Types of Home Improvement & Renovation Loans

Types of Home Improvement & Renovation Loans

Types of Home Improvement & Renovation Loans Financing a renovation or remodel using your home equity may allow you to: - Update your home's features or enjoy more living space with a newly designed kitchen, expanding a home office, or a ...

Types of Home Improvement & Renovation Loans

Financing a renovation or remodel using your home equity may allow you to:

– Update your home’s features or enjoy more living space with a newly designed kitchen, expanding a home office, or a master-bedroom suite – while remaining in your own neighborhood.
– Make your home more functional by creating a separate living area for a family member or updating your bathrooms.
– Personalize your home to fit your lifestyle by adding enhancements such as an enclosed porch, deck, or swimming pool.
– Make your home more energy efficient with a new roof or replacement windows.

Conventional Loans:

HomeStyle Loans
For Older homes in established neighborhoods. Appraiser-required or borrower requested repairs that add value to the home. Appraiser-required or borrower requested repairs that add value to the home.

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.

Fewer costs by rolling repairs purchase/refinancing expenses into a single loan.

EZ “C”onventional Loans

For Cosmetic, non-structural improvements. Covers appraiser-required or borrower requested repairs. Finance small upgrades on a newly purchased home over a short period of time.

Creates dedicated account to cover costs of updates. Fewer costs by rolling updates and purchase/refinancing expenses into a single loan.

Buyer/Seller Funded Repair Escrow

Borrower-requested repairs or other home updates that will determine final appraisal.

Creates dedicated account to cover costs of updates. Funds can be provided by the buyer or seller. Fewer costs by rolling construction and purchase/refinancing expenses into a single loan.

Jumbo Renovation
Covers appraiser-required or borrower requested repairs on high-priced luxury homes that valued over $424,100. Can be used for refinancing or home purchase.

Covers a dedicated account to cover non-structural repairs up to $250,000. Fewer costs by rolling repair and purchase/refinancing expenses into a single loan.

Pool Escrow Loans.

For Adding a pool.

Creates dedicated account to cover cost of pool construction. Fewer costs by rolling construction and purchase/refinancing expenses into a single loan.

Weather-Related Escrow

Repairing weather damage. Making weather-realted or energy efficient upgrades.

Creates dedicated account to cover cost of repairs or upgrades. Fewer costs by rolling construction and purchase/refinancing expenses into a single loan.

Government-Insured Loans

FHAS 203k Full/Standard
For Refinancing or buying older properties. Refinancing or buying a home requiring structural repairs or major renovation.

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.

Low down payment requirement on new home purchase. Low refinancing interest rates. Fewer costs by rolling repair and purchase/refinancing expenses into a single loan.

FHA 203k Streamline
For Refinancing or buying a home that needs updating or repairs. Cosmetic repairs, remodeling up to $35,000.

Low down payment on new home purchase. Low refinancing interest rates. Less paperwork. Fewer costs by rolling repair and purchase/refinancing expenses into a single loan.

HUD REO with Repair Escrow.
For Purchasing a foreclosure home. Foreclosed properties requiring minor repairs up to $5,000.

Creates dedicated account to cover appraiser-required repairs. Fewer costs by rolling repair and purchase/refinancing expenses into a single loan.

USDA Repair Escrow
For Refinancing or buying USDA property that needs updating or repairs.

100% financing for refinancing or home purchase in a USDA rural area. Creates dedicated account to cover repairs. Fewer costs by rolling repair and purchase/refinancing expenses into a single loan.

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