Renovation Loans Done Right
Renovation loans are a convenient solution for home financing and repairs. You have the ability to buy (or refinance) a home and pay for repair and renovation costs with a single loan. If you have found the right neighborhood, but cannot find the right home in today’s market, then consider using a renovation loan to add-on or make changes to suit your needs.
How Does a Renovation Loan Work?
A renovation loan lets you purchase or refinance a home in almost any condition, make improvements and pay for them over time. Consolidate the cost to buy or refinance with the estimated remodeling costs. We connect you with a renovation specialist and you select your preferred contractor to complete the work.
These include, but are not limited to:
- Add Major Landscaping and Site Improvements
- Make Energy and Structural Improvements
- Add Energy-Efficient Siding, Windows and Doors
- Improve Accessibility for People with Disabilities
- Kitchen and Bathroom Remodeling
- Replace Plumbing, Roofing and More
- Garage, Room or New Level Additions
- Eliminate Health and Safety Hazards
- Paint Interior and Exterior
- Cosmetic Repairs
- Room Additions
HomeStyle Renovation Loans1
You can use a HomeStyle renovation loan to cover costs of repairs, remodels, renovations or energy-efficient improvements on a primary residence, a second home or an investment property. There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. However, repairs or improvements must be permanently affixed to the real property, add value to the property, and be completed by a licensed contractor.
Streamline FHA 203(k) Rehabilitation Mortgage1
In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.
Standard FHA 203(k) Rehabilitation Mortgage1
If your potential dream home needs more than $35,000 in renovations or the repairs are structural, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling. A Standard FHA 203(k) can provide additional funds* to help with eligible repairs including moving or removing walls, minor pool repairs, and landscaping.
Interested in a Renovation Loan with George Mason Mortgage? Contact us for a free Renovation Financing guide.
1. Available in the following states: VA, MD, DC, WV, PA, DE, NC, SC, GA, KY, OH, TN, FL
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David H. Stevens, CMB, (Dave) is a 36 year veteran of the Mortgage Banking industry. Dave served as the President and CEO of the Mortgage …
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