Renovation Loans

Renovation Loans

Also referred to as Freddie Mac and Fannie Mae loans. This is the most popular product in the market. Anyone from a first time home buyer, to a seasoned home buyer purchasing a vacation or investment property. Home Financial Group will guide you every step of the way.

Check out some of our loan products:

HomeStyle Renovation
This loan program is use on conventional loans for repairs, both cosmetic and structural, desired by the borrower. These repairs add value to the home. Great for people wanting to upgrade their current home or home buyers looking to renovate a home into their dream home   Key Benefits and Features: – 3% Down Payment Options – 100% down payment can be a gift – Great for obtaining a property at a discount – Second – Vacation Homes or Investment Homes    
FHA 203K Full
Insured by the Federal Housing Administration, the FHA 203K Full Mortgage allows for the purchase or refinance of a home which needs major structural and-or cosmetic repairs and renovations   Key Benefits and Features: – Low FICOs acceptable –  Down Payments as low as 3.5% –  FHA guidelines to help low income borrowers    
FHA 203K Limited
Similar to the FHA 203K Full Mortgage, but has a bit more limitation since it allows for cosmetic repairs only. Repairs are also limited to a maximum of $35,000 which must include a contingency reserve and all fees. Process is more streamlined and simpler than the full 203K Key Benefits and Features: – Up to 96.5 % LTV – Streamlined process -Federal Housing Adminstration Insured      

For all Loan Programs aforementioned above. APR is based on a reasonably current index and margin from the Freddie Mac PMMS. This message is for information purposes only and is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms, and conditions are subject to change at any time. All examples of potential mortgage products above are estimates for illustration purposes only. All programs and mortgage products are subject to borrower income, credit, and property approval. Not all borrowers will qualify. This is not an offer for extension of credit or a commitment to lend. Home valuations are estimates purchased from a third-party data provider. Actual appraised value at the time of a transaction may vary. Equal Housing Lender

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