Home Improvement Loans
Learn how to make renovations simple with a home improvement loan.
Buy a House Refinance Find a loan officerLearn how to make renovations simple with a home improvement loan.
Buy a House Refinance Find a loan officerRenovation Loans are mortgages that bundle repairs or upgrade costs into the loan itself. It gives qualified home buyers more opportunities in a hot housing market when great homes that are available are harder to come across. They can find a home in need of updating at a lower price point and include the cost of repairs into the loan.
Renovation loans are great for qualified home buyers that are looking for anything from a full fixer-upper to a home that needs just a few upgrades. Home buyers can take advantage of a home at a lower price that needs some updating, expanding, or some minimal improvements and have the financial room to make it what they want.
Renovation loans can be refinanced, and there are a few options that can suit a home owner’s needs, including an FHA 203(k) Streamline Refinance loan. Qualified home owners have options available to them for refinancing and renovating their homes. Contact a local On Q Home Loans Mortgage Consultant to learn more about refinancing with a home renovation loan.
On Q Home Loans has an assortment of home loan renovation options to fit almost every repair or upgrade. From small repairs, repainting, and even larger upgrades, including the addition of an extra room, we have options that will allow qualified home buyers to make their house into their dream home!
Some of those options include fixing or upgrading features such as:
Eligibility for these renovations is determined by the type of renovation loan a home qualifies for. Contact a local Mortgage Consultant to learn about the eligibility requirements for certain homes.
All too often, buyers find a home they love in the perfect neighborhood; however, they feel overwhelmed with the number of repairs or remodeling necessary.
An FHA 203k loan offers a solution to that problem by simply rolling the cost of those home improvements into your loan transaction.
Once you’ve had an evaluation done and estimated the cost of any required repairs, our mortgage professionals can factor that into the total loan amount. We factor in estimated repair costs and any additional renovations to remove the need for a hefty renovation budget.
There are two different types of FHA 203k loans, Standard and Limited, and both loan programs are a 30-year fixed-rate mortgage.
Standard 203k loans are for homes that need structural repairs, the addition of a room, a complete tear down (must leave foundation) or rebuild. Standard 203k loans are also for repair costs that exceed $35k regardless of the type of repair. A minimum of $5,000 in eligible repairs is required, from upgrading appliances to major renovations (no luxury improvements, like pools or landscaping are allowed).
Limited loans are for houses that need non-structural repairs, like painting, purchasing new appliances, kitchen and bathroom remodel, flooring, and air-conditioning systems.
On Q Home Loans’s Fannie Mae HomeStyle Renovation Program is a great option for those looking to purchase that home that needs repairs or additions to become a dream home! Some requirements for the HomeStyle Loan Program include:
This home improvement loan program may open up a lot of doors for would-be homeowners by allowing more options that you had previously not considered.
These loans aren’t just restricted to purchase transactions either, if you’re looking to refinance your home this could be a great option as well. Instead of moving on from a home that needs too many repairs it could be an excellent alternative to refinance and have those repairs financed into your new loan.
You don’t have to give up on the home you love even if it needs some improvements!