Renovation Loans - Im Loan

Renovation Loans

Transform your home, transform your life with a renovation loan

Whether you’re a homebuyer or a current homeowner looking to improve your living space, a renovation loan can be a great option.

With a renovation loan, you can access financing for major repairs and renovations, both when purchasing a new home or refinancing your current mortgage. By rolling your renovation costs into your mortgage, you can simplify your finances and potentially take advantage of lower interest rates. Whether you want to update your kitchen, add an extra bedroom, or create a cozy outdoor living space, a renovation loan can help you bring your vision to life. Plus, by investing in your home, you can increase its value and create a space that truly reflects your style and needs. Don’t let the lack of funds hold you back from your dream home – consider a renovation loan today, whether you’re purchasing a new home or refinancing your current mortgage.

There are several types of renovation loans available, including:

FHA 203(k) Loan:

This loan is backed by the Federal Housing Administration (FHA) and is designed for homeowners who want to purchase or refinance a property that needs repairs or renovations. The loan allows for both the cost of the property and the renovation costs to be rolled into one loan.

HomeStyle Renovation Loan:

This loan is offered by Fannie Mae and is designed for homeowners who want to make significant renovations or repairs to their existing homes. The loan allows borrowers to base the loan amount on the finished value of the home after renovations.

VA Renovation Loan:

This loan is offered by the Department of Veterans Affairs (VA) and is designed for military veterans who want to purchase or refinance a home that needs renovations. The loan allows for both the cost of the property and the renovation costs to be rolled into one loan.
Obtaining a renovation loan can be similar to the process of obtaining a traditional mortgage. However, there may be some additional requirements and documentation needed to demonstrate the intended use of the funds for renovation purposes. The specific requirements and difficulty level may vary depending on the type of renovation loan you are applying for, your credit score, and other financial factors.

Generally, it’s important to have a solid understanding of your financial situation, including your income, credit score, and debt-to-income ratio. You’ll also need to provide information about the renovation project, such as cost estimates and contractor bids. Some lenders may require an appraisal of the property after the renovations are complete.

While obtaining a renovation loan may require some additional effort, the benefits of financing your renovation project can be well worth it.

Renovation loans can provide funding for major repairs and improvements that can improve the value and enjoyment of your home.

It’s recommended to speak with a qualified originator to learn more about your options and the specific requirements for each type of renovation loan.

Contact us today!