Renovation Loans
The perfect loan for houses in need of a little cosmetic work or modernization. Build the cost of your renovations into the total loan amount, so you won’t need to dip into your savings! Maximize your home’s value with upgrades, whether they’re small–like a bathroom refinish–or larger, such as structural add-ons, luxury items, or even a full renovation.
Renovation Loans
If you’ve found a house in your dream neighborhood, but the home’s design and upkeep leaves much to be desired, you may need a renovation loan to bring your dream to life. Whether you need a full renovation or just want to install a fabulous new swimming pool, a renovation mortgage from Loan Allies will allow you to create the space you desire.
Benefits and Opportunities of a Renovation Loan
- Take a home from “fixer upper” to dream home by financing major repairs and reconstruction.
- Simplify your renovations by combining your home purchase with home improvement costs.
- Bring an older home into the modern era by maintaining classic style but adding modern conveniences.
- Expand existing space to make room for a growing family.
- Increase a home’s resale value
- Add an office, game room, pool house, or fitness room
FHA (203)k
This flexible qualifying loan allows the borrower the opportunity to both purchase and renovate a property with a single loan closing. Projected rehab costs are held in an escrow account and paid out as work is completed. The loan amount is based on the projected market value of the property once all repairs are completed.
FNMA HomeStyle®
This renovation loan allows buyers the option to renovate and rehab a new or existing home by including financing in a conventional purchase or refinanced home loan. The cost of personalized improvements is placed in an interest bearing Escrow account and paid out as the work is completed. *HomeStyle® is a registered trademark of Fannie Mae.
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