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 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.
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.
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.
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.
In addition to funding your new home, a FHA Streamline 203(k) can provide additional funds* to help with improvements such as:
Contact your loan professional today to see if a renovation loan is right for you