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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.   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
Primary Residence
Multi-Family Home
(2-4 Units)
Second Home
Upfront Mortgage Insurance Fee 1.75% upfront (can be financed)
Minimum Down Payment 5% 20% 3.5%
Gift Funds
Structural Repairs
Home Addition

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July Lunch And Learn: Options For Every Home Buyer

OPTIONS FOR EVERY HOME BUYER

AS A REALTOR, HAVE YOU EVER WONDERED WHY BUYERS FIT INTO ONE PROGRAM VS ANOTHER?

Every home buyers scenario is different.  When first meeting with a buyer we take a deep dive into there personal financial information.  The personal financial information is going to determine our limits for the different loan programs.  However, there is much more to it.  When we meet we also go over their wants, dreams, and future goals.  Here are just a handful of questions that then help to determine the loan program.

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