Homestyle Renovation refers to a loan that helps upgrade a home while on sale or immediately after purchasing. The program aims at making the cost to purchase and repair a home easier and more bearable. This is because the Homestyle loan can be packaged with the mortgage on the home. Homestyle Renovation Loans make it possible to upgrade that home you want to buy. Stonebriar Mortgage is here to help Dallas, TX and California home buyers understand this great lending program.
Homestyle Renovations Help Increase the Value of Your Home
Did you find a home that you’re dying to own, but finding the cost to repair or to make energy upgrades is holding you back? Homestyle Renovation Loans are here to help! Produced by Fannie Mae, this loan is intended to roll into the existing home mortgage. This means you may do less paperwork and pay less fees. That may mean less fees, less paperwork, and less headaches. You can get approved for a loan that matches the value of your new home after repairs are made.
Qualifying for a Homestyle Renovation Loan
Qualifying for a Homestyle Renovation Loan requires an approval of the home you plan to renovate. Fannie Mae has lists for qualifying contractors and architects with this program, make sure you get a good team, they will review your budgets and plans in detail. Most contractors working with the project may need approval from Fannie Mae. Funders will also look to determine if you stick to milestones in your project. Lenders want to know that the projects can be completed within six months after close, and 100 days with energy upgrades.
Before your loan funding comes, you could be required to have an appraiser review the new value after construction. Only certain homes are eligible for this type of loan. A manufactured or mobile home will not qualify. On the plus side, both businesses and individuals can apply for a Homestyle Renovation Loan.
A Lot of Perks Come with Homestyle Renovation Loans
In addition to raising the value of your home, there are many perks that come with using a Homestyle Renovation Loan. Many people do it to pay for energy upgrades, which helps the environment. It also means there will be more savings on your utility bills. Homestyle renovation s can pay for things beyond just construction. The funds can help cover any of the fees charged for permits or inspections, as well. Roll the Homestyle loan into your existing mortgage and eliminate paying two closing costs! Your home will build equity faster and be more appealing to potential investors after all the upgrades!
Stonebriar Mortgage is here to help Dallas, TX and California home buyers benefit from using a Homestyle Renovation Loan. Contact our various offices for more details today!