Renovation Mortgage Loans
ROLL YOUR RENOVATION COSTS INTO YOUR MORTGAGE!
Are you considering purchasing a home in need of repairs or upgrades? Can’t find a home that meets all of your needs?
A renovation mortgage may be the solution you’re looking for!
A renovation loan rolls your renovation costs into the mortgage. You don’t need to come up with cash out of pocket or get an extra loan. This makes it simpler, easier, and more convenient to pay for your renovations.
In addition to purchasing a new home, some renovation mortgage programs allow existing homeowners to refinance their existing property. The new loan provides the funds to renovate your current home.
What can you do with a Renovation Mortgage?
- Add square footage. Add an entire second story, an addition, extra bathrooms, etc.
- Remodel kitchen, bathroom, bedrooms, basements, and other living areas.
- Replace roofing, siding, doors, and windows.
- Update paint and carpet.
- Fix or replace HVAC systems, plumbing, and electrical.
- …The better question to ask is, “What CAN’T you do!?”
Renovation loans are NOT just for fixer-uppers and foreclosures. They can be used to upgrade and update any home to meet your needs!
FHA Standard 203(k)
- Repairs and renovations exceeding $35,000, including structural repairs.
FHA Limited 203(k)
- Repairs up to $35,000, structural repairs not permitted.
Fannie Mae Homestyle Renovation Loan
- Conventional renovation mortgage option with competitive interest rates.
VA Renovation Loan
- Minor and cosmetic repairs.
- Non-structural repairs – finance up to $35,000 with no minimum repair cost
- Structural repairs – finance over $35,000 in repair costs
A renovation mortgage is a great solution in any market, but especially in a Seller’s Market. Inventory is limited and homes are selling quickly. If you’re having a hard time finding the perfect home, a Renovation Loan allows you to widen your search. Instead of looking for your dream home, find a home with dream potential.