Many of the homeowners who call SteveKnowsLoans are looking for ways to pay for home improvements. We hear accounts of families outgrowing their homes and the subsequent need to add on, as well as accounts of borrowers purchasing older properties in need of extensive renovations. Whatever the case may be, the HomeStyle Refinance Renovation Mortgage program may provide the necessary funding for a homeowner to make necessary repairs and modifications to their house.
HomeStyle Renovate and Refinance Mortgages: An Overview
- Financing for the renovations is provided by a single, lump-sum construction loan.
- Allowed for “luxury” uses like swimming pools.
- The time allotted for the remodel is six months.
- Loan-to-homes are valued at what they are expected to be worth in the future.
- Properties used for both vacations and investments can apply.
Borrowers can get the money they need to make urgent home repairs, remodels, or add energy-saving features with the help of a HomeStyle Renovation Mortgage. Our mortgage experts help homeowners save money by refinancing an existing first mortgage rather than taking out a second mortgage or home equity loan to pay for repairs and improvements.
Loan-to-value ratios and interest rates on Fannie Mae mortgages are quite appealing to homebuyers. With this refinancing option, borrowers can receive up to 75% of the increase in value from the renovations included in the loan.
Criteria for Acceptance
This Fannie Mae program offers loans for the following categories of home improvement projects:
- single-family detached houses to four-plexes
- Prefab houses
- Authorized cluster housing complexes
- Guaranteed condos
Our mortgage loan originators will help you figure out if your house qualifies for a homestyle renovation mortgage refinance. If not, we can explore alternate refinancing options with one or more of the several financial institutions with which we currently interact.
The program has a 97 percent maximum loan-to-value ratio for mortgages with a minimum loan amount of $50,000. The loan can cover the cost of hiring an architect or engineer as well as the cost of acquiring any necessary building licenses. The loan principal is reduced by the amount that is not used for the renovation.
Loan options are available through SteveKnowsLoans.
SteveKnowsLoans is the place to go for every form of refinancing assistance a borrower may require. Our mortgage experts help consumers locate refinancing plans with the most attractive rates and terms. Call us at (813) 616-9411 to speak with one of our mortgage loan originators and learn more about the Fannie Mae HomeStyle Renovation Mortgage refinance program and the other financing choices we provide.
Call Steven Jackson at 813-616-9411 now!
