MORE THAN A LICK OF PAINT
A renovation mortgage allows you to buy a home that needs a little TLC and fold the renovation amount into the mortgage loan, which makes the cost of renovations more affordable when compared to your average credit card or home equity loan interest rates.
RENOVATION LOAN OPTIONS
- FHA 203(k) Standard & Limited
- Down payment can be a gift
- Same 3.5% investment required as standard FHA loan
- No renovation experience required
- Allows buyers to acquire homes that won’t pass inspection
- Same credit requirements as standard FHA loans
- HomeStyle Renovation
- Home improvements/repairs can be financed in to the loan
- Up to 75% of the value can be included for repairs
- Allows higher loan limits than the FHA 203(k)
- Available for Primary Residence and Second Homes
- Allows the addition of a pool which 203(k) does not.
WHY WE LOVE THIS
- Provides Options for Major or Minor Repairs
- May Provide Approval to Buy a Previously Declined Home with a Different Loan Program