Purchase & Renovate in one loan OR finance your current home Renovation project
If you’re a buyer who’s found a home with great potential, but needs some repairs or upgrades, we can provide a loan for the purchase and renovation costs. We offer the FHA 203k loan, Fannie Mae Homestyle loan, and VA renovation loan. All of these programs can be used to finance the purchase and cost of renovation all in one mortgage. These programs work very well on older homes in need of updates, homes with health or safety issues, or any home with a current condition that would not pass a traditional appraisal.
All of these programs can only be used on a primary residence, but only the Fannie Mae Homestyle loan can also be used on a second home, or an investment property.
One of the biggest advantages of using a renovation loan to finance your home improvements is that the maximum amount that you are allowed to borrow is based off the future improved value of the home, vs. what it’s worth before renovations.
Types of repairs and remodels include, but not limited to:
Before deciding that renovation financing is right for you, please be sure to schedule a phone or office consultation with us, so that we can help you understand the entire process and answer all of your questions.