The Federal Housing Administration (FHA) administers the FHA 203(k) loan program for refinances and for buyers to purchase a property with the cost of repairs in a single loan.
The FHA 203k is a home improvement loan that can help you finance repairs, upgrades and renovations right into the mortgage. It can cover simple repairs all the way up to structural upgrades with Energy Efficient options as well.
The program allows for up to $35,000 (in some cases more), for upgrades. Eligible properties include single family homes, condos, and multi-units of 1-4 units. The home must be ownered occupied. Buyer qualifies only for the original loan amount. FHA maximum limits may also be exceeded. Downpayment requirements are a minimum of 3.5%. Renovations must be completed within 90 days or less. See more – STEPS TO PURCHASE.
HomeStyle Renovation is a financing option offered through Fannie Mae.
The HomeStyle Renovation mortgage permits a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property in a single loan There are no required improvements or restrictions on the types of repairs permitted or a minimum dollar amount for the repairs as both cosmetic and structural can be acceptable.
With a 10% down payment you can renovate your home with energy efficient items, as well as remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle renovation allows you to buy a home and fix it up, or refinance and remodel your current home. Yes, cosmetic and structural renovations allowed too, including landscaping, appliances, swimming pools and more. Eligible properties include 1-4 units AND One unit Second Homes/Investment Properties are also eligible. Learn more – STEPS TO BUYING
The Veteran’s Administration (VA) EEM is available to qualified military personnel, reservists and veterans for energy improvements when purchasing an existing home. The VA EEM caps energy improvements at $3,000–$6,000. This program works for new and refinanced mortgages. Eligible properties include single family, condos and multi-units 1-2 units. The buyer only needs to qualify for the original loan amount. This program allows repairs to be completed with 180 days of close of escrow. The bonus for going with a VA Energy Efficient Mortgage, is ZERIO DOWN and the minimum credit score required is only 580! We may also be able to negotiate seller to pay your closing costs too! Learn more – STEPS TO BUYING
A Jumbo Renovation product is a Jumbo Mortgage Loan that can include renovations, GREEN conversions, Energy Efficiency and home rehabs. A 720 credit score or better is required, and maximum loan size is $1.5 million Since those homes may not typically qualify for traditional financing the buyer pool is reduced and the price along with it. Even if the home doesn’t need repairs to qualify for a mortgage, renovation loans can still add massive value by opening doors to homes in a very limited inventory environment. Structuring a Jumbo loan will require a good lender who knows the ins and outs… but it can be done if you qualify. We can guide you to a lender that can get the job done. Learn more – STEPS TO BUYING