Get a quote on a Renovation Loan &
fix your home up in a hurry!
Your Quick Guide on Renovation Loans...
Why choose a
Renovation Loan?
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are usually minimal, and often you get decent interest rates. You have the option to go with a 203k FHA loan or a Conventional Renovation loan. We can help you choose the best option according to the amount of needed repairs!
Want to buy a Fixer Upper? Renovation Loans are the way to go for needed Repairs!
An FHA 203K loan is a loan backed by the Federal Government and is given to borrowers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. A lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom. There is also the option to get a Homestyle Renovation loan that is through Fannie Mae and it is also known as a Conventional Renovation loan.
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Often a Renovation loans will also include: 1) Up to 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) A provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
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We’re here to make the Renovation loan process a whole lot easier for our borrowers. We have renovation experts who will help guide you along the way! Get started with our FREE Renovation Loan Qualifier.
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Here’s how our home loan process works:
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Complete our simple Mortgage Application
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Receive options based on your unique criteria and scenario
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Compare mortgage interest rates and terms
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Choose the offer that best fits your needs
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