Renovation mortgages offer the opportunity to buy (or refinance) a home, and obtain money for improvements, all with one loan. Great for buyers that want to buy a fixer-upper, or someone who just wants to modernize an older home.
FHA 203(k) Limited: FHA 203(k) Limited loans allow qualified borrowers to finance a repair escrow up to $35,000. This program is designed to facilitate the purchase of homes needing minor repairs. Repairs can include, but are not, limited to the roof, plumbing, HVAC, minor remodeling, appliances, flooring, windows, siding, and more.
FHA 203(k) Standard: FHA 203(k) Standard loans allows more types repairs than the limited, allows a higher budget for the repairs, and requires the use of a 203(k) consultant to help you define the scope of the job and write the specifications. It includes all the repairs allowed for a limited, but it also allows repairs that are more structural, such as foundation repairs, or putting an addition onto a home.
Conventional Homestyle: The Homestyle is a conventional version of the FHA 203(k). The Homestyle has a down payment that is slightly higher than the 203(k)m but the cost of mortgage insurance may be less, and you can also finance investment properties and second homes.
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What Our Customers are Saying
I am a first time homebuyer, was new to the entire process, and was very pleasantly surprised that an experience I thought would be complex and stressful turned out to be pretty seamless the whole way. The team was professional, responsive, and friendly and made sure I was informed every step of the way about what was happening and what to expect next. It was easy to reach representatives when I had questions and they made it really easy to get them the information they needed to get everything done. They also went above and beyond to quickly get me a pre-approval when I (unexpectedly) saw a house I was interested in and had to move fast to make an offer!~ A.K.