VARIETY OF LOAN OPTIONS AVAILABLE
There are several loan options available through multiple sources to obtain a RenoBuy loan. Our advisors are here to help you find the most effective and cost saving loan that best fits your needs. We are here to guide you through the entire RenoBuy process, including working with loan officers to get you pre-approved.
HOMESTYLE RENOVATION LOAN
FANNIE MAE'S VERSION OF A CONSTRUCTION LOAN
Fannie Mae introduced it's HomeStyle Renovation Loan to provide new and current homeowners the ability to purchase (or refinance) a property under a single-close loan. This gives homeowners the ability to make necessary repairs or cosmetic upgrades using the projected completion market value of the property as opposed to the present value of the home. The Homestyle Renovation Loan makes the connection between lender, contractors, and homeowners a smooth, easygoing operation that results in a quicker completion time.
FHA 203K LOANS
FHA COMPETITIVE RENOVATION LOANS
FHA offers two types of renovation loans including the FHA Full 203K Loan and the FHA Limited 203K loan. The full 203K loan is for projects that require major updating in expenses over $35,000.00 and require the use of engineered plans, architects, and designers. The limited 203K loans are for projects under $35,000 and funds can used for cosemtic upgrades/repairs that don't require the use of plans, engineers, or architects. The FHA application process is also less strict on good-credit requirements and offers lower down-payments.
ATLERNATIVE LOAN SOURCES
OTHER LOAN PROVIDERS
In some circumstances our client's are not able to obtain the traditional renovation loan financing. In a few cases, we may be able to connect you with some private lenders that would allow you to complete your RenoBuy. Of course, those with cash or who are able to lend from outside lenders with cash are also eligible for the RenoBuy.