A renovation loan helps you get the funds to buy or refinance a home along with the funds you need to fix it up. It’s a great option for those who want to customize a fixer-upper.
A renovation loan wraps the cost of a home purchase or refinance loan and the cost of renovations into a single loan, so there is only one closing and one monthly payment. Depending on which loan you get, you can use the funds to do anything from buying new appliances to demolishing and rebuilding a house.
You have are a few options for renovation loans depending on the extent of the renovations you have planned:
An FHA 203(k) Standard Limited loan lets you make minor changes to a home. This option is ideal for installing new appliances or fixing things like roofs, septic systems, HVAC systems, plumbing, electrical systems and flooring.
An FHA 203(k) Standard loan is more flexible, covering everything from minor rehabilitations to complete tear-downs. As long as the foundation remains in place, a home can be demolished or razed as part of rehabilitation.
A HomeStyle Conventional Renovation loan lets you finance luxury items like swimming pools, detached garages or gazebos on top of basic renovations.
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by Primary Residential Mortgage, Inc. NMLS#: 919520 Utah DRE Mortgage Office License # 8335595. MLO 0117736. MC3094-122. All loans subject to credit and property approval. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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