Finance Your "Diamond in the Rough"

Imagine transforming your living space into the haven you've always envisioned—now, it's more achievable than ever! Whether you're acquiring a new property or refinancing your existing home, simply select your ideal contractor and let us take care of the financing. Our renovation loans cater to a wide variety of projects, from chic kitchen and bathroom upgrades to new flooring, appealing exterior improvements, and even cozy basement conversions or spacious home additions. 

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Renovation Loans

What are Renovation Mortgage Loans?

Renovation mortgage loans are a versatile financing solution designed to help homeowners fund a wide array of home improvement projects. Whether you're purchasing a new property or refinancing your existing home, these loans allow you to merge the costs of the renovations into your mortgage. This streamlined approach offers the advantage of a single loan with one manageable monthly payment, simplifying the process of transforming your living space into your dream home.

Picture the perfect master suite or an expansive kitchen boasting an elegant island for extra counter space. Enhance your home's curb appeal with contemporary siding and a pristine roof, build a functional new garage, or indulge in the luxury of a refreshing swimming pool. The sky's the limit! By consolidating your home improvement expenses into your mortgage, our renovation loans provide the convenience of a singular loan with just one manageable monthly payment, empowering you to create a rejuvenated and treasured sanctuary for you and your family.

General Renovation Loan Options:

  1. FHA 203(k) Standard
     
  2. FHA 203(k) Limited
     
  3. Fannie Mae HomeStyle® Renovation
     
  4. Fannie Mae HomeStyle® Energy
     
  5. USDA Rehabilitation and Repair


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Pros of Renovation Mortgage Loans:

  1. One Loan, One Payment:
    Renovation mortgage loans provide a single loan that combines the cost of the home purchase and the renovation project. This simplifies the payment process and can make it easier to manage your finances.
     
  2. Lower Interest Rates:
    Renovation mortgage loans often have lower interest rates than other types of financing, such as credit cards or personal loans. This can help you save money over the life of the loan.
     
  3. Increased Home Value:
    Renovating your home can increase its value, which can be beneficial if you plan to sell in the future.

 

Cons of Renovation Mortgage Loans:

  1. Additional Costs:
    Renovation mortgage loans may have additional fees and costs, such as appraisal fees, inspection fees, and contractor fees.
     
  2. Complex Process: Renovation mortgage loans can be more complex than traditional mortgages, as they require additional documentation and approvals.
     
  3. Potential Delays: Renovation projects can be unpredictable, and delays can occur. This can be frustrating if you are trying to complete the renovation quickly.

 

Good Candidates for Renovation Mortgage Loans:

  1. Homeowners looking to update or improve their home:
    Renovation mortgage loans can be a great option for homeowners who want to update their home but do not have the funds to pay for the renovation upfront.
     
  2. Homebuyers looking to purchase a fixer-upper:
    Renovation mortgage loans can be used to purchase a home that needs renovations, which can be a good option for homebuyers who are willing to put in the work to update the property.
     
  3. Investors looking to renovate and sell properties:
    Renovation mortgage loans can be a good option for real estate investors who want to purchase properties, renovate them, and sell them for a profit.

Contact one of our knowledgeable loan specialists who can help guide you through our extensive suite of loan products for a mortgage solution tailored to meet your specific needs.