Renovation/Remodel

FHA 203(k) Purchase & Renovation Loan

 

Buying and Renovating the House of Your Dreams with the FHA 30 Year Fixed 203K Purchase & Renovation Loan

 

Program Highlights:

 

    • Only 3.5% Down Payment required
    • Total Financing Amount is based on After Improved Value
    • One Loan, One Closing and One Payment for both the Home Purchase + Renovation Costs
    • Update a kitchen, build an addition or remodel the entire home
    • Loan Amounts subject to maximum FHA County loan limits
    • Project time can be allotted up to 6 months to complete
    • Available for Purchase and Refinance

     

    Fannie Mae HomeStyle® Renovation Mortgage

     

    The Fannie Mae HomeStyle® Renovation Loans are great for homeowners who are looking to update their home.

     

    Program Highlights:

      • $424,100 Loan Limit
      • This is a Conventional Fannie Mae Loan (with low interest rates)
      • Only a 5% down payment for Owner Occupied
      • This program will not delay your closing time! All work happens AFTER funding
      • Add a Swimming pool
      • Eligible Improvements include anything that is Permanently Affixed to the Property and Brings Value
      • Cosmetic Improvements including Interiors, Kitchens, Baths, Flooring, and other remodeling
      • Energy conservation improvements
      • Structural Alterations such as Repair or Replacement of Structural Damage
      • Additions to Structure and Finished Attics and/or Basements
      • Eliminating health and safety hazards
      • Changes for Improved Functions and Modernization
      • Repairing or Adding Roofing, Gutters and Downspouts
      • Landscaping, Grading, Repairing Patios and Terraces that Improve the Property
      • Decks/Fences
      • Rehabilitation or Improvements to a Detached Garage
      • Add a New Detached Garage, or the Addition of an Attached Unit

       

      Features:

        • Improvements May Equal up to 50% of “After Improved” Value
        • Loan to Value up to 95%
        • Loan Amounts to $424,100
        • 620 Minimum FICO Score
        • Owner Occupied Primary, Second Homes, Investment Properties

         

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