN

GUIDE TO RENOVATION LOANS

GUIDE TO RENOVATION LOANS

YOUR GUIDE TO RENOVATION LOANS

Renovation Loans are used to purchase or refinance a home in need of repairs or upgrades.  The cost of the work is bundled into the mortgage, making it simpler and easier to pay for the home repairs and upgrades.

WHAT TYPE OF HOMES MAY BENEFIT FROM RENOVATION LOANS

Distressed Properties
Those that were in foreclosure or short sales that may have been neglected and in need of repairs

Fixer Uppers
Homes that are in need of more than just a few minor fixes. These homes may need big renovations or structual repairs such as a new roof, etc.

Older Homes
Homes that have been around a while and some updating are good candidates for renovation loans. Owners of older homes can use these loans to make the home more livable by adding more space, replacing outdated carpeting, installing energy efficient doors and windows etc.

YOUR GUIDE TO RENOVATION LOANS

Renovation Loans are used to purchase or refinance a home in need of repairs or upgrades.  The cost of the work is bundled into the mortgage, making it simpler and easier to pay for the home repairs and upgrades.

WHAT TYPE OF HOMES MAY BENEFIT FROM RENOVATION LOANS?

Those that were in foreclosure or short sales that may have been neglected and in need of repairs.

Homes that are in need of more than just a few minor fixes. These homes may need big renovations or structual repairs such as a new roof, etc.

Homes that have been around a while and some updating are good candidates for renovation loans. Owners of older homes can use these loans to make the home more livable by adding more space, replacing outdated carpeting, installing energy efficient doors and windows etc.

Distressed Properties

Fixer Uppers

Older Homes

YOUR GUIDE TO RENOVATION LOANS

Renovation Loans are used to purchase or refinance a home in need of repairs or upgrades.  The cost of the work is bundled into the mortgage, making it simpler and easier to pay for the home repairs and upgrades.

WHAT TYPE OF HOMES MAY BENEFIT FROM RENOVATION LOANS?

Distressed Properties
Those that were in foreclosure or short sales that may have been neglected and in need of repairs

Fixer Uppers
Homes that are in need of more than just a few minor fixes. These homes may need big renovations or structual repairs such as a new roof, etc.

Older Homes
Homes that have been around a while and some updating are good candidates for renovation loans. Owners of older homes can use these loans to make the home more livable by adding more space, replacing outdated carpeting, installing energy efficient doors and windows etc.

GET IN TOUCH WITH US TODAY

Have a question about a new or existing mortgage? Ready to apply for your loan? Let us know how we can assist you.

GET IN TOUCH WITH US TODAY

Have a question about a new or existing mortgage? Ready to apply for your loan? Let us know how we can assist you.

GET IN TOUCH WITH US TODAY

Have a question about a new or existing mortgage? Ready to apply for your loan? Let us know how we can assist you.

HOME FOR DISABLED / ELDERLY OWNERS

If you want to install a wheelchair ramp, grab bars, lower counter tops or a wheelchair accessible shower, a renovation loan could be a good option. This could be used on a new home in need of these features, or it could be used on a home you already own through a refinance renovation loan.

WHAT TYPES OF IMPROVEMENTS ARE ALLOWED?

Allowable improvements vary by program, but mostly any repair, upgrade or addition that adds value to the property may fall into one of the loan programs. Contact us for specific questions regarding your project.

POPULAR RENOVATION LOAN PROGRAMS

FHA Standard 203K Rehabilitation Loan
Most repairs and upgrade types allowed; including room additions, appliance upgrades, energy efficient upgrades, cosmetic repairs and upgrades, and even construction of an Accessory Dwelling Units (ADUs), also known as Granny Flats.

FHA Limited 203K Rehabilitation Loan
Mostly used for minor repairs, cosmetic fixers, and other repairs and costs less than $35,000.

FHA Repair Escrow 203B
For purchasing a home directly from HUD that needs cosmetic repairs not exceeding $10,000.

Fannie Mae Homestyle Renovation
A conventional renovation mortgage option that may also be used for most repairs and upgrades, but with the flexibility and choice of interest rate and mortgage insurance options.

VA Renovation
The benefits of VA with the freedom to include minor and cosmetic repairs.

HOME FOR DISABLED / ELDERLY OWNERS

If you want to install a wheelchair ramp, grab bars, lower counter tops or a wheelchair accessible shower, a renovation loan could be a good option. This could be used on a new home in need of these features, or it could be used on a home you already own through a refinance renovation loan.

WHAT TYPES OF IMPROVEMENTS ARE ALLOWED?

Allowable improvements vary by program, but mostly any repair, upgrade or addition that adds value to the property may fall into one of the loan programs. Contact us for specific questions regarding your project.

POPULAR RENOVATION LOAN PROGRAMS


Most repairs and upgrade types allowed; including room additions, appliance upgrades, energy efficient upgrades, cosmetic repairs and upgrades, and even construction of an Accessory Dwelling Units (ADUs), also known as Granny Flats.

 

Mostly used for minor repairs, cosmetic fixers, and other repairs and costs less than $35,000.

For purchasing a home directly from HUD that needs cosmetic repairs not exceeding $10,000.

A conventional renovation mortgage option that may also be used for most repairs and upgrades, but with the flexibility and choice of interest rate and mortgage insurance options.

The benefits of VA with the freedom to include minor and cosmetic repairs.

FHA Standard 203K Rehabilitation Loan

FHA Limited 203K Rehabilitation Loan

FHA Repair Escrow 203B

Fannie Mae Homestyle Renovation

VA Renovation

Home for Disabled / Elderly Owners

If you want to install a wheelchair ramp, grab bars, lower counter tops or a wheelchair accessible shower, a renovation loan could be a good option. This could be used on a new home in need of these features, or it could be used on a home you already own through a refinance renovation loan.

Allowable improvements vary by program, but mostly any repair, upgrade or addition that adds value to the property may fall into one of the loan programs. Contact us for specific questions regarding your project.

WHAT TYPE OF IMPROVEMENTS ARE ALLOWED?

POPULAR RENOVATION LOAN PROGRAMS

FHA Standard 203K Rehabilitation Loan
Most repairs and upgrade types allowed; including room additions, appliance upgrades, energy efficient upgrades, cosmetic repairs and upgrades, and even construction of an Accessory Dwelling Units (ADUs), also known as Granny Flats.

FHA Limited 203K Rehabilitation Loan
Mostly used for minor repairs, cosmetic fixers, and other repairs and costs less than $35,000.

FHA Repair Escrow 203B
For purchasing a home directly from HUD that needs cosmetic repairs not exceeding $10,000.

Fannie Mae Homestyle Renovation
A conventional renovation mortgage option that may also be used for most repairs and upgrades, but with the flexibility and choice of interest rate and mortgage insurance options.

VA Renovation
The benefits of VA with the freedom to include minor and cosmetic repairs.

LET’S WORK TOGETHER

Tell us how we can help with your home ownership goals.

LET’S WORK TOGETHER

Tell us how we can help with your home ownership goals.

LET’S WORK TOGETHER

Tell us how we can help with your home ownership goals.