Home Loan Renovation Programs
Are you looking to purchase and renovate/remodel a new home, second home, or investment property? Maybe looking to completely rehab or renovate your existing home?
A renovation loan like a FannieMae HomeStyle® loan or FHA 203K lets you purchase or refinance and rehabilitate a property with one loan closing. The projected rehabilitation costs are held in an escrow account and disbursed as work is completed and inspected. The loan amount is based on the lower of the projected market value following repairs or purchase price plus renovation costs.*
Once your application is approved we will meet with your contractor to finalize all the work to be completed and order all inspections. Your contractor must be approved prior to beginning any work on the project, and a complete package must be submitted for each contractor.
You may be required to carry a builder’s insurance policy during the project. You will want to discuss this with an insurance professional.
At closing the home is purchased and any agents are paid at that time. All work must begin within 30-days and must be completed within 6 months.
Let’s have a conversation and discuss all of the different renovation and rehab loans available.
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