HomeStyle Renovation Mortgage
Do you have unexpected home repairs? Or, perhaps you’d like to remodel a kitchen or basement? What’s holding you back? Most of our customers say, financing. Here’s some common concerns:
“We don’t have thousands of dollars available for renovations.”
“I’d love to remodel my kitchen, but financing a second loan is just too expensive.”
“Getting displaced from our home during repairs costs too much!”
Whatever your project, there’s good news. A special loan program helps you accomplish your goals…with generous qualifying criteria – and the low interest rates of a first mortgage. It’s called the HomeStyle Renovation Mortgage.
The HomeStyle Renovation Mortgage offers borrowers more flexibility to renovate their home; achieving the desired result with low-cost financing. Best of all, the program is available to borrowers of all income and investment levels:
95% Loan to value for primary borrowers
90% Loan to value for second homes
75/85% Loan to value for investment homes
Financing is based on the “as-completed” appraisal of your home. And, borrowers can use up to 50 percent of the appraised home value for improvements and repairs. Here’s a few of the perks:
• Finance up to two full months of mortgage payments to cover the cost of non-occupancy during your construction.
• Your lender helps monitor your contractor and project
• Boost your home’s value…and secure a low interest rate!
Do I Qualify?
You might be wondering, does your property and repairs qualify? Here’s the nice thing about a HomeStyle Renovation Mortgage. Fannie Mae doesn’t specify which home improvements a homeowner can use funds for. As long as the repairs and renovations are permanently affixed and add value to your property, it qualifies. This offers more flexibly for home repairs.
But, does your property qualify? Here’s a breakdown of property qualifying criteria:
• Owner-occupied property, second home property or investment property
• 1 to 4 unit properties
• Condos or PUDs
Plus, with this loan, you can secure a fixed-rate mortgage with loan terms of 15 to 30 years.
Ready to set up a no-cost consultation with an experienced home renovator? If so, we’re ready to help! Simply call (404) 919-9908 or email us at firstname.lastname@example.org today.