Renovation Loan Programs
Turn your house into your dream home while enhancing its value.
Whether opting to renovate your existing home to better fit your needs or choosing to purchase a fixer-upper, a renovation is a big (and exciting!) step. It’s important to ensure you are working with a dedicated team with a record of renovation knowledge, experience, and reputation.
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An FHA 203(K) renovation loan is a government loan program backed by the Federal Housing Administration (FHA) and are offered in 2 different loan types to best fit your renovation needs including the Standard 203(K) loan and the Limited 203(K) loan.
A Standard 203(K) loan is intended for homes needing major renovations, structural repairs or other changes exceeding $35,000 versus a Limited 203(K) loan is intended for simple, non-structural repairs and renovations up to $35,000.
The Fannie Mae HomeStyle® renovation loan can be used for a primary or secondary home or investment property. It allows for the financing of basic renovations and luxury items including swimming pools, detached garages and gazebos.
LEARN MORENot sure which loan program is best for you? Get in touch with our team of local loan officers today.
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The Freddie Mac CHOICERenovation loan can also be used for the financing of basic renovations and luxury items including swimming pools, detached garages and gazebos. Pool projects consisting of only pool installation, decking and/or any fencing or netting immediately surrounding the pool may be eligible for reduced documentation.
LEARN MOREThis is the process of determining whether a borrower has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.
For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search.
Usually, people refinance to save money either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable-rate mortgage loan to a fixed-rate loan or to consolidate debts. A complex decision, connect with a member of our team to help you weigh your options.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.
A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.
A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.
Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.
Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and can vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.