Home Renovation Loans
What are HomeStyle Renovation Loans?
The HomeStyle Renovation mortgage provides a convenient and economical way for borrowers considering moderate home improvements. Homebuyers have the chance to make repairs and renovations with a single-close first mortgage rather than taking out a second mortgage, using home equity line of credit or utilizing more costly methods of financing.
The home renovation loan enables borrowers to purchase a home that needs repairs or refinance the mortgage on their existing home. It also includes the necessary funds for renovation in the loan balance. The loan amount is based on the "as completed" value of the home, not the present value.
Features of a Home Renovation Loan
• Principal residences and second homes are eligible
• Has 15 and 30-year terms
• Renovation costs are limited to 50% of the "as completed" value of the home
• There is a 5 percent down payment based on the "as completed" value of the home
• Borrower has up to 11 months to complete the renovations
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