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Mortgages for Home Renovations.
March 18th, 2023 10:52 AM by Sam Kader MLO130505
Do you know that you have options to upgrade your kitchen or install new roof or buy a fixer upper and do it right from the start?
FNMA HomeStyle Renovation
is available for you:
Primary residence with at least 620 credit score.
A certified contractor must prepare and submit a cost estimate and details of the work to be done.
One loan only. You don't have to take out a loan for the mortgage and then another loan for home repairs.
Funds for repairs goes into a separate escrow account to pay contractor directly.
The Federal Housing Administration (FHA) offers a home-renovation loan called a
203(k): Limited
Primary residence only with at least 550 credit score.
Limited 203(k) for up to $35,000 in cosmetic repairs.
The lender holds the funds with escrow and the lender pays contractor directly ensuring that everything is done correctly.
Cash-out refinancing
allows homeowners to refinance their mortgage. The new mortgage will be higher than the first one and the homeowner gets the
difference in cash. The higher the equity on the house, the lower the interest will be.
Depending on your
credit score
and
loan eligibility
, I will work with you in determining which option will suit you better.
Posted in:
FHA Rehab 203(k)ContractorsConventional Rehab.
and tagged:
FHARehab203kContractorsConventionalRehab
Posted by Sam Kader MLO130505 on March 18th, 2023 10:52 AM
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