With the HomeStyle Renovation Loan you can renovate a home to fit your specific needs and style with one mortgage payment! This type of mortgage lets you borrow the money for the renovation and repairs with a conventional first mortgage instead of leaving you to finance renovations on your own.
The best part is, the HomeStyle Renovation Loan can be used on any type of renovation project, provided the improvement is permanently affixed to the property and adds value. For instance: new kitchen or bath, new pool, new roof, and more!
• Primary, second homes or investment properties
• Finance up to 75% of the as-completed appraised value
• Finance up to 6 months of payments during renovations
- New Kitchen or Bath
- New Pool
- New Roof
- Structural Repairs
- Updating Flooring and Appliances
If it's permanently affixed and adds value.. YOU CAN DO IT!
THE FINE PRINT: Primary residence, Max 97% LTV. Single unit investment properties. Eligibility requirements, exclusions and other terms and conditions apply.
The HomeStyle Renovation loan is best for homebuyers that can see past the ugly finishing or structural problems, and see the potential in a home! In addition, this loan is ideal for those those who have the flexibility to wait up to 6 months for the renovations to be completed before moving in.