Ryan Cox First Integrity Mortgage Services Home Improvement Loans 

By: Ryan Cox 

The perfect loan for the almost perfect home. Find out how a renovation loan or what is often referred to as a home improvement loan can help you buy or refinance to create the home of your dreams. Whether your home improvement projects are large or small, a home renovation loan can help you get the job done. With a home improvement loan, you’ll be able to buy or refinance a home and include money needed for simple upgrades, remodeling projects, or even more complex renovations. Monthly payments on home improvement loans are typically lower than credit cards or personal loans, and in some cases, the financing may also be tax-deductible.  

What are some of the features & benefits of Renovation loans? Making significant home improvements such as adding an extra room or replacing the roof not only makes a difference in how much you enjoy your home, but it can improve its overall value as well. If you aren’t happy with some aging features of your house or want to buy a home that needs work, consider using a home renovation loan to transform a house into the home you’ve always dreamed of. Although you may be able to pay for the home improvements with a personal loan or other types of financing, these methods have higher interest rates and monthly payments. With a Renovation loan, you’ll be able to finance a renovation period of up to six months with only one set of closing costs and absolutely no prepayment penalty. While the total loan amount is based on the property’s appraised value, once the updates or improvements are complete, the down payment requirement may be as low as 3.5%.

Do you know all the options for home Renovation loans?

Having the right information gives you, the homeowner or potential homeowner, the details needed to make an excellent decision for your current needs. There are many different Renovation loan products from which to choose:

  • FHA 203K Limited or Streamline (improvements under $35,000)
  • FHA 203K Standard (improvements over $5000 & up to FHA limits)
  • Fannie Mae HomeStyle (Conventional loan product, Primary Residence, 2nd home & investment properties)
  • Freddie Mac CHOICERenovation (Conventional loan product)
  • Design Plus Jumbo Renovation (Up to $810,000 with no MI)
  • VA Renovation (100% LTV with improvements up to $50,000)

Working with someone who knows and understands each product could make all the difference in you having a successful loan experience. Renovation loan programs can be a wonderful option in helping people reach their goals, but doing your research finding a loan that is right for you is a critical part of the outcome. 

If you have questions about any of the different Renovation products and all the benefits they have to offer or wondering if a Renovation refinance or Renovation purchase might be right for you, please contact me for more information, or to schedule an appointment.

Ryan Cox (Senior Renovation Specialist) NMLS# 1547172

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Office – (314) 878-7900

Cell – (618) 581-3015