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|
|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|
Many home buyers have been facing a very challenging market over the past few years. The current supply of homes on the market just can’t keep up with the huge demand out there. It’s not uncommon for a home to come on the market and be sold in a matter of days after receiving multiple offers. With this fierce competition, prices have increased substantially over the last few years and has made it challenging for home buyers to find a home within the budget/payment they had planned for. Many go over budget to get the home they want only to have another blow to that budget the following year due to the property tax increase. This increase on the property tax portion of the mortgage payment can really hurt home owners enough to create a financial strain.Visit Jeremy's Blog