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, VA, & the Fannie Mae Homestyle all have different benefits and pitfalls to them. The chart below compares some of the differences between the programs. The renovation loan process is pretty much the same regardless of which loan program you go with. 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 | VA | |
|---|---|---|---|---|
| Primary Residence | ||||
| Multi-Family Home (2-4 Units) |
||||
| Second Home | ||||
| Upfront Mortgage Ins. | 1.75% upfront | Varies | ||
| Minimum Down Payment | 5% | 20% | 3.5% | 0 |
| Gift Funds | ||||
| Structural Repairs | ||||
| Home Addition |
Latest Blog Post
SELLER CONCESSIONS VS. PRICE REDUCTION
SELLER CONCESSIONS VS. PRICE REDUCTION: WHICH SAVES YOU MORE CASH IN KALAMAZOO?
Are you preparing an offer on a home in Kalamazoo, Portage, or Texas Township and trying to get the best financial deal from the seller?
Yesterday, a move-up buyer walked into my office after touring a spotless four-bedroom colonial near Westnedge Hill. The home listed at $310,000. They wanted to negotiate $10,000 off the deal to make their overall purchase more affordable.
Their immediate thought was to offer $300,000.
Visit Jeremy's Blog