A homestyle renovation loan is a loan based on the same guidelines as conventional financing but they allow improvements to be included in the loan. If you are looking at a home that needs some renovations or you want to renovate your current home. Call us now to apply for a Homestyle Renovation Loan refinance or purchase loan in the Bonney Lake, Graham, Sumner, Spanaway, or Tacoma. Call 253-840-5600 to speak with one of our Loan Officers.
How does a Homestyle Renovation Loan Work?
Once the client finds a property they will make a decision on what repairs or renovations they would like to make. They will work with a contractor to prepare plans and specifications together, the appraiser will use these to appraise the property the value he assigns will be the “as improved value”. The borrower can borrow up to 95%(On primary residence) of this value to purchase the home and the remaining funds are set aside to pay for improvements as they are completed.
What property Types can I do this Loan on?
A homestyle renovation mortgage can be used to do renovations on a primary residence, second home or an investment property. They are intended for clients that want to buy improve and retain a property. The standard LTV guidelines apply to Homestyle Renovation mortgages that apply to standard conventional loans. Fannie Mae has guidelines for these loans that are followed.
What things can you do with a Homestyle Renovation Loan?
- Roofing, Gutters & Downspouts
- Interior and Exterior painting
- Room addition or a garage
- Remodel kitchens and baths and update applications
- New flooring or update electrical and plumbing and heating systems
- Install or repair a well or septic system
- Major landscaping or even an in ground pool.
- And many other repairs and improvements
Get Qualified now for a Homestyle Renovation Mortgage!
If you are interested in using a Home Style Renovation Loan for purchasing a home that needs renovation or you want to do a renovation on your current home give our Northwest Mortgage Team a call if you are in Bonney Lake, Graham, Sumner, Spanaway, or Tacoma. Call us now at 253-840-5600.