Renovation Loans

Renovation Loans

Also referred to as Freddie Mac and Fannie Mae loans. This is the most popular product in the market. Anyone from a first time home buyer, to a seasoned home buyer purchasing a vacation or investment property. Home Financial Group will guide you every step of the way.

Check out some of our loan products:

HomeStyle Renovation

This loan program is use on conventional loans for repairs, both cosmetic and structural, desired by the borrower. These repairs add value to the home. Great for people wanting to upgrade their current home or home buyers looking to renovate a home into their dream home

 

Key Benefits and Features:

– 3% Down Payment Options

– 100% down payment can be a gift

– Great for obtaining a property at a discount

– Second – Vacation Homes or Investment Homes

 

 

FHA 203K Full

Insured by the Federal Housing Administration, the FHA 203K Full Mortgage allows for the purchase or refinance of a home which needs major structural and-or cosmetic repairs and renovations

 

Key Benefits and Features:

– Low FICOs acceptable

–  Down Payments as low as 3.5%

–  FHA guidelines to help low income borrowers

 

 

FHA 203K Limited

Similar to the FHA 203K Full Mortgage, but has a bit more limitation since it allows for cosmetic repairs only. Repairs are also limited to a maximum of $35,000 which must include a contingency reserve and all fees. Process is more streamlined and simpler than the full 203K

Key Benefits and Features:

– Up to 96.5 % LTV

– Streamlined process

-Federal Housing Adminstration Insured

 

 

 


Free Consultation for Home Buyers or Borrowers

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