THE ULTIMATE RENOVATION LENDING GUIDE
Why a Renovation Loan?
You don’t have to walk away from that fixer-upper or outdated home. There are many loan options available to create the home you’ve always dreamed of with the house you have! Whether you’re building a new addition* or just remodeling the kitchen, we have the loan program for you.
Types Of Loans
These loan options give you the ability to finance the renovation in one of two ways:
- Roll it all into the total loan amount of the new home purchase with one loan closing
- Leverage your current home equity to fund the project with a cash-out refinance
The FHA 203(k), VA Renovation loan and FannieMae HomeStyle® loan options let you purchase or refinance with one closing. Here’s how it works: the estimated renovation expenses are put into an escrow account and paid out to the contractor as the construction is complete and inspected.
Who can benefit from a renovation loan?
- First Time or Move up Home Buyers
- Current Homeowners
- Investment Property Owners