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Renovation Loans

MORE THAN A LICK OF PAINT

A renovation mortgage allows you to buy a home that needs a little TLC and fold the renovation amount into the mortgage loan, which makes the cost of renovations more affordable when compared to your average credit card or home equity loan interest rates.

RENOVATION LOAN OPTIONS

  • FHA 203(k) Standard & Limited
    • Down payment can be a gift
    • Same 3.5% investment required as standard FHA loan
    • No renovation experience required
    • Allows buyers to acquire homes that won’t pass inspection
    • Same credit requirements as standard FHA loans
  • HomeStyle Renovation
    • Home improvements/repairs can be financed in to the loan
    • Up to 75% of the value can be included for repairs
    • Allows higher loan limits than the FHA 203(k)
    • Available for Primary Residence, Second Homes and Investment Properties
    • Allows the addition of a pool which 203(k) does not.

WHY WE LOVE THIS

  • Provides Options for Major or Minor Repairs
  • May Provide Approval to Buy a Previously Declined Home with a Different Loan Program

MTG APP CHECKLIST

Here are some of the items you should gather for your pre-approval. You are not required to have all the documents on hand to submit your request for pre-approval and your mortgage advisor will guide you on what items are needed based on your circumstances.

 

  •  IDENTIFICATION
    You will need a U.S. government-issued form of ID, usually a State-issued Driver’s License.
  •  PAY STUBS
    You should have your most recent pay stubs or other earned income documentation for the last 30 days.
  •  BANK STATEMENTS
    The lender will need most recent two months of official bank statements, which include the account number(s) and any blank pages.
  •  FEDERAL TAX RETURNS AND W2’S/1099’S
    You may be asked to provide your tax filings and W2’s /1099’s for the last two years for all forms of income you received (earned income, self-employment, etc.)
  •  RETIREMENT BASED INCOME
    If applicable, provide income documentation for any retirement pensions, annuities or Social Security.
  •  DISABILITY BASED INCOME
    If applicable, also include proof of income from worker’s compensation, State Disability, Social Security Disability or private settlement.

 

You won’t need to supply a credit report. With your authorization, we will pull your credit report, free of charge.

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