At first, the process can be overwhelming but having the right consultant and contractor is very important. We specialize in home renovation loans and have worked with multiple consultants and many brokers and lenders. – Finance of America, Home Bridge, Norcom, Guarantee Rate, Wells Fargo, Bank of America, Prime Lending, M&T Bank, Banc of California, Freedom Mortgage, just to name a few.
The FHA 203k loan is a renovation or construction loan, that is backed by the Federal Housing Administration. Both buyers and refinancing customers can combine the traditional “home improvement” loan with a standard FHA mortgage, which allows the homeowners to borrow their renovation costs.
A Homestyle loan is a long-term financing option available to owner-occupied homeowners and buy-and-hold investors that can be used to purchase and renovate a primary residence. This permanent mortgage is backed by Fannie Mae, and typically funds between 65% – 95% of a property’s price and renovations. In order to have their renovation budget approved borrowers must submit a detailed list of repairs, 2-3 licensed contractor bids from approved contractors, and a licensed contractor to oversee the renovations.