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READY TO FIX IT UP!
You can find some great deals on properties sold as is, but sometimes they need some work and even renovations. An FHA 203(k) or Conventional Renovator may be just the loan you need. These specialized renovation loan programs allow you to borrow the purchase price of the home minus your down payment, plus money for renovations, all with the convenience of a single loan closing. So let's get started!Show Less
READY TO FIX IT UP!
You can find some great deals on properties sold as is, but sometimes they need some work and even renovations. An FHA 203(k) or Conventional Renovator may be just the loan you need. These specialized renovation loan programs allow you to borrow the purchase price of the home minus your down payment, plus money for renovations, all with the convenience of a single loan closing. So let's get started!
Get more than a home loan...get a home makeover.
These unique renovator products really change the game for some. There is a misconception that these loans are only for beat-up old shacks…not so! You can purchase a home that may need a new kitchen, carpet or an extra bedroom, and have the money to accomplish this through one loan. Borrowers can choose between an FHA or conventional loan financing.
One of the best features of these loans is that the final value of the home is based on all the improvements and renovations completed.
Benefits of a renovation mortgage loan
What are the requirements for a Renovation loan?
With the Renovation loan program, you can choose between FHA 203K and conventional financing. Below are some qualification guidelines for both programs.
|FHA 203K||CONVENTIONAL RENOVATOR|
|Normal FHA loan limits apply||Normal Conventional loan limits apply|
|SFR, PUDs and 2-4 Unit Properties||SFR, PUDs and 2-4 Unit Properties|
|30 Yr and 15 Yr Fixed – Owner Occupied – Purchase & Refi||30 Yr and 15 Yr Fixed – Owner Occupied,Second Home & Investors – Purchase & Refi|
|Min Credit Score of 620||Min Credit Score of 620|
|Use After Renovated Value in Determining Loan Amount||
Use After Renovated Value in Determining Loan Amount
|As Low As 3.5% Down Payment||As Low As 5% Down Payment|
Have you ever been shopping for a home and you find one in the perfect neighborhood with the school that you wanted, but you find yourself saying, "if only it had...." an updated kitchen, bigger garage, another bedroom, more storage, or whatever the wants are to make it your dream home. Now you can!
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