Been House Hunting and Want More Options?
With a renovation loan from Flat Branch Home Loans, you can consider homes that you may have passed up before, knowing that you’ll be able to make improvements right after closing. Already a homeowner? A renovation loan can help you with upgrades to transform your house into your dream home.
Our loan programs can help you make improvements right away and roll the cost of the upgrades into your mortgage.
With a low down payment and a loan amount based on the appraised value of the home after improvements are made, you may be able to:
- Update the kitchen or bathrooms
- Install new carpet or flooring
- Upgrade the electrical, plumbing and/or heating systems
- Replace the roof, siding or windows
- Make any repair* or renovation* that makes the house suit your needs
Home improvements can add value to your home during the years that you own it and when the time comes to sell. You deserve to go home happy. Take steps to ensure your home is comfortable, secure, energy-efficient and safe.
*Additional restrictions may apply. Contact your Flat Branch Home Loans loan officer for more details.
Repair, remodel or upgrade your home with the FHA 203k Renovation Loan Program
Use the FHA 203k Renovation Loan to refinance your existing home or to purchase a new home that requires repair. This eliminates the need for a separate loan to cover those costs so you’ll still only have one loan and one simple monthly payment.
Advantages include:
- Repair/renovation coats are rolled into one loan.
- Major items are allowed (i.e., foundation).
- Low down payment (3.5%) and seller can pay up to 6% toward closing costs.
- You can close the loan before repair/renovation begins.
- Money disbursed on a draw basis after closing, as construction in completed.
- Loan amount can go up to 110% of the “after-improved value”.
- Buyer can include optional renovations/upgrades.
Eligible repairs and renovations include:
- Foundation repair
- Roof replacement
- Interior/exterior painting
- Kitchen/bath remodeling
- Central heating/air systems
- Energy efficiency improvements
- Landscaping/exterior upgrades or repairs
- New built-in appliance
- Mold repairs or mod remediation
Fannie Mae HomeStyle® and Flat Branch Home Loans
Finding the right home and the right financing can be a challenge these days. One of the advantages of working with a Flat Branch Home Loans renovation loan officer is that they know renovation loans – and that can help to open more doors!
The Flat Branch Home Loans team knows renovation loans and how to help you see beyond what ‘is’ to what ‘can be.’ With a variety of lending options for first homes, investment or second properties, and energy- efficiency improvements, there is a loan that is right for you!
Benefits of the HomeStyle® Renovation Loan
- Affordable option to renovate or improve a home
- Value and efficiency, saving money and time
- Funds are for repairs/renovations that are permanent to the property and add value
- Flexible offering for purchase and refinance
- Streamlined documentation
- Primary, second home and investment property
- Max renovation costs 75% of the “as-completed” appraised value of the home – no exceptions!
- HomeStyle® renovation loans are a great way to turn the ‘fixer-upper’ property into a dream home for you or someone else.
Investment Options
At Flat Branch Home Loans, our loan professionals can show you how renovation programs may be good options to finance an investment home, plus any needed improvements with one loan. Some restrictions do apply, so be sure to consult the renovation professionals at Flat Branch Home Loans.
Flat Branch Home Loans’ Buyer/Seller Funded Repair Escow Program
A versatile and timely home loan option.
Flat Branch Home Loans’ Buyer/Seller Funded Repair Escrow program is a great option for those who are looking to sell their property quickly, but do not have the time or money to complete repairs or renovations. The seller can fund an escrow account for the buyer to have the repairs and or renovations completed.
Program Guidelines:
- FHA and Conventional Loan Programs Eligible
- USDA and VA Loan
- 10% of Improved Value PLUS a 10% Contingency Reserve
- Contingency reserve is 10% of the repair amount – required for all loan transactions
- The maximum amount of time allowed for repairs is 30 days
- Renovation team will review repairs and determine if eligible
- Improvements must attach to the property and add value
Parties listed below are not eligible to perform the work:
- Borrower
- Family member
- Borrower’s employer
- Seller
- Realtor
- Any interested party to the transaction
Jumbo Renovation Financing
If you are seeking renovation financing for a Jumbo loan purchase, review the program facts below and contact me to discuss your options. I am happy to guide you through the entire mortgage process and help you see your home dreams realized.
A Few Program Facts
The Jumbo Renovation Loan is a 30, 25, or 20-year, fixed-rate loan. No ARMs are available with this loan.
- Maximum Renovation/Repairs
- Maximum amount allowed for repairs and/or renovations may not exceed the lesser of $150,000 or 20% of the completed renovation value
- Allowed Renovations/Repairs
- Must be permanently attached to the subject property and add value to the property
- Basic renovations and repairs include, but are not limited to, kitchens, bathrooms, swimming pools, outdoor living spaces and hardscape (e.g., exterior walls, walkways, etc.)
- Non-Allowable Renovations/Repairs
- Items that are not permanently affixed to the subject property or add no value to the property
- These items include, but are not limited to, unfinished new construction and model homes, or renovations that require additional square footage
