Qualifying home buyers and home owners can make renovations and additions to their home with one simple loan that covers both the mortgage and the renovation upgrades.
You have several options from which to choose, depending on whether you’re looking to purchase that fixer-upper and create your dream home, or have equity in your current house and would like to make updates. A renovation loan might also be a great solution for qualified home sellers with a less-than-desirable/in need of repair property that may want to make improvements before they sell.
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Kitchens, Bathrooms, Extensions & Dormers, Decks, Porches, Patios, Landscaping, Finishing Basements, Roofing & Gutters, Windows, Doors & Siding, Disability Access, Septic Systems & Wells, Plumbing & Electrical, and so much more!*get started
There are two types of 203K loans to choose from—a Streamlined 203k and a Standard 203k. These loans are insured by the Federal Housing Administration (FHA) and may be used for both the purchase or refinance of a home.
The Streamlined 203K is best suited for non-structural projects such as electrical or plumbing work, bathroom or kitchen remodeling, painting, or getting an HVAC system. You may borrow any amount up to $35,000 for a Streamline. The Standard 203K, on the other hand, is ideal for making extensive structural modifications such as addition of rooms and repairing the foundation, as well as upgrading kitchens, bathrooms, and more. Luxury items are excluded from FHA 203k loans.*
When you purchase or refinance a home, HomeStyle® allows you to finance improvements for up to 50% of the property’s as-completed value. This option allows for a minimum of 5% down, and private mortgage insurance can be canceled once you’ve reached 22% equity. Additionally, luxury items are included in this loan option.*
*Depending on the type of renovation loan you choose, luxury items may or may not be included. Some examples of luxury items include tennis courts, gazebos, pools, jacuzzis, etc. For a full list of qualified repairs, please contact your dedicated mortgage professional.
home renovation loan suits you best, or if you have any other questions, please feel free to contact us.
Considering homeownership but not sure where to begin? The Meadowbrook Financial Mortgage Bankers Corp. guide to home buying will make the process easy all in one packet.
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