Homestyle Renovation Loan provides the option of a no money down financing that covers the value of the property plus the cost of renovating the home. Below are a few facts about the Renovation Loan option, for more information don’t hesitate to fill out the form above and an experienced loan officer will guide you thru the process.
– The homestyle renovation loan can be used for home improvements with a borrowers first mortgage, instead of second mortgage or home equity line of credit.
– The maximum allowable loan-to-value (LTV), CLTV, and HCTLV ratios have been increased to 97% for 1-unit, principal residence, fixed-rate,
purchase and limited cash-out refinance (LCOR) transactions.
– The limit on eligible renovation funds has been increased to 75% of the lesser of the purchase price plus renovation costs, or the “as completed” appraised value for purchase transactions; and 75% of the “as completed” appraised value for refinance transactions. (Available in DU on March 17.).
– Must have the ability to fianance the renovation cost, less than 10% of appraisal value of $10,000.
– The home repais must begin after closing so that there are no delayed funds for the seller.
– Borrower must choose his or her own contractor to perform the renovation.
This a special opportunity to get 100% financing!
If you are interested in learning more or starting the renovation loan process, contact us by filling out the form or calling us today!