Renovation Loans
A renovation loan is a type of loan designed to provide financing for home improvements or renovations. These loans allow homeowners to borrow funds to update, remodel, or repair their existing homes. Renovation loans come in various forms, and the specific terms and conditions can vary depending on the lender and the type of loan.
Key Features
It's important for borrowers to carefully consider their financial situation and the specific terms of the loan before choosing a renovation loan. Some renovation loans may have restrictions on the types of improvements that can be made, and borrowers should be aware of any costs, fees, and interest rates associated with the loan. Give me a call so I can help your and your family determine the most suitable renovation loan for your needs.
FHA 203(k) Loan
This government-backed loan is insured by the Federal Housing Administration (FHA) and is specifically designed for homebuyers and homeowners who want to finance both the purchase or refinancing of a home and its renovation costs.
Fannie Mae 'HomeStyle' Renovation Loan
This conventional loan program allows borrowers to finance the purchase of a home or refinance an existing mortgage while including funds for home improvement projects. It's offered by Fannie Mae.
Freddie Mac
'CHOICE Renovation' Mortgage
Similar to Fannie Mae's HomeStyle, this program from Freddie Mac allows borrowers to finance the purchase or refinance of a home along with eligible renovation costs.