Renovation loans can help you restore a home to its original style, build the perfect kitchen, or get the pool you've always wanted.

 
 
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Why renovate or remodel a home?

  • Enhance or repair a home that’s in a location you like.

  • Expand existing rooms for greater comfort and relaxation.

  • Give an outdated home a fresh, modern feel.

  • Take advantage of unused space like an attic.

  • Create additional space for a growing family.

  • Increase a home’s resale value.

  • Add an office or game room.

  • Prepare the home for resale.

 
 
 

You can choose from a variety of loans depending on the scope and type of project.

 

+ Pool Escrow

Can be used on a conventional loan (finance or refinance) to include the cost of a new swimming pool.

+ Jumbo Renovation Loan

To be used on a jumbo renovation loan for either appraiser-required repairs or repairs the borrower wants done to the property. The repairs must be non-structural in nature (no exceptions) and they must be attached to the property and add value.

Can be used on an FHA or conventional loan. These loans can also be used on a VA loan by exception only if the seller is funding the repairs. Repairs do not have to be appraiser-required but the appraisal must be subject to those repairs being completed.

+ USDA Repair Escrow

To be used on a USDA-financed loan where the appraiser has required MPR (minimum property requirement) type repairs. For designated rural properties, they are guaranteed by the Department of Agriculture. Benefits include financing up to 100% of the purchase price and no monthly mortgage insurance premium.

+ Buyer/Seller Funded Repair Escrow

Can be used on an FHA or conventional loan. Can also be used on a VA loan only if the seller is funding the repairs. Repairs do not have to be appraiser-required but the appraisal must be subject to those repairs being completed.

+ HomeStyle®

To be used on conventional loans for both appraiser-required repairs and repairs the borrower wants done to the property. It can be used on second homes and investment properties. The repairs can be structural in nature or cosmetic, but they must be attached to the property and add value. The only time appliances (stove and dishwasher) may be included in the renovation is if there is a full kitchen remodel including cabinets and countertops and the appliances (stove and dishwasher) will need to be built in or attached to the property.
*HomeStyle® is a registered trademark of Fannie Mae.

+ FHA 203K Full

This government-insured loan allows you to buy a home that’s in need of major repairs and/or renovations. The repairs can be structural and/or cosmetic in nature. An important benefit is you can buy a home and complete the repairs using just this loan. This loan offers fixed rates with only a 3.5% down payment required. The home must be your primary residence. The FHA 203K is also available for refinance transactions.

+ FHA 203K Streamline [203K(s)]

This is similar to the FHA 203K Full loan, but is more limited in its scope. The repairs can only be cosmetic in nature and are limited to a maximum of $35,000. Because the repair costs are smaller, there is less red tape to get the loan, which is why it’s called "streamline." These loans can also be used to refinance existing mortgages and rehab homes.

+ EZ "C"onventional

To be used on conventional loans for both appraiser-required repairs or repairs the borrower wants done to the property. The repairs must be non-structural in nature (no exceptions) and they must be attached to the property and add value.

+ HUD REO with Repair Escrow

This loan can be used on HUD REO listings only where the appraiser has required MPR (minimum property requirement) type repairs. These are loans for homes that failed to sell at a foreclosure auction, which have been claimed by the lender and put back up for sale. These homes are REO (real estate-owned property), for which HUD, (The Department of Housing and Urban Development), has paid off the mortgage.