What’s a Renovation Loan? Find Out How to Finance Your Home Projects
Photo by immo RENOVATION on Unsplash
Maybe you just purchased (or are about to purchase) a home that needs a little love, or you’ve been in a place long enough that it’s due for a refresh. If you’re short on funds, there’s a way you can finance your home project so you don’t have to drum up the cash.
Our colleagues at CrossCountry Mortgage offers a Fannie Mae HomeStyle® renovation mortgage for just this purpose. For as little as 5% of the total cost of the project down, you can finance the project. The maximum loan is based on the post-renovation value, so you’re effectively unlocking future equity.
Loan benefits:
Seller doesn't need to make any repairs to the property.
Commission is paid at closing on sales contract like traditional loans.
Loan closes with home in as-is condition, then work begins.
Follow simple milestones to get loans closed faster.
Major, minor, cosmetic, structural and non-structural repairs eligible.
Potential to finance mortgage payments into the loan if the home is uninhabitable.
Eight different renovation loan products offered.
Here’s how it works:
Get pre-approved
Learn what you can afford before looking at properties or planning your project.Apply for a mortgage
We'll discuss which program is right for you and complete any requirements (like selecting a contractor).We'll review your loan
After you've submitted your documents, our team will verify your information and order an appraisal.Receive conditional approval
Our underwriters will request any additional items needed at this stage.One last loan review
Once complete, you're clear to close!Get started
After your closing, we'll continue to help by scheduling inspections, taking care of draw releases, and more.
Sound like a plan? Contact us and we can help you get started.