(541) 275-1148 [email protected]

Renovation Loans

Whether you need a renovation loan for home repairs or you want to purchase a home needing repairs, we have the right solution for you.  The attractive thing about a renovation loan is that it combines two loans (a home loan and rehab loan) for ease. Scroll down to learn more or APPLY TODAY.

Renovation Loans

Whether you need a renovation loan for home repairs or you want to purchase a home needing repairs, we have the right solution for you.  The attractive thing about a renovation loan is that it combines two loans (a home loan and rehab loan) for ease.

How Renovation Loans Work

It all depends on if you’re a homeowner or home buyer. For a homeowner, this type of loan allows you to refinance your mortgage so you have the funds to renovate. For home buyers, this loan allows them to purchase a home with a renovation budget. There are many types of rehab loans all depending on your unique needs.

Jumbo Rehab Loan

This loan provides a loan for basic repairs or remodels like:

  • Kitchens
  • Bathrooms
  • Pools
  • Basement finishes
  • Attic finishes

A jumbo renovation loan cannot be used for foundation or structural issues. Usually, the maximum amount of a jumbo renovation loan is 30% of the finished renovation value.

Fannie Mae’s HomeStyle Loan

For home buyers, this rehab loan allows them to purchase a home with a budget for repairs and rehabilitation. For homeowners, this loan allows them to refinance their mortgage so they can renovate their home.  This is an attractive option because it allows everything to be in one loan and one payment which makes it easier on the homeowner or home buyer.

Fannie Mae’s HomeStyle Loan

For home buyers, this rehab loan allows them to purchase a home with a budget for repairs and rehabilitation. For homeowners, this loan allows them to refinance their mortgage so they can renovate their home.  This is an attractive option because it allows everything to be in one loan and one payment which makes it easier on the homeowner or home buyer.

FHA 203(k) Loans

This loan is offered by the Federal Housing Authority and often has both lower credit score and downpayment requirements.

Private Home Renovation Loans

One type of private rehab loan is a home equity loan, where you take a loan on the equity your home has built up through the years. Another type is a HELOC, which is an equity line of credit that has a revolving balance.

Private Home Renovation Loans

One type of a private rehab loan is a home equity loan, where you take a loan on the equity your home has built up through the years. Another type is a HELOC, which is an equity line of credit that has a revolving balance.

Cash-Out Refinance

This type of rehab loan is where the homeowner refinances their home mortgage. The amount they refinance for is higher than the original loan, so the homeowner will get that difference in cash.

How Do You Choose the Best Renovation Loan?

The best way to know which type of loan is right for you is to work with a mortgage lender like us at Strategic Mortgage Solutions. We will take a look at everything and walk you through the entire process. Apply today to get started. 

Leave A Message

927 Country Club Rd. Suite 225
Eugene, Oregon 97401

(541) 275-1148

Like Us on Facebook!

LinkedIn

927 Country Club Rd. Suite 225
Eugene, Oregon 97401

 

(541) 275-1148

Like Us on Facebook!

LinkedIn