A remodeling loan helps homeowners build onto or improve an already existing residence. The loan can be utilized at the time of a PURCHASE or a REFINANCE. There are more than a few decisions to consider when utilizing a remodeling loan. You will want to choose the right loan originator to ensure the best outcome.
Step 1 – decide the total scope of your project. Does the home need a NEW kitchen, NEW appliances, NEW bathroom or all of the above. Step 2 – call me to review the estimated costs, maximum allowable loan and renovation loan analysis. Step 3 – choose the remodeling company / builder to work with. Recommendations can be provided. Remember – renovation/ remodeling loans can be utilized in either situation: PURCHASE/ remodeling or REFINANCE/ remodeling.
REMODELING LOAN OPTIONS –
- Fannie Mae Homestyle 95% financing – $726,200 max **county loan limit. (1 to 4 unit Owner Occupied. 1 unit – 2nd home and Investment property)
- FHA 203k STANDARD 97.75% financing – $472,030 max **county loan limit. (1 to 4 unit owner occupied. No second homes or investment property allowed)
- FHA 203k LIMITED 97.75% financing – $472,030 – No structural changes allowed and $35,000 maximum financeable project costs.
- FHA 203K 2 unit
- VA RENOVATION 100% Financing
- HELOC – Home Equity Line of Credit
- Unsecured Line of Credit – Maximum Loan Limit $25,000.00
- CASH OUT REFINANCE – 80% maximum loan to value – for both Conforming and FHA loan options.
The Mortgage Gym 