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Understanding Renovation Loans

What makes a Renovation Loan different?

Most mortgage programs only provide permanent financing that allows you to borrow based on the purchase price or current value of the property. Our renovation financing programs like the FHA 203k renovation loan and Fannie Mae Homestyle are unique in that you can borrow based on the completed value of your home after the proposed renovations are complete.

You can borrow more money because you are not only tapping into the equity you may currently have in your home, you can also gain access to the increased equity the house will have when finished. This is most helpful when you are planning larger scale improvements like additions that add square footage to your home or adding a second story to a ranch style home.

Typically this is done with a single loan and a single closing. We advance funds to the contractor(s) as stages of the project are completed until the loan is fully drawn and construction is finished.

 


Understanding Renovation Loans  |  What Can a Renovation Loan be used for?
Types of Renovation Loans  |  FHA 203k Program  |  Fannie Mae Homestyle Program
Other Conventional Programs |  The Loan Process
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