203K | HomeStyle | HomePath Renovation
ONE Loan, ONE Closing, flexible credit, low down payments and current condition of the property is not an issue. Our renovation loan products are THE answer for our foreclosure driven real estate market.
Some lenders offer the 203K, some offer HomePath Renovation, some offer the HomeStyle, but we are the only lender that specializes in all three renovation loan products.
Situations are unique, you can’t try and shove a round peg in a square hole. If you are purchasing a foreclosure then you need a mortgage lender that offers the full spectrum of renovation loan products.
Not only is your situation unique, but properties are unique as well. Some require a HomePath Renovation, some a 203K loan while others are only eligible for HomeStyle.
Your renovation loan success depends on a lender that offers and understands all three renovation loan products.
So, how do you know which loan is right for you? That’s what we are here for, to provide renovation expertise unmatched by other mortgage lenders. If you need a 203K lender then your in the right place. If you need a HomePath Renovation Lender then you found one!
Get a RENOVATION MORTGAGE Consultation
FHA 203K & HomePath Renovation
Why am I lumping these two together? Because other than the fact HomePath Renovation loans are only available for Fannie Mae foreclosures and 203K loans are not property specific, the scope of allowable repair on a STREAMLINE 203K and HOMEPATH RENOVATION are nearly identical. Consultant 203K loans are more versatile, we’ll discuss those a little later.
How Can FHA 203K Streamline & HomePath Renovation Loans Be Used? 203K Renovation Loans are used in three different ways:
- Purchase & Renovate
- Refinance & Renovate
- Purchase an Existing Residence & MOVE the Home
Here Are Just a FEW of the Ways You Can Use FHA 203K Loans:
- Appliances – Everything from a fridge to a washer/dryer. Go GREEN & save with Energy Efficient models
- Flooring – New hardwoods, fresh carpet & endless POSSIBILITY
- Paint – Inside & out
- Bathrooms – Update or repair
- Kitchens – Completely renovate, update, change the counter-tops, add new appliances or cabinets.
- HVAC / AC – Get rid of that old energy wasting HVAC or AC & save BIG
- Water Heaters – Replace that old heater, Why not go TANKLESS?
- Doors / Windows – Decorative or for Energy Efficiency
- GREEN Improvements – Energy Efficient Appliances, Solar Panels, Tankless Water Heaters…
- Siding – Lose the dated VINYL, update to HardiPlank
- Well / Septic – Clean, repair or update
- Low Flow Toilets - Water (MONEY) Saving Energy Green Improvements
- Roofing – Repair or replace, your call
FHA 203K loans are versatile and perfect for today’s foreclosure driven real estate market. CURRENT condition of the property is NOT a concern.
All the property issues that plague traditional FHA Mortgage Loans CAN and WILL be addressed in the post-close RENOVATION of the property.
If you are a potential Home Buyer, Buyer’s Agent or mega REO Listing Agent – FHA 203K Loans can help you!
Find Out if a Renovation Loan is Right for You
Consultant 203K (Full / Standard 203K)
Sometimes a home needs more that a Streamline 203K offers. Whether you need more space and want to add on, you want to open up the floorplan or you need some foundation work, the Consultant 203K can help.
The original 203K will even allow you to tear a home completely down to the foundation and rebuild new. So, what are some of the renovations the Standard 203K allows?
- Add a Second Story
- Open the Floorplan
- Master Bedroom / Bathroom Addition
- Attic Build-Out
- Square Footage Addition
- Foundation Repair
- Repair Structural Damage
- Add a Bathroom
- Swimming Pool Repair
Whenever you need structural renovations OR if your renovation exceeds $35,000 you’ll need a Consultant 203K. Although slightly more expensive than the Streamline version, the Consultant 203K adds a layer of protection for home-buyers.
The 203K Consultant will help you manage you renovation, they will inspect the quality of the work and provide valuable assistance throughout the renovation including help with the draw process.
HomeStyle Renovation Mortgage Loans
This is about the HomeStyle Renovation Mortgage, not the HomePath Renovation Mortgage. If you KNOW you need a Homepath then scroll back for you link. If you are confused as hell and not sure what renovation loan you need then READ ON.
The HomeStyle fills MAJOR gaps in the 203K Renovation loan market.
Unlike the HomePath, the HomeStyle is not property specific. It also has NO restriction on repairs. You can include pools, landscaping, saunas or whatever you heart desires.
Like the Homepath, the HomeStyle is available for primary residences, second homes or investment properties.
It is also available for unfinished builder foreclosures. FHA 203K loans require that a home have, at one point, had a Certificate of Occupancy (C.O). That means unfinished new construction is not eligible for the 203K loan, however, that is not an issue for the Fannie Mae HomeStyle.
Its the best INVESTOR LOAN on the market, allows borrowers to avoid MORTGAGE INSURANCE, doesn’t kill my Florida buyers from buying a home with a bunk SWIMMING POOL and allows for buyer’s to pick up unfinished BUILDER FORECLOSURES at a huge discount.
Need Renovation Loan Advice?
No problem, just contact us. With hundreds of closed renovation loans under our belt and connections with contractors, consultants, designers and architects throughout Alabama, Georgia, Florida, Tennessee and South Carolina we have you covered.
Renovation loans require expertise, they require a specialist. With hundreds of closed loans, we are your 203K | HomePath | HomeStyle renovation loan experts.
Get Expert Renovation Loan Advice
You FOUND Your 203K Lender!
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