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Did you know that there are specific loans designed to help you purchase a fixer-upper or pay to revamp your new home? Renovation loans are an amazing way to make your new house into your dream home and pay for upgrades.
What renovation loans could you have access to?
A wide range of things are covered by a renovation loan, and you might be surprised how much you can use the money for! What’s typically covered?
In most cases, renovation loans will give you 6 months to complete renovations and remodeling from when you take ownership of the home.
These FHA-insured renovation loans are designed for only owner-occupied homes. You must make a minimum down payment of at least 3.5%. This loan has a lower credit score requirement than the HomeStyle loan, and you can get a limited or standard FHA 203k loan.
If you use this loan type, you need to get a loan consultant to guide you through the process. This is actually a huge advantage because your 203k consultant will effectively act as your project manager to assess costs, oversee work and make sure everything is on track.
This is one of the most familiar renovation loans on the market today. The HomeStyle loan lets you to purchase a home that needs repairs or refinance an existing home loan to pay for home improvements.
Any Fannie Mar-approved lender can extend a HomeStyle loan, but the requirements are more rigorous:
We are experienced in getting homeowners the best possible mortgage product for their situation, whether you just bought a fixer-upper or need to put work into your current home.
Since every client is in a different situation, we encourage you to get in touch and learn how we can help. Contact us today by calling 443-471-4310. We look forward to hearing from you!
The post All About Renovation Loans: Create Your Dream Home appeared first on Owings Mills & Lutherville Mortgage.
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