HomeStyle® Renovation Loans
A HomeStyle® Renovation Loan can help you realize your ideal home whether you are remodeling in Texas or nationwide. This product rolls two loans into one – so you can repair, improve or create the house you desire.
What are the advantages of a HomeStyle?
During a home purchase or refinance, you might face the need for repair or the desire to remodel. In the past, a second home loan or other lines of credit would cover these looming costs. Whereas, with a HomeStyle Renovation loan (with 5 percent down), the lender gives you a better option. Furthermore, it allows you to roll the money to finance (or refinance) the house and complete repairs into a single home loan. This method can free you from certain fees and processing costs. When adding up the advantages, the answer usually equals one:
- One loan amount
- One interest rate
- One monthly payment
- One “as-completed” value
- One round of closing costs
Old Houses, New Features
HomeStyle renovation loan funding can be a great fit for people that are buying or refinancing older properties in longstanding neighborhoods. Sometimes these lovely living spaces come with one or two needs – having a contractor repair a roof leak or a kitchen in need of modernization. With these funds, customers with vision can finance their ideas for a better household.
There are many ways that customers can benefit from these opportunities. A longtime owner might pay for a bedroom remodeling as he refinances. A bargain hunter or investor might finance the restoration of a structure to a higher standard. Wherever a homeowner can imagine something better, a HomeStyle is a possibility to make it happen.
HomeStyle renovation loans have fixed rate and adjustable rate opportunities are available on an array of conventional mortgages that meet certain targets. Some are used to fix or upgrade the structure. Others focus on cosmetic upgrades, such as remodeling. The areas of improvement must be attached to the structure and add value. Possible renovations include:
- Interior and exterior renovations
- In-ground pools
There are eligibility rules based on size and other factors. To learn more about whether one can help you, please contact Joel Richardson and ask how you might be able to use a HomeStyle loan.