Renovation Mortgage Comparison
When it comes to renovation financing, we offer many different loan options for home buyers and homeowners. The Renovation Loans, FHA 203k streamline, & the Fannie Mae Homestyle all have different benefits and pitfalls to them. Not to mention you put the PowerSaver Grant option in there to further complicate things. The chart below compares some of the differences between the programs. Mortgage options can be complicated and when you throw repairs into the mix its even more confusing. Give us a call today and we’ll work with you to explore all your options.
| Conventional | Conventional Investment | FHA 203K | USDA RD | |
|---|---|---|---|---|
| Primary Residence | ||||
| Multi-Family Home (2-4 Units) |
||||
| Second Home | ||||
| Upfront Mortgage Insurance Fee | 1.75% upfront (can be financed) | 1% upfront (can be financed) | ||
| Minimum Down Payment | 5% | 20% | 3.5% | No down payment option |
| Gift Funds | ||||
| Structural Repairs | ||||
| Home Addition |
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