The Renovation Loan
Why Move Your Home When You Can Improve Your Home?
Finding a home in perfect shape with all the updated features and aesthetic touches that you truly crave is very rare, especially when you are working with a budget. Sure, you can just settle for something that is readily available, but why not consider a way to get EVERYTHING you want?
Whether you are eyeing (or already own) a house that needs minor repairs, a total makeover or anything in between, AnnieMac’s assortment of Renovation Loans are a great way to transform a house into your dream home. Together, we’ll assess your needs, discuss options to roll renovation expenses into your mortgage payments under one simple loan, and project your overall costs. By considering fixer-uppers, you could potentially score a loan that costs less than your target price range, even after transforming it into your ultimate home!
Know Your Options
FHA 203k - Quick Information
The Standard FHA 203k allows for home buyers and homeowners to renovate their house while financing it into their mortgage. This can be done with a new home purchase as well as a refinance of an existing home. Renovation possibilities with this product include adding new appliances, replacing a septic system, building a new level, and most other home improvement projects imaginable.
FHA Limited - Quick Information
The FHA Limited 203(k) Rehabilitation Loan is intended for smaller scale projects that are not structural in nature. This program can help a buyer or homeowner remodel a kitchen, change the flooring, or install an outdoor deck, adding to their own enjoyment of the home and adding to its value at the same time.
FannieMae Homestyle - Quick Information
The Fannie Mae HomeStyle is a renovation loan that can be used on new home purchase as well as refinance. It is like the FHA 203k, but it allows for renovations of luxury items where the FHA 203k does not. Luxury items can include basketball courts, swimming pools, sauna, and more. A HomeStyle can also be used for second homes, unlike a FHA 203k.