Whether opting to renovate your existing home to better fit your needs or choosing to purchase a fixer-upper, a renovation is a big (and exciting!) step. It’s important to ensure you are working with a dedicated team with a record of renovation knowledge, experience, and reputation.
A FHA 203(K) renovation loan is a government loan program backed by the Federal Housing Administration (FHA) and are offered in 2 different loan types to best fit your renovation needs including the Standard 203(K) loan and the Limited 203(K) loan.
A Standard 203(K) loan is intended for homes needing major renovations, structural repairs or other changes exceeding $35,000 versus a Limited 203(K) loan is intended for simple, non-structural repairs and renovations up to $35,000.
The Fannie Mae HomeStyle® renovation loan can be used for a primary or secondary home or investment property. It allows for the financing of basic renovations and luxury items including swimming pools, detached garages and gazebos.
The Freddie Mac CHOICERenovation loan can also be used for the financing of basic renovations and luxury items including swimming pools, detached garages and gazebos. Pool projects consisting of only pool installation, decking and/or any fencing or netting immediately surrounding the pool may be eligible for reduced documentation.
This is not a commitment to lend. All loans subject to program guidelines including credit and property approval. If refinancing an existing loan, the total finance charges may be higher over the life of the loan.
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Reach out to our team of local mortgage specialists and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - apply today to begin.